Out of 26 million Texans, you may have an idea to change the world. You may have had several ideas to change the world. But only a tiny minority of you pushed through the U.S. Patent office from application to successful patent. We've seen Texans change the world many times over. Jack Kilby did it with Texas Instruments in 1958 with the integrated circuit, causing the start of the digital revolution, which, in part, is why you can read these words over your electronic device.
Over the last few years, Texas Business has brought its feature: Texas Business Patent of the Day. This list is of the ones that were either extremely clever, odd or strange. One thing becomes apparent from these patents and the patent that runs daily in Texas Business—Texans have a unique mind set.
Though the history of the Corn Dog is disputed, the State Fair of Texas claims to have introduced the Corny Dog sometime between 1938 and 1942. As a paean to that invention that now sits in the freezer section of every grocery store in the southwest, here are the fried foods the State Fair of Texas has introduced, or tried to introduce, in the last seven years.
Don't get caught up with John Wayne religion. For one thing, he's not Texan. He's in some fine movies involving Texas, most notably The Searchers, but none of his movies can make the best cut of Texas movies. Here's the short list.
Unsung Texas Business Journalists Mention that one is a reporter, and there's a spark of interest. Mention that one is a business news reporter, and watch the eyes glaze over. Except to the players, business and economic journalists are unappreciated. While many wish to become sports reporters when they grow up, most do not realize that business journalists cover the Real Game. Mention that reporter covers business, and watch the eyes glaze over. A toast to these below on the short list and the numerous unnamed ones slogging away. Full Story » TexasBusiness.com
Best Texas Mexican Food: The Short List No, we're not going to debate the difference between Tex-Mex, Mex-Tex, Mexican and Texican food. Just know these establishments are the pinnacle of Texas Mexican fare. No brag, just fact. Full Story » TexasBusiness.com
Best Texas Burgers Texas Burgers. . While a hamburger is merely sustenance and gratification for a meal, the memory a good Texas burger can give rise to Homeric odes. The short list. Full Story » TexasBusiness.com
Texas Business reports: SAN ANTONIO—Pinnacle Entertainment Inc. will buy, through a wholly-owned subsidiary, a 75.5% equity stake in Retama Partners Ltd., the owner of the racing license for Retama Park Racetrack.
Located approximately 20 miles northeast of downtown San Antonio, Texas, Retama Park is a class 1 pari-mutuel horse-racing track directly off of Interstate 35 in Selma, Texas.
Under the terms of the agreements, the company will pay $22.8 million to acquire the 75.5% stake in RPL, comprising a purchase of debt securities and other interests related to Retama Park for $7.8 million and cash consideration of $15.0 million that will be used primarily to refinance Retama Development Corporation's (RDC) existing indebtedness and to provide working capital.
The initial purchase of debt securities and other interests related to Retama Park are expected to close immediately.
The subsequent transactions are subject to the receipt of all applicable regulatory approvals and additional agreements with RDC, with closing expected by the end of 2012.
In order to maintain continuity in the operation of Retama Park, the company intends to provide bridge loans of up to $2.6 million to RDC in the near term, which are to be repaid upon closing of the company's 75.5% stake purchase with the cash consideration contributed in that transaction.
“The Retama Park transactions provide Pinnacle with the opportunity to expand our portfolio of properties, diversify our operating base and provide strategic value for our shareholders,” said chief executive Anthony Sanfilippo in a prepared statement. “Pinnacle, along with Retama Partners, Ltd., will improve the financial health of Retama Development Corporation. Upon closing, we will immediately begin work to integrate Retama Park into our portfolio of properties and leverage our operational and marketing expertise to bolster the track's performance. We look forward to partnering with the City of Selma to enhance the value of Retama Park Racetrack and its economic impact on the State of Texas, the local community and the horse-racing industry. We believe Retama Park provides significant strategic value for our shareholders given the potential approval of gaming entertainment centers at Texas pari-mutuel facilities and by expanding the reach of Pinnacle's operations in the region into two key Texas markets, San Antonio and Austin.”
“We are very excited at the prospect of having Pinnacle Entertainment as operator and majority partner of Retama Park,” said Retama Entertainment chief executive Bryan Brown in a statement. “Pinnacle Entertainment's investment significantly improves the outlook for Retama Park and we will undoubtedly benefit from Pinnacle's resources and long track record as a developer, marketer and operator of gaming entertainment facilities throughout the U.S.”
Pinnacle Entertainment Inc. owns and operates six casinos, located in Louisiana, Missouri, and Indiana, and a racetrack in Ohio. In addition, Pinnacle is developing L'Auberge Casino & Hotel Baton Rouge, and holds a 26% ownership stake in Asian Coast Development (Canada) Ltd. (ACDL), an international development and real estate company currently developing Vietnam's first large-scale integrated resort on the Ho Tram Strip.
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