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Pinnacle Sees Rebound After Hurricane Gains

LAS VEGAS-The firm brings in $238 million in revenues for Q3 and moves forward with multiple projects.

By Nellie Day | Updated on November 06, 2007

LAS VEGAS-Pinnacle Entertainment released its third-quarter results Tuesday that showed that the casino owner and operator landed $238 million in revenues with a Consolidated Adjusted EBITDA(1) of $47 million. This resulted in net income earnings of $5 million, or $0.08 a share, for the third quarter, which ended on Sept. 30.

These earnings were achieved at a time when Pinnacle, as well as other developers, faced an increase in development and construction costs, corporate costs, and other write-off and miscellaneous charges, though these costs were offset by an increase in capitalized interest and an income tax benefit that resulted from a prior years’ tax-related settlement.

Pinnacle also pushed many developments into and through the pipeline during this quarter, resulting in significant progress to: the $507-million Lumiere Place casino hotel that is set to open in Downtown St. Louis, on Dec. 19; the 565 acres of land in Baton Rouge, LA, that the company is prepping for hotel and gaming entertainment projects called Riviere and Casino Riviere; and the former site of the Sands Casino Hotel in Atlantic City that was imploded on Oct. 18 to make way for a larger casino resort that the company anticipates will open in late 2011 or early 2012.

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