Pinnacle Entertainment, Inc. (NYSE: PNK) announced that it has completed its purchase of President Riverboat Casino-Missouri, Inc. or PRC-MO, the entity that owns the President Casino-St. Louis. The riverboat casino, located adjacent to downtown St. Louis and within walking distance of the Company's Lumiere Place development, contains approximately 800 slot machines and 30 table games and has been in operation since 1994. Pinnacle acquired PRC-MO from President Casinos, Inc. for an effective purchase price of approximately $45.7 million, subject to reduction based on subsequent adjustments.
"We are excited to welcome the employees of the President Casino into the Pinnacle family," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment, "and we look forward to beginning casino operations in the state of Missouri."
Groundbreaking on Lumiere Place occurred in September 2005. The first-class resort will open in 2007 and will include a casino, a 200-room luxury hotel, spa, business center, fine restaurants, and meeting and convention space.
In 2005, the Company initiated site work for its $375 million River City Casino & Hotel in the Lemay area of south St. Louis County. Scheduled to open in 2008, the casino will include 3,000 slot machines and 60 table games, along with a 100-room hotel, full-service spa, restaurants, a boutique bowling alley, a multiplex movie theatre, an indoor ice rink, a public park with athletic fields, and a hatch-shell music and entertainment venue.
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and the Bahamas; owns a hotel in Missouri; and has significant insurance claims related to a hurricane-damaged hotel and casino complex 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. Additionally, Pinnacle recently purchased a casino site at the heart of the famed Boardwalk in Atlantic City.
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 the receipt of proceeds of a distribution to creditors in the President Casinos' bankruptcy proceeding, construction projects and new development opportunities, are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle Entertainment 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) uncertainty as to the final amount of any distribution to creditors in the President Casinos' bankruptcy proceeding; (b) many construction-related factors could prevent the Company from completing its construction and development projects within budget and on time; (c) the risk that the proposed St. Louis and other development projects, proposed expansions to the existing facilities, and other capital intensive projects could strain the Company's financial resources and the risk that such projects and new developments might not provide for a sufficient return, if any; and (d) other risks, including those as may be detailed from time to time in Pinnacle Entertainment's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company'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 Pinnacle Entertainment - (702) 784-7777:
Dan Lee, Chairman & CEO
Wade Hundley, President
Steve Capp, CFO
Chris Plant or Lewis Fanger, Investor Relations
At The Vandiver Group - (314) 991-4641 ext. 111:
Mack A. Bradley, SVP
mbradley@vandivergroup.com
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