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LAS VEGAS, Dec. 28 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK) announced today that it intends to apply for a gaming license in
Pennsylvania, and has entered into an option to purchase land in
Philadelphia, Pa. Located along Interstate 95 and just north of downtown
Philadelphia, Pinnacles proposed casino would include, if selected,
approximately 3,000 slot machines, multiple bars and restaurants, and a
multiplex movie theater. Possible future expansion opportunities include
expanding the casino to a total of 5,000 slot machines and adding a hotel
tower. Although the Company is still in the process of finalizing details for
its proposed casino and entertainment complex, Pinnacle expects phase one of
the project (including land and the gaming license fee) to cost between
$250 million and $400 million.
"We are excited to submit our application for a gaming license to the
Pennsylvania Gaming Control Board," said Daniel R. Lee, Chairman and CEO of
Pinnacle Entertainment. "As LAuberge du Lac and our two St. Louis casino
projects have shown, we strive to create unique entertainment destinations
that also blend seamlessly into our local surroundings. This is a great
opportunity for the city of Philadelphia and for our company, and we look
forward to working with the residents of Philadelphia to make this a project
that we will all be proud of."
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana,
Indiana and Argentina, owns a hotel in Missouri, receives lease income from
two card club casinos in the Los Angeles metropolitan area, and owns a casino
site and has significant insurance claims related to a hurricane-damaged
casino previously operated in Biloxi, Mississippi. The Company opened a major
casino resort in Lake Charles, Louisiana in May 2005 and a new casino in
Neuquen, Argentina in July 2005. Pinnacle has also been selected for two
casino development projects in the St. Louis, Missouri area. The development
projects are dependent upon final approval by the Missouri Gaming Commission.
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 Companys
new development opportunities and anticipated construction schedules and
costs, 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) construction-related factors that could prevent the
Company from completing its construction and development projects within
budget and on time; (b) having adequate funding and cash flows to complete its
construction projects; (c) the risk that the proposed St. Louis, Philadelphia,
and other capital intensive projects could strain the Companys financial
resources; (d) the results of the damage from Hurricane Katrina and insurance
proceeds available to the Company; and (e) 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 the Company - (702) 784-7777:
Dan Lee, Chairman & CEO
Wade Hundley, President
Steve Capp, CFO
Chris Plant or Lewis Fanger, Investor Relations
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