LAS VEGAS (AP) - Pinnacle Entertainment has reached deals to acquire a 75.5 percent stake in the firm that owns Retama Park Racetrack near San Antonio.
A statement issued by Las Vegas-based Pinnacle on Thursday says the series of transactions would secure the majority stake in Retama Partners Ltd. for $22.8 million. The firm owns the state racing license for the Class I pari-mutuel thoroughbred track in the San Antonio suburb of Selma.
The purchase is subject to approvals by state regulators and Retama creditors.
The San Antonio Express-News ( http://bit.ly/Ilu2HX) reports profits have eluded Retama Park since the track opened in 1995 and that the Pinnacle sale could avert a potential bankruptcy. Retama Development Corp., a Selma municipal entity, filed for bankruptcy protection in 1996 and emerged a year later.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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