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BET founder partners with Pinnacle

10 November 2006

PHILADELPHIA, Pennsylvania – As reported by the Philadelphia Inquirer: "Pinnacle Entertainment Inc., one of five applicants for a city gambling license, has enlisted Robert L. Johnson, the founder of Black Entertainment Television and majority owner of the Charlotte Bobcats NBA team, as a partner in its proposed $350 million Philadelphia waterfront casino.

"A Pinnacle executive said the move to bring in Johnson, who in 2001 sold BET to entertainment giant Viacom Inc. for $3 billion, would meet a state guideline to include minority investors and could enhance Pinnacle's chances of landing one of two coveted city gambling licenses, on the eve of final hearings in Harrisburg.

"…In addition to Las Vegas-based Pinnacle, three other slot parlors are proposed for Philadelphia's Delaware River waterfront: Planet Hollywood's $500 million Riverwalk Casino; a $500 million project by SugarHouse Gaming; and a $410 million casino proposed by Foxwoods Development Corp. The fifth slots parlor is the $350 million TrumpStreet Casino & Entertainment Complex for East Falls and Nicetown…"

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