Attached files
file | filename |
---|---|
8-K - FORM 8-K - Gold Merger Sub, LLC | c92311e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - Gold Merger Sub, LLC | c92311exv10w1.htm |
Exhibit 99.1
PINNACLE ENTERTAINMENT, INC. 3800 Howard Hughes Parkway Las Vegas, Nevada 89169 NYSE: PNK |
FOR FURTHER INFORMATION
At the Company (702) 784-7777:
Lewis Fanger Investor Relations
Pauline Yoshihashi Media
At the Company (702) 784-7777:
Lewis Fanger Investor Relations
Pauline Yoshihashi Media
PINNACLE ENTERTAINMENT ANNOUNCES EXECUTIVE MANAGEMENT CHANGES
LAS VEGAS, Nov. 9, 2009 Pinnacle Entertainment, Inc. (NYSE: PNK) today announced that Daniel R.
Lee has resigned as chairman, chief executive officer and a director of the company to pursue other
business interests. Richard J. Goeglein has been named interim nonexecutive chairman and John V.
Giovenco has been named interim chief executive officer. Messrs. Goeglein and Giovenco, both board
members, will oversee the companys operations while the board conducts an executive search for a
new president and chief executive officer.
Mr. Goeglein, the companys lead director, joined Pinnacles board in 2003 and previously served as
a director from 1997 to 1998. He held a succession of senior executive positions with Holiday
Corporation, the global hotel and casino company that operated the Holiday Inn, Harrahs Hotels and
Casinos, Hampton Inns and Embassy Suites businesses. In addition to serving as president of Holiday
Corporation from 1984 to 1987 and executive vice president and a director from 1978 to 1984, Mr.
Goeglein was president and chief executive officer of Harrahs Hotels and Casinos from 1980 to
1984. In addition, Mr. Goeglein served as president from 1997 and chief executive officer from 2000
of Aladdin Gaming, LLC and Aladdin Gaming Holdings, LLC, the developer and operator of the Aladdin
Resort & Casino on the Las Vegas Strip until 2001. He currently serves as owner and managing member
of Evening Star Holdings, LLC, a strategic consulting and travel-services company.
Mr. Giovenco joined Pinnacles board in 2003. Prior to his retirement, Mr. Giovenco was president
and chief operating officer of Sheraton Hotels Corporation, the worldwide hotel and gaming unit of
ITT Corp. From 1985 to 1993, Mr. Giovenco was president and chief operating officer of Hilton
Gaming Corporation, which expanded and developed into one of the industrys largest and most
successful gaming operations. In addition to heading Hiltons gaming operations, Mr. Giovenco also
served as a director from 1980 to 1992, and was chief financial officer from 1974 to 1985. He began
his financial career as a certified public accountant with Harris, Kerr, Forster, the predecessor
firm to PKF International. From 1979 to 1993, Mr. Giovenco also served as a director of Great
Western Financial Corporation.
We want to extend sincere thanks to Dan Lee for his seven years of leadership in transitioning
Pinnacle Entertainment from a small casino company to a developer and operator of world-class
gaming entertainment properties, Mr. Goeglein said. As Pinnacle embarks on a new phase, we will
continue to focus on building lasting shareholder value, supported by our diverse portfolio of
gaming properties and a solid balance sheet.
Mr. Giovenco said, We are fortunate to have a strong senior management team, more than 8,000
dedicated employees, and a board of directors with extensive experience in casinos, hotels and
other disciplines that are key to Pinnacles future.
In addition, the company announced that the boards executive committee has been reconstituted. Mr.
Giovenco will serve as chairman of the committee, which also will include Mr. Goeglein; Ellis
Landau, retired executive vice president and chief financial officer of Boyd Gaming Corp.; and
Bruce A. Leslie, a partner at the law firm of Armstrong Teasdale LLP. The executive committee will
assist Mr. Giovenco during the transition period.
1
The newly formed executive search committee will be headed by director James L. Martineau, founder
of Viracon, Inc., a division of Apogee Enterprises, a major glass design and development
corporation. The search committee also will include Mr. Leslie; Steve Comer, former managing
partner of Deloitte & Touches Nevada operations; and Michael Ornest, a private investor and one of
the boards longest-serving directors.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates casinos in Nevada, Louisiana, Indiana, Missouri and Argentina. The Company has a second casino development project under construction in the St. Louis area, to be called River City, which opening is dependent upon final approval by the Missouri Gaming Commission. Pinnacle is also developing a second casino resort in Lake Charles, Louisiana, to be called Sugarcane Bay, and a casino resort in Baton Rouge, Louisiana. Additionally, Pinnacle owns a casino site at the heart of the Boardwalk in Atlantic City, New Jersey.
Pinnacle Entertainment, Inc. owns and operates casinos in Nevada, Louisiana, Indiana, Missouri and Argentina. The Company has a second casino development project under construction in the St. Louis area, to be called River City, which opening is dependent upon final approval by the Missouri Gaming Commission. Pinnacle is also developing a second casino resort in Lake Charles, Louisiana, to be called Sugarcane Bay, and a casino resort in Baton Rouge, Louisiana. Additionally, Pinnacle owns a casino site at the heart of the Boardwalk in Atlantic City, New Jersey.
All statements included in this press release, other than historical information or statements of
historical fact, are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are subject to risks, uncertainties and changes in circumstances that
could significantly affect the Companys future financial results and business. For more
information on the potential factors that could affect the Companys financial results and
business, review the Companys filings with the SEC, including, but not limited to, its Annual
Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
2