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Pinnacle buys thoroughbred track near San Antonio

Thursday - 4/26/2012, 10:52pm  ET

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 ( 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.

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