Pinnacle Entertainment gambling and hospitality company brand hotels in Chicago, Illinois

About Pinnacle Entertainment gambling and hospitality company Chicago

Pinnacle Entertainment is an American gambling and hospitality company recently acquired by Penn National Gaming in 2018. The group already had sixteen casino properties in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio plus a horse track in Texas even before the acquisition took place. The roots of the Pinnacle Entertainment go all the way back to June 10 1938 though. It was when movie mogul Jack L. Warner opened the Hollywood Park Turf Club racetrack in Inglewood, California. The original shareholders included Walt Disney, Mervyn LeRoy, and Bing Crosby, who were all notable Hollywood names.

In 1981, the incorporation of the company led to renaming. It was now called Hollywood Park Realty Enterprises. In 1992, it was renamed as Hollywood Park, Inc. After the years of operating as horse racing business, the company got into the casino operation business. In 1997, the company purchased Boomtown, Inc. with its three casinos in Nevada, Louisiana, and Mississippi for $188 million. In 1998, the company also added Casino Magic Corp. in their casino acquisitions. The cost was $340 million for two casinos in Mississippi, one in Louisiana, and a controlling stake in two Argentinian casinos. The acquisitions went on until they completed their portfolio that prompted Penn National Gaming to buy the company in 2018.