Pinnacle Entertainment confirmed the company is in discussions with Gaming and Leisure Properties Inc. (GLPI) regarding a potential real estate sale. The announcement was made May 4, 2015 by a company press release stating the discussions have been productive. Pinnacle’s management and board of directors want to maximize the value of the company shares to satisfy shareholders. Discussions do not mean there will be a successful outcome with GLPI, but the possibility is still on the table.
GLPI has attempted to purchase real estate from Pinnacle for many months. In March, GLPI took the fight to shareholders with an offer of roughly $4 billion.
Pinnacle Entertainment currently owns 15 gambling establishments, and the brands L’Auberge and Ameristar. Gambling property locations include Indiana, Colorado, Louisiana, Iowa, Missouri, Mississippi, Ohio, and Nevada.
In November 2014, Pinnacle announced the company would be split in 2016 into a REIT (real estate investment trust) and another side for casino operations.