Pinnacle Entertainment, Inc. 8-K 2011
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2011
PINNACLE ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (702) 541-7777
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 8.01. Other Events.
On November 10, 2011, Pinnacle Entertainment, Inc. (the Company) issued a press release announcing the signing of definitive agreements to sell the Companys Boomtown Reno casino-resort operations and land adjacent to Boomtown Reno in two separate transactions. The total proceeds from the two transactions are expected to be approximately $22.2 million, with the potential for an additional $3.8 million if an option is exercised, which is described below.
In the transaction for the Companys Boomtown Reno casino-resort operations, the total cash consideration is approximately $12.9 million, with the potential for an additional $3.8 million, if the buyers in that transaction elect to exercise a one-year option to purchase the Companys subsidiary that operates Boomtown Reno and additional land adjacent to Boomtown Reno. The transaction is subject to regulatory approval. The Company classified the Boomtown Reno segment as a discontinued operation effective in the third quarter of 2011.
A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INDEX TO EXHIBITS