Pinnacle invests $95M in owner of Vietnam casinos

Associated Press

LAS VEGAS -- Pinnacle Entertainment Inc. said Thursday that it paid $95 million for a 26 percent stake in Asian Coast Development Ltd., a developer of casinos and housing projects in Vietnam.

Pinnacle, a Las Vegas-based casino owner, also said it will manage a beachfront resort that Asian Coast is planning 80 miles southeast of Ho Chi Minh City through 2058, with a possible 20-year extension.

The resort will be Asian Coast's second casino on the Ho Tram Strip, a casino complex and resort scheduled to open in phases. The first resort, MGM Grand Ho Tram, is under construction and expected to open in 2013 under management by a subsidiary of MGM Resorts International.

Pinnacle said it will get proportional representation on Asian Coast's board.

Pinnacle shares fell 2 cents to $14.64 in afternoon trading.