Citadel Boosts Pinnacle Entertainment Position ~ market folly

Wednesday, July 31, 2013

Citadel Boosts Pinnacle Entertainment Position

Ken Griffin's hedge fund firm Citadel Investment Group recently filed a 13G with the SEC regarding shares of Pinnacle Entertainment (PNK).  Per the filing, Citadel now owns 4.8% of PNK with 2,795,753 shares.

This marks around a 107% increase in the number of shares owned since the end of the first quarter.  The 13G filing was required due to portfolio activity on July 23rd.

Per Google Finance, Pinnacle Entertainment is "an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates casinos located in Lake Charles, New Orleans and Bossier City, Louisiana (L’Auberge Lake Charles), St. Louis, Missouri (River City Casino and Lumiere Place Casino and Hotels), and southeastern Indiana (Belterra Casino Resort). In addition, it owns and operates a racetrack facility in Cincinnati, Ohio (River Downs). It also owns a 26% stake in Asian Coast Development (Canada), Ltd (ACDL). In January 2011, it completed the purchase of River Downs Racetrack, located in southeast Cincinnati, Ohio."

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