Pinnacle Entertainment Inc. said it 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 said in a filing with the Securities and Exchange Commission that Allianz will make the payment around June 8 in exchange for the release of all claims and an agreement that Pinnacle will dismiss its lawsuit with prejudice.
Pinnacle previously received $5 million from Allianz. The $53 million total payment includes a $3 million interest payment.
Pinnacle said it 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.
Was this article valuable?
Here are more articles you may enjoy.
T-Mobile’s Network Breached as Part of Chinese Hacking Operation 
Atmospheric River to Hit Pac Northwest and California; Snow Could Impact Parts of Northeast And Great Lakes 
Blacks and Hispanics Pay More for Auto Insurance. Study Tries to Answer Why. 
AI Weather Models Have Shown Promise This Hurricane Season 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.