200-Room Hotel, Multi-Purpose Event Center, and Parking Structure Will Elevate Guest
Amenities and Entertainment Options

LAS VEGAS and ST. LOUIS, Sept. 12, 2011 /PRNewswire/ — Pinnacle Entertainment, Inc. (NYSE: PNK) today announced a planned $82 million expansion at its River City Casino in south St. Louis County which will further extend the property’s market-distinct guest amenities and entertainment offerings. River City, which opened in March 2010, will add a 200-room hotel, a 10,000 square-foot multi-purpose event center and a covered parking structure with approximately 1,700-spaces. Construction on the expansion project is scheduled to begin in the first quarter of 2012 with an expected completion in the second half of 2013. The $82 million project will create nearly 100 permanent jobs and 350 construction-related jobs.

“Since River City’s opening 18 months ago, we have continued to garner very favorable guest responses for the gaming, dining, entertainment and other guest amenities featured at the property,” said Neil Walkoff, Pinnacle’s Senior Vice President responsible for River City Casino and its sister property, Lumiere Place Casino & Hotels. “The addition of a hotel, multi-purpose event center and covered parking highlights our commitment to distinguishing the property, will further elevate the level of leading guest amenities offered at River City, and benefits our efforts to grow our customer base in the market.”

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“Our River City and Lumiere Place facilities each offer distinct entertainment options in the greater St. Louis market and appeal to a broad base of consumers in the region that are increasingly choosing Pinnacle’s properties as their destination of choice for gaming, dining and entertainment,” said Pinnacle Entertainment President and CEO Anthony Sanfilippo. “This investment in River City reflects the importance of this market to Pinnacle and demonstrates our ongoing commitment to ensure we can continue to meet the long-term needs of current and potential new guests. The addition of a hotel and multi-purpose event center at River City are important new features for the property that will increase the level of guest satisfaction through an expansion of entertainment offerings. In addition, the covered parking structure will provide a new guest convenience that will make visiting River City an even better experience. We believe this investment will promote the growth of tourism in this market, specifically in south St. Louis County and the city of Lemay. This will provide new economic benefits to local community residents and businesses.”

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“South County has seen tangible, direct benefits since River City opened,” said St. Louis County Executive Charlie A. Dooley. “We have seen good jobs, new infrastructure and a renewed vitality in this area. By delivering on River City’s commitment to expand, Pinnacle is demonstrating they are good partners to St. Louis County and good neighbors in Lemay.”

About River City Casino
River City Casino, which opened in March 2010, is St. Louis’ newest gateway to an exciting entertainment experience. Located approximately 10 miles south of downtown St. Louis, in the community of Lemay, the multi-use complex includes a 90,000-square-foot casino with more than 2,100 slot machines and 55 table games, including poker, several restaurants, and other amenities. An expansion, scheduled for completion in the second half of 2013, will include a 200-room hotel, a 10,000 square-foot multi-purpose center and a covered parking structure with approximately 1,700 spaces. River City Casino is located at 777 River City Casino Blvd., St. Louis, MO 63125. Call 888-578-7289 or visit www.rivercity.com for information.

About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, Indiana and Nevada, and a racetrack in Ohio. The Company is also developing L’Auberge Casino & Hotel Baton Rouge, which is scheduled to open in the summer of 2012. In August 2011, Pinnacle acquired a 26% ownership stake in Asian Coast Development (Canada) Ltd. (ACDL), an international development and real estate company currently developing Vietnam’s first large-scale integrated resort.
Pinnacle Entertainment, Inc. is publicly traded on the New York Stock Exchange under the ticker symbol PNK. To learn more about Pinnacle Entertainment, please visit www.pnkinc.com.

River City and Lumiere Place are registered trademarks of Pinnacle Entertainment, Inc. All rights reserved.

All statements included in this press release, other than historical information or statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the Company’s completion and opening schedule of the Company’s projects; the facilities, features, amenities and potential job creation as a result of the expansion of the River City Casino; and the economic outlook of the St. Louis County 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 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) many factors, including the escalation of construction costs beyond increments anticipated in its construction budget, could prevent the Company from completing the Baton Rouge project and the expansion of River City Casino within budget and on time; (b) the terms of the Company’s credit facility and the indentures governing its senior and subordinated indebtedness impose operating and financial restrictions on the Company; and (c) other risks, including those as may be detailed from time to time in the Company’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, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.

