Pinnacle Entertainment, in a bid to expand the Heartland Poker Tour, decided to buy the company for $4 million. The move is said to ensure more coverage for the tournaments,when telecasted in Pinnacle’s casinos. Heartland Poker Tour, a company with serious liabilities and debt worth more than $5 million was bought right out of Bankruptcy court. Pinnacle’s CEO – Anthony Sanfilippo welcomes the move by the company, as it will assure a better image with the acquisition of a Poker brand like Heartland Poker. Sanfilippo is also confident that the re-branding will aid in uplifting the company’s image as an online poker platform.
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However, Pinnacle was not the only company fighting the bid to buy Heartland Poker. The tour group’s former owner Federated Sports and Gaming – founder of Heartland and Epic Poker League, lost the bid as it did not complete their payments in full, prior to filing for bankruptcy. FSandG lost the fight to Pinnacle Entertainment, a company it owed more than $2 million in cash. Since FSandG was unable to pay the price at the time of buying Heartland Poker tour, Heartland Poker Tour’s assets were subsequently frozen in court. Federated Sports and Gaming owed in total $2 million to All In Production apart from what it owed Pinnacle Entertainment. All In Production, a company based out of North Dakota, formerly owned the Heartland Poker Tour.
Pinnacle Entertainment, however, refused to reveal the price tag on this major deal. The company’s spokesperson confirmed reports that the $2 million credit FSandG owed, was used to bid onHeartland Poker. The company is optimistic that it will be able to recover the amount in the future. A total of $4.2 million in credit was used to bid on Federated Sports and Gaming and the Heartland group. The group had filed for bankruptcy protection in February, this year.
Last year, Heartland Poker Tour appeared in 15 US states with the tournament broadcasted in the US, Europe and the Caribbean. Pinnacle entertainment owns casinos in Louisiana, Missouri and Indiana while also owning a racetrack in Ohio. In March, the company broadcasted the Heartland Poker Tour matches in two of its St. Louis casinos.
Pinnacle Entertainment Inc. shares shed 10 cents to $9.59 in its last morning trade. The company’s brave new move to rebrand and advertise itself as a preferred online platform has earned a lot of encouragement from the industry. However, its optimism regarding earning back its investment remains too early to foretell.

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