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Pinnacle Set for Major Cash Infusion

LAS VEGAS-Proceeds from the casino company's 10-million-share public offering, which concluded today, will be used in part to finance developments in St. Louis, Sugarcane Bay and Atlantic City.

By Brian K. Miller | Updated on January 17, 2007

(For more retail coverage, click GlobeSt.com/RETAIL, and to read more on the debt and equity markets, click here.)

LAS VEGAS-Casino owner and operator Pinnacle Entertainment Inc. today completed a 10-million-share public offering at $32 per share. Including the additional 1.5 million shares underwriters Bear Stearns and Lehman Bros. likely will acquire at a 4% discount, the overall deal generated $368 million in gross proceeds.

Pinnacle will use the net proceeds in part to continue expanding its existing facilities and to complete several ongoing new development projects. The company is currently working on projects in St. Louis, Sugarcane Bay and Atlantic City.

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