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Pinnacle Completes Retama Purchase

Pinnacle Entertainment completes purchase of Retama Park.

Press Release
January 30, 2013

Retama Park

Pinnacle Entertainment has completed the purchase of Retama Park near San Antonio, Texas.

Pinnacle Entertainment, Inc. has acquired a majority interest in the owner of the racing license for Retama Park Racetrack, Pinnacle Retama Partners, LLC. At closing, Pinnacle paid cash consideration of $15 million to acquire a 75.5 percent equity interest. Pinnacle Retama Partners will use the proceeds of the transaction primarily to refinance the existing indebtedness of Retama Development Corp.. In addition, Pinnacle entered into a management contract with Retama Development Corp. to manage the day-to-day operations of Retama Park. In conjunction with the closing, Retama Development Corp. repaid approximately $3.3 million of loans that were used to maintain continuity in the operations of Retama Park Racetrack.

Anthony Sanfilippo, President and Chief Executive Officer of Pinnacle Entertainment, commented, "We are very excited to welcome Retama Park to the Pinnacle Entertainment family through our management contract for the track and to expand our geographic reach to the great state of Texas. We will immediately begin work to integrate Retama Park into our portfolio and look forward to leveraging Pinnacle's operational and marketing expertise to improve the track's operating performance.

"Long term, we believe Retama Park offers Pinnacle and its stakeholders tremendous strategic value in terms of expanding our geographic reach to the vibrant Texas markets of San Antonio and Austin and further diversifying our operating base. We thank Retama Development Corporation, the City of Selma, Retama Partners Limited, and the Texas Racing Commission for their support and assistance in bringing this transaction to successful completion."

Pinnacle Entertainment Inc. owns and operates seven casinos located in Louisiana, Missouri and Indiana, and River Downs in Ohio.