Pinnacle Entertainment, Inc. today announced that it has closed on the
sale of 37 acres of land in Inglewood, California. The Company received
$19.3 million on February 27, 2004, which constitutes the balance of the
$22.2 million total purchase price. Previously the Company had received
$2.15 million of non-refundable deposits. The buyer of the property, Watt
Developers LLC, is a regional homebuilder located in southern California. Pinnacle Entertainment owns and operates casinos in Nevada, Mississippi,
Louisiana, Indiana and Argentina, and receives lease income from two card
club casinos, both in the Los Angeles metropolitan area. The Company is
also building a major casino resort in Lake Charles, Louisiana and has
been selected for two casino and related development projects in St.
Louis, MO, pending approval of the Louisiana Gaming Control Board, and the
Missouri Gaming Commission, respectively.
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