Pinnacle Entertainment Inc. said Monday it is engaged in “productive discussions” about selling its real estate assets, which include four Louisiana properties, to a Pennsylvania company.
Pinnacle owns L’Auberge Casinos in Baton Rouge and Lake Charles and Boomtown Casinos in New Orleans and Bossier City. Two months ago, Gaming and Leisure Properties Inc. offered to buy Pinnacle’s properties in a deal worth around $2.2 billion. Gaming and Leisure would also take on about $1.9 billion in debt from Pinnacle.
Pinnacle would then lease the properties from Gaming and Leisure, a real estate investment trust that specializes in casino properties
Pinnacle said Monday its board of directors and management are committed to maximizing shareholder value, but there is no guarantee that the deal will take place.
Pinnacle also said it does not plan to make additional comments on the proposed deal until there is something “definitive” to report.