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Pinnacle Entertainment Inc Completes Acquisition of Retama Park Racetrack in Texas

Wednesday, 30 Jan 2013 08:00am EST 

Pinnacle Entertainment Inc announced the closing of the previously disclosed acquisition of a majority interest in the owner of the racing license for Retama Park Racetrack, Pinnacle Retama Partners, LLC (PRP). Retama Park Racetrack is a class 1 pari-mutuel horse-racing track directly off of Interstate 35 in Selma, Texas, located approximately 20 miles northeast of downtown San Antonio. At closing, the Company paid cash consideration of $15 million to acquire a 75.5% equity interest in PRP. PRP will use the proceeds of the transaction primarily to refinance the existing indebtedness of Retama Development Corporation (RDC). In addition, the Company entered into a management contract with RDC to manage the day-to-day operations of Retama Park. In conjunction with the closing, RDC repaid approximately $3.3 million of loans owned by the Company that were used to maintain continuity in the operations of Retama Park Racetrack. 

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19 Dec 2014