SOURCE Pinnacle Entertainment, Inc.

Pinnacle Entertainment, Inc.
8918 Spanish Ridge Ave. , Las Vegas, NV 89148
Service provided by Shareholder.com

Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.

History[edit]

Pinnacle Entertainment traced its roots to June 10, 1938, when movie mogul Jack L. Warner opened the Hollywood Park Turf Club racetrack in Inglewood, California. The original shareholders included Hollywood figures such as Walt Disney, Mervyn LeRoy and Bing Crosby.

The company was incorporated and renamed in 1981 as Hollywood Park Realty Enterprises. It was renamed as Hollywood Park, Inc. in 1992.

After many years in the horse racing business, the company began a transformation into a casino operator. In 1997, the company acquired Boomtown, Inc. and its three casinos in Nevada, Louisiana and Mississippi for $188 million.^[3] In 1998, it acquired Casino Magic Corp. for $340 million, including two casinos in Mississippi, one in Louisiana and a controlling stake in two casinos in Argentina.^[4][5]

River City Casino

The company sold the Hollywood Park racetrack in 1999 to Churchill Downs, Inc. and in 2000 changed its name to Pinnacle Entertainment. Belterra Casino Resort & Spa made its debut in 2000 as Pinnacle's first company-designed and developed gaming resort. Then in 2005, Pinnacle opened L'Auberge du Lac in Lake Charles, Louisiana.

In September 2006, Pinnacle agreed to purchase the Sands Casino Hotel in Atlantic City, New Jersey and announced plans to replace it with a $1.5-billion resort.^[6] The property closed on November 11, 2006 and was demolished on October 18, 2007. Harsh economic times later caused Pinnacle to delay construction of the new resort.^[7] In February 2010, the company announced that it had canceled its construction plans and would instead seek to sell the land.^[8] Eventually it was sold in 2013 for $29.5 million to a group of local developers who planned to build a casino or family entertainment attraction.

In December 2006, Pinnacle purchased the President Casino in St. Louis, Missouri.

Lumière Place opened in downtown St. Louis in December 2007, anchoring an entertainment district including the Four Seasons Hotel St. Louis and HoteLumière. In March 2010, Pinnacle opened River City Casino, in Lemay, Missouri. Pinnacle announced the expansion of its L’Auberge Baton Rouge project in September 2010 and held a grand opening on September 1, 2012.

On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after reportedly physically confronting and threatening a St. Louis County official.^[9][10]

In July 2010, the company sold its Argentina casinos for $40 million.^[11]

In January 2011, Pinnacle purchased River Downs Racetrack in southeast Cincinnati.

The company agreed in April 2012 to buy a 75.5% stake in Retama Park, a money-losing horse track in Selma, Texas, for $22.8 million. The purchase was seen as a 'defensive move' to help soften the blow if gaming in Texas were expanded and drew visitors away from Pinnacle's Lake Charles properties.^[12]

In May 2011, Pinnacle expanded into the Asian gaming market with a $95-million investment for 26 percent ownership of Asian Coast Development Ltd., the owner and developer of the Ho Tram Strip, 80 miles away from Ho Chi Minh City in southern Vietnam, which will be the country’s first large-scale integrated destination resort. Upon the closing of the transaction, Pinnacle would enter into a management agreement through 2058 for the second integrated resort on the Ho Tram Strip.

On June 26, 2012, Pinnacle sold Boomtown Reno for $12.9 million to M1 Gaming, the company of former Station Casinos executive Dean DiLullo.^[13]

On August 14, 2013, Pinnacle bought Ameristar Casinos for $869 million plus $1.9 billion in assumed debt,^[14][15] adding nine properties in Colorado, Indiana, Iowa, Missouri, Mississippi and Northern Nevada. To gain FTC approval for the merger, Pinnacle agreed to sell its Lumiere Place property and Ameristar's under-construction casino in Lake Charles.

