Pinnacle to Buy River Downs for $45 Million - 8 News NOW

Pinnacle to Buy River Downs for $45 Million

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LAS VEGAS -- Las Vegas casino operator Pinnacle Entertainment Inc. said Friday it has reached a deal to buy Cincinnati's River Downs Racetrack for $45 million.

Pinnacle said the deal includes 155 acres, 35 of them still undeveloped. It said the racetrack complements Pinnacle's nearby Belterra Casino Resort in Indiana.

Pinnacle could benefit further if Ohio decides to legalize video lottery terminals at racetracks. "Given our financial liquidity profile and property development experience, we are prepared to move quickly on the creation of a new gaming entertainment facility at the track," said Anthony Sanfilippo, Pinnacle's president and chief executive officer.

Pinnacle expects to close the deal in the first quarter of 2011, subject to approval of the Ohio State Racing Commission.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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