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Founder Of BET Partners Up With Pinnacle Entertainment

One of the five applicants for a city gambling license, Pinnacle Entertainment Inc. has named Robert L. Johnson a partner in its proposed $350 million Philadelphia waterfront casino. Johnson is the founder of Black Entertainment Television and is also the majority owner of the NBA team Charlotte Bobcats.

Johnson sold BET in 2001 to entertainment giant Viacom Inc. for $3 billion.

An executive from Pinnacle said that their move to include Johnson as a partner would meet a state guideline to include minority investors. His inclusion could also enhance Pinnacle Entertainment Inc.'s chances of bagging one of the two gambling city gambling licenses, due to be handed out on the eve of the final hearings in Harrisburg.

Aside from Las-Vegas based Pinnacle Entertainment Inc., there are three other slot parlors proposed for Philadelphia's Delaware River waterfront. Planet Hollywood has a $500 million Riverwalk Casino proposal, SugarHouse Gaming also has a $500 million project proposal, and Foxwoods Development Corp has a $410 million casino proposal.

A fifth slots parlor is the $350 million TrumpStreet Casino and Entertainment Complex proposed for East Falls and Nicetown.