Pinnacle Entertainment (NYSE: PNK) today announced it has completed its purchase of The Sands and Traymore sites in Atlantic City, N.J. from entities affiliated with financier Carl Icahn for approximately $250 million, plus an additional $20 million for certain tax-related benefits and additional real estate. The purchase includes approximately 18 contiguous acres at the heart of Atlantic City, with extensive frontage along the Boardwalk, Pacific Avenue and Brighton Park. Pinnacle intends to build a new destination resort on the site that would be among the largest and most exciting casino hotels in the region.
As part of the transaction, The Sands hotel-casino was closed on Nov. 11. The closure of the 26-year-old casino, which was among the oldest and smallest in the city, was necessary to allow the construction of a new, much larger facility as soon as possible.
"We look forward to designing and developing a world-class resort on this spectacular site," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer. "We have a great deal of work ahead of us, and look forward to creating thousands of new jobs, millions in tax revenues and other lasting benefits for Atlantic City and the entire region. We are continuing to work with gaming regulators on our licensing application.
"We have not yet set dates for site demolition or for the groundbreaking of the new project, but we are moving quickly," Mr. Lee continued. "We will keep state and regional authorities apprised of our progress as we begin our design and development phase."
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana, Argentina and the Bahamas; owns a hotel in Missouri; and has significant insurance claims related to a hurricane-damaged casino previously operated in Biloxi, Mississippi. Pinnacle also has two casino development projects under construction in the St. Louis, Missouri area, which are dependent upon final approval by the Missouri Gaming Commission. Pinnacle also owns a casino site at the heart of the famed Boardwalk in Atlantic City on which it plans to build a major new casino resort.
All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding Pinnacle's development opportunities in Atlantic City associated with the acquisition of The Sands, other current and potential future development opportunities and anticipated opening dates, are based on Pinnacle management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the risk that new projects and expansions could strain Pinnacle's financial resources and might not provide for a sufficient return, if any; (b) significant competition facing Pinnacle in all of its markets; (c) many construction-related factors could prevent Pinnacle from completing its construction and development projects within budget and on time; and (d) other risks, including those as may be detailed from time to time in Pinnacle's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect Pinnacle's financial results and business, review Pinnacle's filings with the SEC, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
FOR FURTHER INFORMATION
At the Company - (702) 784-7777:
Dan Lee, Chairman & CEO
Wade Hundley, President
Steve Capp, CFO
Chris Plant or Lewis Fanger, Investor Relations
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