Pinnacle Entertainment announcer today it has signed a definitive agreement under which it will acquire certain Lake Charles, Louisiana gaming assets of Harrah's Entertainment, Inc.
The agreement, which formalizes a letter of intent announced on April 17, also calls for the sale of certain of Pinnacle's Casino Magic Biloxi assets to a subsidiary of Harrah's Entertainment.
Under the agreement, Pinnacle will acquire two gaming subsidiaries of Harrahs, which own two casino boats, related licenses and permits, and a 263-room hotel. Harrah's Lake Charles was severely damaged by Hurricane Rita in September 2005.
Harrahs will acquire Pinnacle's Casino Magic Biloxi site and certain related assets, and receive an additional payment of approximately $25 million from Pinnacle.
Casino Magic Biloxi has been closed since being struck by Hurricane Katrina on Aug. 29, 2005, which destroyed the gaming barge and extensively damaged the hotel complex. Each company will retain its insurance claims.
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