Acquisition Part of Master Plan for New Casino
VEGAS, Sept. 6, 2005 - Pinnacle Entertainment, Inc. (NYSE: PNK) announced
that it has closed on its purchase of the 297-suite Embassy Suites Hotel(R)
- St. Louis-Downtown from FelCor Lodging Trust. The hotel, purchased
for $38 million, is adjacent to the Company's planned casino, luxury hotel
"With this important purchase complete, we will now move to renovate
the hotel and incorporate it into the design of our neighboring casino
and luxury hotel," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment.
"We look forward to incorporating the Embassy Suites Hotel(R) into our
The Company said it will attach the Embassy Suites to the new casino
and luxury hotel through an elevated pedestrian walkway, incorporating
it directly into the new project. "This purchase is an important
piece in our ability to master plan a new entertainment district and community
in downtown St. Louis," Lee said.
Pinnacle Entertainment was selected for two St. Louis-area projects
in early 2004 by the City and County of St. Louis, and then by the Missouri
Gaming Commission in competitive bid processes that included applications
from several gaming companies.
About Pinnacle Entertainment
Pinnacle Entertainment owns casinos in Nevada, Mississippi, Louisiana,
Indiana and Argentina, owns a hotel in Missouri, and receives lease income
from two card club casinos in the Los Angeles metropolitan area.
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 casino operations in St. Louis 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.