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mortgages overseas
News and Information Article
LAS VEGAS, Dec. 21 /-FirstCall/ -- 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 Companys 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 managements 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 Companys 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 Entertainments filings with the
Securities and Exchange Commission ("SEC"). For more information on the
potential factors that could affect the Companys financial results and
business, review the Companys 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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