In November 2014, Pinnacle announced a plan to spin-off a real estate investment trust with the real estate assets of its 15 casinos.^[16]Gaming and Leisure Properties (GLPI) then approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan.^[17] Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015.^[17] In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year.^[18] The sale would be executed by Pinnacle spinning off a new company, also named Pinnacle Entertainment, with the casinos' operating businesses, along with ownership of Belterra Park (formerly River Downs) and the company's interest in Retama Park; GLPI would then acquire the original Pinnacle Entertainment.^[19] The sale was completed in April 2016.^[19] Pinnacle also purchased the operations of The Meadows Racetrack and Casino in Pennsylvania from GLPI for $138 million in September 2016.^[20][21]

In December 2017, Pinnacle agreed to be acquired by Penn National Gaming for $2.8 billion in cash and stock.^[22] To ensure regulatory approval for the deal, Pinnacle would sell the operations of four properties to Boyd Gaming for $575 million prior to the merger: Ameristar Kansas City, Ameristar St. Charles, Belterra Casino, and Belterra Park.^[23] The real estate of Belterra Park was originally to be sold to GLPI, but was ultimately sold to Boyd for $58 million.^[24][25] The transactions were completed on October 15, 2018.^[26]

Resorts and casinos[edit]

At the time of its acquisition, the company operated the following properties:

• Ameristar Casino Council Bluffs — Council Bluffs, Iowa
• Ameristar Casino Hotel East Chicago — East Chicago, Indiana
• Ameristar Casino Vicksburg — Vicksburg, Mississippi
• Ameristar Casino Hotel Kansas City — Kansas City, Missouri
• Ameristar Casino Resort Spa Black Hawk — Black Hawk, Colorado
• Ameristar Casino Resort Spa St. Charles — St. Charles, Missouri
• Belterra Casino Resort & Spa — Florence, Indiana
• Belterra Park Gaming & Entertainment Center — Cincinnati, Ohio
• Boomtown Bossier City — Bossier City, Louisiana
• Boomtown New Orleans — Harvey, Louisiana
• Cactus Petes Resort Casino — Jackpot, Nevada
• Horseshu Hotel and Casino — Jackpot, Nevada
• L'Auberge Casino & Hotel Baton Rouge — Baton Rouge, Louisiana
• L'Auberge Casino Resort Lake Charles — Lake Charles, Louisiana
• The Meadows Racetrack and Casino — North Strabane Township, Pennsylvania
• Retama Park — Selma, Texas (75% stake)
• River City Casino — St. Louis, Missouri

Previous operations[edit]

Pinnacle Entertainment

Argentina[edit]

• Casino Magic Neuquén (sold)
• Casino Magic San Martin de los Andes (sold)

United States[edit]

• Boomtown Biloxi — Biloxi, Mississippi (sold)
• Boomtown Las Vegas — Enterprise, Nevada (sold; now Silverton Las Vegas)
• Boomtown Reno — Verdi, Nevada (sold)
• Casino Magic Bay St. Louis — Bay St. Louis, Mississippi (sold)
• Casino Magic Biloxi — Biloxi, Mississippi (closed and sold; now Margaritaville Resort Biloxi)
• Hollywood Park Racetrack — Inglewood, California (sold)
• Lumière Place — St. Louis, Missouri (sold)
• President Casino Laclede's Landing — St. Louis, Missouri (closed)

References[edit]

