Harveys Parent to Buy Pinnacle
- Share via
Casino owner and card club operator Pinnacle Entertainment Inc. on Monday agreed to be acquired by the parent of Harveys Casino Resorts in a $675-million stock deal, completing negotiations that began last month.
The agreement caps nearly a year of deal-making in which Glendale-based Pinnacle, formerly Hollywood Park Inc., sold or agreed to sell its thoroughbred horse-racing tracks in Los Angeles and Arizona, as well as two Mississippi casinos, to focus on core gambling operations.
The proposed acquisition comes amid a round of consolidation in the casino and gambling industry, as operators seek to increase their size to cut costs and boost profits.
Including debt assumption of about $625 million, Pinnacle’s merger with Harveys, a subsidiary of private investment firm Colony Capital Inc. of Los Angeles, is valued at about $1.3 billion.
Pinnacle shares rose 31 cents to close at $20.06 on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
