Pinnacle Entertainment Trying to Sell Boomtown Reno

Pinnacle Entertainment Trying to Sell Boomtown Reno

Pinnacle Entertainment, a regional casino operator, said that it is negotiating the sale of its Boomtown Hotel & Casino property in Reno. The property is the Las Vegas-based company’s only Nevada casino.

Pinnacle had considered selling the 318-room hotel-casino last year, but nothing had ever been finalized.

“Ultimately, we believe that if a sale is completed, Boomtown Reno will be well served by the new ownership team,” said Pinnacle Chief Executive Officer Anthony Sanfilippo. Sanfilippo did not disclose any of the casino’s potential buyers.

Boomtown Reno was opened in 1964 by then-mayor of Reno, Bob Cashnell, who sold the property in the late 1980s.

Boomtown Reno brought in $12 million in revenue in the quarter and Pinnacle said it had recorded a non cash charge of almost $12 million, or 19 cents per share, to write down the property.

American Casino Guide