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4-Traders Homepage  >  Shares  >  NYSE  >  PINNACLE ENTMT   PNK   US7234561097

PINNACLE ENTMT (PNK)

Delayed Quote. Delayed - 01/07 04:01:30 pm 
8.27 USD   -4.72%
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PINNACLE ENTMT : Pinnacle Entertainment Casinos Receive No Significant Damage From Hurricane Ike

09/15/2008 | 07:45 am


LAS VEGAS, Sept. 15 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK) today announced that its L'Auberge du Lac Casino Resort in Lake
Charles, La.
temporarily closed its casino floor in the early morning of
Saturday, Sept. 13 following the arrival of Hurricane Ike. Neither the casino
nor the surrounding hotel was significantly damaged by the storm.



The storm created a record high storm surge, which caused some damage to
some of the entrance and exit ramps between the hotel and the casino.
Pinnacle's construction team is working with structural engineers and marine
experts to inspect and repair the ramps in order to ensure the safety of
guests and to reopen the casino as quickly as possible.



As Hurricane Ike moved north, the hotel at the Company's Belterra Casino
Resort in Vevay, Indiana lost power on Sunday, and remains open on generator
power. Belterra is working with local utilities to restore power to the
casino's hotel as quickly as possible.



The Company's Boomtown New Orleans property, located in the West Bank
neighborhood across the Mississippi River from downtown New Orleans, was
undamaged by the hurricane and remained open throughout the weekend. The
Company's third Louisiana property, Boomtown Bossier City, was not affected by
the storm and is operating normally.



"L'Auberge du Lac came through Hurricane Ike and the storm surge in good
condition," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive
Officer. "We hope to reopen the casino later this week, pending receipt of all
regulatory and other approvals.



"We're particularly grateful to our employees who have worked hard to keep
L'Auberge functioning as fully as possible," Mr. Lee continued. "Their
continued efforts have helped us to host law enforcement, emergency
responders, utility employees and other vital workers who are helping Lake
Charles
recover as quickly as possible from the storm."




About Pinnacle Entertainment



Pinnacle Entertainment, Inc. owns and operates casinos in Nevada,
Louisiana, Indiana, Missouri and Argentina, and has significant insurance
claims related to a hurricane-damaged hotel and casino complex previously
operated in Biloxi, Mississippi. The Company opened Lumiere Place, a
$507 million casino hotels complex in downtown St. Louis, Missouri, in
December 2007. Pinnacle also has a second casino development project under
construction in the St. Louis area, which opening is dependent upon final
approval by the Missouri Gaming Commission. Pinnacle is currently developing a
second casino resort in Lake Charles, Louisiana, to be called Sugarcane Bay;
is developing a casino resort in Baton Rouge, Louisiana; and has submitted a
proposal for a casino resort in Kansas City, Kansas, subject to various
approvals. Additionally, Pinnacle owns a casino site at the heart of the famed
Boardwalk in Atlantic City, New Jersey, on which it plans to build a major new
casino resort.




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 expected
reopening date for the Company's L'Auberge du Lac property, 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) required
approvals related to the reopening of L'Auberge du Lac may take longer than
expected; and (b) 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 the Company - (702) 784-7777:
Dan Lee - Chairman & CEO
Steve Capp - CFO
Chris Plant or Lewis Fanger - Investor Relations


SOURCE Pinnacle Entertainment, Inc.



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