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08 May
2008 Pinnacle
Entertainment Reports First Quarter 2008
Results Pinnacle
Entertainment have reported financial results for
the first quarter ended March 31, 2008. For the first
quarter of 2008, revenues were $257 million, up
10.5% from $233 million in the prior-year quarter.
These results primarily reflect the benefit of the
mid-December 2007 opening of the casino at Lumiere
Place-St. Louis and a 252-guestroom addition at
L'Auberge du Lac, partially offset by the mid-2007
closure of the truck stop at the Company's Boomtown
Reno property. Consolidated Adjusted EBITDA(1) in
the 2008 quarter was $35.0 million, which reflects
significant initial marketing, labor and other
start- up costs related to the opening of Lumiere
Place. In the first quarter of 2007, Consolidated
Adjusted EBITDA was $43.8 million. On a GAAP
('Generally Accepted Accounting Principles') basis,
the Company reported net income of $5.1 million, or
$0.08 per share, including income from discontinued
operations, net of income tax, of $21.2 million, or
$0.35 per share, related to insurance proceeds
received in the quarter for damage from Hurricane
Katrina. The results from continuing operations
reflect significant pre-opening and development
costs, increased depreciation costs and significant
non-cash charges related to share-based
compensation. GAAP net income for the 2007 first
quarter was $2.9 million, or $0.05 per
share. "The first
quarter represented a milestone for our
operations," said Daniel R. Lee, Chairman and Chief
Executive Officer of Pinnacle Entertainment. "While
costs associated with both the L'Auberge du Lac
expansion and the opening of Lumiere Place held
down earnings, early trends from both investments
are very positive. March 2008 was the best month in
L'Auberge du Lac's history. Lumiere Place continued
to build its business throughout the quarter, as
the two hotels and various restaurants opened and
we completed the surrounding parking facilities. We
plan to open the pedestrian tunnel, which connects
Lumiere Place to the America's Center convention
center, the Edward Jones stadium and the city's
central business district, in mid-May." |
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