LAS VEGAS, May 4, 2015 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NYSE:PNK) ("Pinnacle" or "the Company") today confirmed it is engaged in productive discussions with Gaming and Leisure Properties, Inc. ("GLPI") regarding a potential acquisition of Pinnacle's real estate assets.
Pinnacle's Board and management team are committed to maximizing value for the benefit of Pinnacle shareholders.
Pinnacle noted that there can be no assurance that a transaction will result from these discussions. Pinnacle does not intend to make any additional comments regarding this matter until there is something definitive to report.
Skadden, Arps, Slate, Meagher & Flom LLP and Gibson, Dunn & Crutcher LLP are acting as Pinnacle's legal advisors, and Goldman, Sachs & Co. is serving as its financial advisor.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 15 gaming entertainment properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
Cautionary Language Regarding Forward-Looking Statements
All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the discussions related to the proposal from Gaming and Leisure Properties, Inc. ("GLPI") and the Company and GLPI entering into a potential transaction are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle cautions that the forward-looking statements contained herein are qualified by important factors and uncertainties that could cause actual results to differ materially from those reflected by such statements. Such factors and uncertainties include, but are not limited to those as may be detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.