Pinnacle to Sell Turf Paradise Race Track

Pinnacle Entertainment Inc. said it has agreed to sell its Turf Paradise racing track, including its horse-racing operations and 275 acres in Phoenix, for $53 million in cash to private investor Jerry Simms. Glendale-based Pinnacle, which was formerly known as Hollywood Park Inc., in 1999 sold its Hollywood Park horse-racing track in Inglewood to Churchill Downs, host of the Kentucky Derby. Pinnacle also is in the process of selling its two Mississippi casinos, Casino Magic Bay St. Louis and Boomtown Biloxi casino properties, to Penn National Gaming Inc. When the sale is completed, Pinnacle will own six casinos, in Nevada, Louisiana and Argentina. Pinnacle also receives lease income from two card club casinos, both in the Los Angeles metropolitan area, and is constructing the Belterra Resort & Casino, a hotel/casino complex outside Cincinnati. Pinnacle shares rose 6 cents to close at $17.63 on the NYSE.