SELMA, Texas -

Plans are already in the works to make some significant changes at Retama Park Racetrack, according to the president and CEO of Pinnacle Entertainment.

“We’re here for the long-term,” said Anthony Sanfilippo during an informal news conference at the track on Thursday.

Sanfilippo said, “This is not a short-term investment. It’s an investment to help this facility grow and prosper and for us to be a part of this community."

Under the terms of the sale, Pinnacle Entertainment will pay $22.8 million to acquire a 75.5 percent stake in the track.

Bryan Brown, CEO of Retama Entertainment, said the time for the sale was right.

“Our business has been very, very good. It is an opportunity to capitalize on that and make this facility better. It is something we felt we had to do today," said Brown.

He said the facility will initially undergo what he called some "sprucing up." 

Long-term, he said, he envisions expansion to include restaurants, theatres and gaming operations.

Gaming, he noted, depends on the Texas Legislature.

Though the sale was announced on Thursday, it will not be final for another four to six weeks, according to Sanfilippo. 

It still must be approved by various licensing and regulatory agencies.