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Pinnacle Ent. moving toward agreement to dispose of land holdings in A.C.

The company is progressing toward an agreement to dispose of its land holdings in Atlantic City, or A.C., and expects to enter into a definitive agreement by year end. Separately, the company expects to receive approximately $2.6M from the New Jersey Casino Reinvestment Development Authority for the redemption of bond credits. In Q3 of 2012, the company recorded a non-cash impairment charge of $6.9M related to its Atlantic City assets, which is included in Discontinued Operations.