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Casino operator Pinnacle Entertainment has announced that they will sell their Argentina gaming properties to a group of companies in the country for approximately $40 million.
Pinnacles Argentina assets consist of a large casino and several smaller gambling facilities in the Patagonia region.
The transaction is subject to regulatory approval from the government of the Province of Neuquen.
Pinnacle has recently scrapped plans for a second casino in Lake Charles Louisiana and said that while they will continue to build and possibly expand their Baton Rouge project they were entering into a new business strategy to reduce capital spending and focus on bettering their properties.
“This transaction is consistent with our strategy to focus on enhancing operating results at our core U.S. properties to build shareholder value. To achieve this, we are implementing initiatives that prioritize operational excellence to position our properties as the destination of choice for players in the markets where we operate.” said Anthony Sanfilippo, new president and chief executive officer of Pinnacle Entertainment.
The sale is expected to close this summer.
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