Pinnacle has been tagged as a stock to watch despite a recent decision not to pursue a casino license in New York.
Stock prices for Nevada casino company Pinnacle Entertainment have recovered from the depths of the “Great Recession” but still haven’t gotten sufficient attention due their remaining below rivals Caesar’s Entertainment Corporation and MGM Resorts International.
Pinnacle currently owns 18 casinos across the US, as well as a 26 percent ownership stake in Asian Coast Development, which is currently developing Vietnam’s first-ever integrated casino resort on the Ho Tram Strip. It is hoping that Vietnamese gambling laws are revised to allows local to enter casinos.
Pinnacle backs out of New York bid
While Pinnacle’s stock is on the way back up, it is still toeing a conservative line. After having submitted a $1 million application fee to be considered for a casino license in New York State the company recently pulled out, asking for a refund.
New York recently voted to allow commercial casinos and is debating becoming the third state to legalize online casinos in America. Pinnacle was interested in obtaining a casino license which was eventually rewarded to Global Gaming.
As the company withdrew from consideration before the deadline it was able to recoup the application fee. For the time being, it will focus on its existing operations and venture in Vietnam.