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Pinnacle: River Downs buy to close this month
Friday, January 14, 2011 at 11:23:54 AM
The Las Vegas casino operator buying suburban Cincinnati's River Downs Racetrack says it's on track to seal the deal after clinching approval this week from the Ohio State Racing Commission.
Pinnacle Entertainment Inc., whose seven casinos include Belterra in southern Indiana, told investors it plans to close on the $45 million River Downs purchase by the end of the month. Pinnacle in November unveiled the proposal, which calls for acquiring 155 acres of land along the Ohio River.
The deal came as the once-grim prospect of video slot machines at Ohio tracks brightened over the course of last year. Their installation was introduced in 2008 as a budget-balancing measure by former Gov. Ted Strickland and nearly died under a constitutional challenge, but the state Lottery Commission in July voted to reignite the plan.
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