Cites potential for expanded casino-style gambling in Ohio on purchase of River Downs

Looking ahead to the potential for expanded casino-style gambling in Ohio, Pinnacle Entertainment is buying River Downs Racetrack near Cincinnati.

The $45 million cash acquisition is expected to close in the first quarter of 2011, subject to approval from the Ohio State Racing Commission.

“The transaction positions Pinnacle to benefit from the possible legalization of video lottery terminals at Ohio’s racetracks and, with the facility’s metropolitan Cincinnati location, we believe River Downs offers an excellent complement to our nearby Belterra Casino Resort in Indiana, while also further diversifying our operating base,” said CEO Anthony Sanfilippo.

The 155-acre facility, which includes 35 acres of undeveloped land, is located in the southeast corner of the Ohio River city directly off Interstate 275.