1. ^ ^abcde'US SEC: Form 10-K Pinnacle Entertainment, Inc'. United States Securities and Exchange Commission. Retrieved June 7, 2018.
2. ^'US SEC: Form 10-K Pinnacle Entertainment, Inc'. United States Securities and Exchange Commission. Retrieved January 10, 2017.
3. ^'Hollywood Park completes merger'. Las Vegas Review-Journal. July 2, 1997. Retrieved July 31, 2012.
4. ^'Hollywood Park completes acquisition of Casino Magic' (Press release). Hollywood Park, Inc. October 17, 1998.
5. ^'Hollywood Park to buy Casino Magic for $81 million'. The New York Times. February 20, 1998. Retrieved July 31, 2012.
6. ^Haught, J. Staas (September 6, 2006). 'Sands sold, will close; Pinnacle plans to build $1.5B. megaresort casino hotel'. Press of Atlantic City. Archived from the original on September 26, 2007. Retrieved September 6, 2006.
7. ^Pinnacle's AC casino plans on 'indefinite' hold^{[dead link]}, Forbes, November 7, 2008.
8. ^'Pinnacle folds its hand in Atlantic City', The Philadelphia Inquirer, February 6, 2010. Archived February 11, 2010, at the Wayback Machine
9. ^Stutz, Howard (November 9, 2009). 'Pinnacle Entertainment CEO resignation may alter projects'. Retrieved September 3, 2014.
10. ^Blank, Chris (December 16, 2009). 'Missouri levies no penalty on former Pinnacle CEO'. Boston.com. Retrieved September 3, 2014.
11. ^'Pinnacle Entertainment Completes Sale of its Argentina Operations' (Press release). Pinnacle Entertainment, Inc. July 7, 2010. Archived from the original on October 6, 2010. Retrieved August 16, 2010.
12. ^Danner, Patrick (April 27, 2012). 'Retama strikes deal with Vegas company'. San Antonio Express-News. Retrieved January 13, 2013.
13. ^Stutz, Howard (June 26, 2012). 'Reno's Boomtown Casino changes hands, but keeps its name'. Las Vegas Review-Journal. Retrieved June 27, 2012.
14. ^Stutz, Howard (December 21, 2012). 'Las Vegas-based Pinnacle Entertainment to acquire rival Ameristar Casinos for $869 million'. Las Vegas Review-Journal. Retrieved December 21, 2012.
15. ^Stutz, Howard (August 14, 2013). 'Pinnacle Entertainment completes $2.8 billion buyout of Ameristar Casinos'. Las Vegas Review-Journal. Retrieved August 14, 2013.
16. ^Howard Stutz (November 6, 2014). 'Pinnacle Entertainment plans to split off casinos into a REIT'. Las Vegas Review-Journal. Retrieved 2015-03-09.
17. ^ ^abHoward Stutz (March 9, 2015). 'GLPI offers $4.1 billion for Pinnacle Entertainment's real estate'. Las Vegas Review-Journal. Retrieved 2015-03-09.
18. ^Howard Stutz (July 21, 2015). 'Pinnacle, GLPI agree on $4.75B merger'. Las Vegas Review-Journal. Retrieved 2016-07-22.
19. ^ ^ab'Gaming and Leisure Properties, Inc. completes the previously announced acquisition of the real estate assets of Pinnacle Entertainment, Inc' (Press release). Pinnacle Entertainment. April 28, 2016. Archived from the original on 2016-08-22. Retrieved 2016-07-22.
20. ^Paul J. Gough (March 30, 2016). 'Meadows license, gaming assets sold for $138M'. Pittsburgh Business Times. Retrieved 2016-07-22.
21. ^Paul J. Gough (September 12, 2016). 'Meadows Casino now under new ownership'. Pittsburgh Business Times. Retrieved 2016-09-12.
22. ^'Penn National to acquire Pinnacle Entertainment for $2.8 billion'. The Morning Call. Allentown, PA. December 18, 2017. Retrieved 2017-12-29.
23. ^Mark Schlinkmann (December 1, 2017). 'Merger could affect four of six St. Louis area casinos'. St. Louis Post-Dispatch. Retrieved 2017-12-29.
24. ^'Penn National Gaming to acquire Pinnacle Entertainment' (Press release). Penn National Gaming. December 18, 2017. Retrieved 2017-12-29 – via GlobeNewswire.
25. ^'Penn National Gaming completes acquisition of Pinnacle Entertainment' (Press release). Penn National Gaming. October 15, 2018. Retrieved 2018-10-16 – via BusinessWire.
26. ^Todd Prince (October 15, 2018). 'Penn National Gaming completes $2.8B acquisition of Pinnacle'. Las Vegas Review-Journal. Retrieved 2018-10-16.