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EX-10.1 - EXHIBIT 10.1 - Gold Merger Sub, LLC | c99272exv10w1.htm |
8-K - FORM 8-K - Gold Merger Sub, LLC | c99272e8vk.htm |
Exhibit 99.1
PINNACLE ENTERTAINMENT, INC. 3800 Howard Hughes Parkway Las Vegas, Nevada 89169 NYSE: PNK |
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FOR FURTHER INFORMATION At Pinnacle Entertainment: Lewis Fanger (702) 784-7777 investors@pnkmail.com |
At Jaffoni & Collins: Richard Land (212) 835-8500 pnk@jcir.com |
PINNACLE ENTERTAINMENT UPDATES LOUISIANA DEVELOPMENT PLANS
- Cancels Sugarcane Bay Project -
- Reaffirms Commitment to Baton Rouge Casino-Hotel Project -
LAS VEGAS, NV, LAKE CHARLES, LA and BATON ROUGE, LA, April 15, 2010 Pinnacle Entertainment
(NYSE: PNK) (the Company) announced today that it has cancelled its Sugarcane Bay project and
surrendered the related gaming license to the Louisiana Gaming Control Board. Located adjacent to
the Companys LAuberge du Lac Casino Resort (LAuberge du Lac), the Sugarcane Bay project was
budgeted at approximately $305 million. Pinnacle remains committed to the Lake Charles market with
a focus on furthering its operational excellence at LAuberge du Lac. In addition, Pinnacle
reaffirmed its commitment to its Baton Rouge casino-hotel development project and recently entered
into a guaranteed maximum price contract for its construction.
Anthony Sanfilippo, Pinnacle Entertainments president and chief executive officer, commented,
Pinnacle is one of Louisianas most active and successful developers and operators of casino
entertainment properties and remains strongly committed to thoughtfully growing our operations in
the state. We have approximately 3,800 employees throughout the state at our LAuberge du Lac,
Boomtown New Orleans and Boomtown Bossier City properties, have made significant investments in
these markets and are moving forward with our plans for a substantial new investment in Baton
Rouge. We also remain deeply committed to the community of Lake Charles and the surrounding area
and believe our focus on operational excellence at LAuberge du Lac will result in economic growth
in this market. LAuberge du Lac is a premier resort property in Pinnacles portfolio and our
focus will further the propertys reputation as a best-in-region resort with extraordinary customer
service.
Our commitment to the state is also reflected by our development of a new property in Baton Rouge,
where we look forward to continuing our work with local and state authorities to develop a premier
casino entertainment facility that reflects the rich heritage of Baton Rouge and southern
Louisiana. Our Baton Rouge project will feature approximately 1,300 slot machines, 50 table games,
a hotel with at least 100 guestrooms and other amenities, and will create approximately 700
construction-phase jobs and approximately 1,000 permanent jobs for the area.
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Mr. Sanfilippo concluded, Pinnacles updated Louisiana development and growth strategy reflects
the Companys focus on disciplined capital spending and expansion and our commitment to focusing on
operational excellence throughout our property portfolio. We are confident this strategy will
continue to strengthen the Company, providing us with a solid foundation for future growth which
will also benefit the markets where we operate.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates casinos in Nevada, Louisiana, Indiana, Missouri and Argentina. In March 2010, Pinnacle opened its newest casino, River City, in south St. Louis County, Missouri. Pinnacle also is developing a casino in Baton Rouge, Louisiana.
Pinnacle Entertainment, Inc. owns and operates casinos in Nevada, Louisiana, Indiana, Missouri and Argentina. In March 2010, Pinnacle opened its newest casino, River City, in south St. Louis County, Missouri. Pinnacle also is developing a casino in Baton Rouge, Louisiana.
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, including statements regarding the facilities, features, amenities and
potential job creation of the Baton Rouge project, are based on managements 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 Company
may not meet the conditions for receipt or maintenance of gaming licensing approvals for the Baton
Rouge project, some of which are beyond its control; and (b) other risks, including those as may be
detailed from time to time in the Companys 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, 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.
Boomtown, LAuberge du Lac, River City and Sugarcane Bay are registered trademarks of Pinnacle
Entertainment, Inc. All rights reserved.
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