UPDATE 2-Pinnacle Entertainment 3rd-quarter loss widens

* Q3 loss 5 cents/share; Street view profit 2 cents

* Revenue up 1 pct

* Shares little changed (Adds analyst comments, earnings details, share price)

ATLANTA, Oct 29 (Reuters) - Casino operator Pinnacle Entertainment Inc (PNK.N) reported a wider quarterly loss after charges and said improvement at some of its properties was partly offset by competition and the soft economy.

The results fell short of average Wall Street estimates, but there were no big surprises and Pinnacle shares were little changed in morning trading.

The company reported a third-quarter net loss of $21.9 million, or 37 cents a share, compared with a loss of $11.8 million, or 20 cents per share, for the same period last year.

Adjusted for casino pre-opening and development expenses, impairment costs and other one-time items, but including stock option expense, the company had a loss of 5 cents a share. On that basis, analysts' average forecast was a profit of 2 cents, according to Thomson Reuters I/B/E/S.

"Overall, there were no real surprises in the quarter and we think investor expectations were appropriately set going into today's release," JP Morgan analyst Joe Greff said in a research note. He lowered estimates on Pinnacle earlier this month.

"Although the bottom-line results were slightly below our forecast, the property performance was generally mixed relative to our estimates," Oppenheimer analyst David Katz said in a research note. "While we maintain our view of Pinnacle as a strong developer and operator, we reiterate our view that the ongoing need for capital in a rising interest rate environment warrants modest caution."

Third-quarter revenue rose 1 percent to $265.4 million, slightly below analysts' average forecast of $267 million.

The Las Vegas-based company operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and the Bahamas. It also has new casino projects underway in Louisiana and Missouri.

The company's shares were off 1 cent to $9.43 in early trading on the New York Stock Exchange. (Reporting by Karen Jacobs and Deena Beasley, editing by Gerald E. McCormick and John Wallace)