Louisiana approves Pinnacle Ent. deal

Apr 20, 2016 10:19 AM

The Louisiana Gaming Control Board has given Pinnacle Entertainment the approvals necessary for the company to complete its previously announced real estate transaction with Gaming & Leisure Properties, Inc. 

Pinnacle CEO Anthony Sanfilippo stated, “We thank the Louisiana Gaming Control Board for its thorough review of our regulatory applications related to our transaction with Gaming and Leisure Properties.  

“Last week, we successfully priced new financing, which combined with an already committed $185 million term loan A and $400 million revolving credit facility, provides the capital structure needed to spin-off our operations to our existing shareholders.  

“We believe the healthy liquidity and leverage profile that our company will have following the completion of our transaction  provides a solid foundation for future growth.”

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: [email protected].