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22 May 2015
By Howard Stutz
Stockholders of Pinnacle Entertainment rejected seven proposals offered by hotel and restaurant workers union Unite Here that would have changed the regional casino company’s bylaws concerning shareholders' rights.
The vote took place Tuesday at the Las Vegas-based company’s annual meeting. Results were announced Thursday in a filing with the Securities and Exchange Commission.
The proxy fight launched by the national union was largely in response to Pinnacle’s announced plans to separate the company’s casinos into a publicly traded real estate investment trust. Pinnacle would continue to operate the casinos.
Earlier this month, Pinnacle confirmed it was in “productive” discussions with Gaming and Leisure Properties over sale of the casinos. The company is the REIT spin-off of rival regional casino operator Penn National Gaming.
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