Two Pinnacle Entertainment Properties in Louisiana Report Minimal Damage from Hurricane...
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Two Pinnacle Entertainment Properties in Louisiana Report Minimal Damage from
Hurricane Gustav
Boomtown New Orleans, L'Auberge du Lac Await Approvals to Reopen
LAS VEGAS, Sept. 2 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK) today announced that its Boomtown New Orleans property, located in
the West Bank neighborhood across the Mississippi River from downtown New
Orleans, and its L'Auberge du Lac Casino Resort in Lake Charles, La. sustained
minor damage in the wake of Hurricane Gustav.
Boomtown New Orleans, which closed late Saturday afternoon, Aug. 30, and
L'Auberge du Lac, which closed at noon on Sunday, Aug. 31 in accordance with
mandatory evacuation orders, both reported minimal exterior damage to their
main facilities. Both properties maintained power during the hurricane, either
from the power grid or by switching to generators. The company's third
Louisiana casino, Boomtown Bossier City, was not affected by the storm and did
not close over the weekend.
"We're pleased that Boomtown New Orleans and L'Auberge du Lac came through
Hurricane Gustav relatively undamaged," said Daniel R. Lee, Pinnacle's
Chairman and Chief Executive Officer. "We believe we'll be ready to reopen
later this week, pending regulatory and other approvals and the return of our
employees."
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 dates for the Company's Boomtown New Orleans and L'Auberge du Lac
properties, 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 the Company's Boomtown New Orleans and
L'Auberge du Lac properties 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.
Dan Lee, Chairman & CEO, Steve Capp, CFO, Chris Plant or Lewis Fanger,
Investor Relations, all of Pinnacle Entertainment, Inc., +1-702-784-7777
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