Pinnacle Entertainment Inc. will receive an additional $48 million from Allianz Global Risks US Insurance Co. to settle a lawsuit related to Hurricane Katrina damage at a former Mississippi casino and its Boomtown New Orleans facility. The Las Vegas-based casino operator, according to a filing with the Securities and Exchange Commission, will receive payment from Allianz this month in exchange for the release of all claims and an agreement that Pinnacle will dismiss its lawsuit with prejudice. Pinnacle had previously received $5 million from Allianz. The $53 million total payment includes a $3 million interest payment. Pinnacle is still pursuing a claim against RSUI Indemnity Co. To date, the company has received a total of about $191.8 million in payments or payment commitments from its insurers related to the hurricane claims.
Source: Claims Journal
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