By Susan Wood, Bonanza News Service
December 23, 2000
Talks of Harveys Casino Resorts' $1.28 billion buyout of Pinnacle Entertainment have stalled as financing issues
get ironed out.
The Stateline casino announced it was postponing plans to sell $675 million of high-yield securities that were
to help finance the acquisition of Pinnacle, a gaming company based in Glendale, Calif., which owns and operates
eight casinos in Nevada, Mississippi, Louisiana and Argentina, the Bloomberg financial service reported. Pinnacle
is also building a major casino complex in Indiana. Harveys also owns casinos in Iowa and Colorado.
Harveys, which is run by the private investment firm Los Angeles-based Colony Capital, agreed in April to buy Pinnacle
for $24 a share plus the assumption of about $650 million in debt.
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