Pinnacle ponders sale of Nevada casino

13 October 2010

By Howard Stutz

LAS VEGAS, Nevada -- Las Vegas-based Pinnacle Entertainment is considering a sale of its only casino in Nevada.

A spokesman for the regional casino operator said the company has asked CB Richard Ellis of Las Vegas to see whether there is interest from potential buyers for the company's Boomtown property near Reno.

Richard Land, a spokesman for Pinnacle, said the company has not formally put the 318-room hotel-casino on the market, but has asked the real estate company to evaluate any possible interest.

"It's not a sale process," Land said. "We're seeing if there is any indication of interest that makes sense for us to sell it or continue operating it."

Boomtown is on more than 570 acres just outside of Reno off Interstate 80. The property uses 73 acres, including 28 acres that were sold in 2006 to Cabela's, a national outdoor sporting goods retailer.

Boomtown also has a 203-space recreational vehicle park. The casino was opened in 1964 by current Reno Mayor Bob Cashell, who sold the property in the late 1980s.

The company operates casinos in Louisiana, Indiana and Missouri. Pinnacle opened a casino in suburban St. Louis in March and plans to build hotel-casino in Baton Rouge, La.

In 2009, Boomtown Reno had revenues of $38.7 million and a loss of $2.6 million. In 2008, the casino had revenues of $46 million and a loss of $4.4 million.