LAS VEGAS, Aug. 30 /PRNewswire-FirstCall/ — Pinnacle Entertainment, Inc. (NYSE:PNK) today announced its initial assessment of the damage caused by Hurricane Katrina, which struck the Gulf Coast area on Monday, August 29.
Preliminary reports indicate that no employees or guests were injured at the Company’s Boomtown New Orleans casino in Harvey, La., or at its Casino Magic Biloxi property, which is located in the particularly hard-hit area of Biloxi, Miss. Initial surveys show that the Boomtown New Orleans property has sustained minor to moderate damage, while Casino Magic Biloxi has sustained substantial damage to the floating casino and 22-story hotel. Company executives plan to inspect the sites directly as soon as practicable, pending the approval of regional emergency coordinators. None of the Company’s other properties were damaged by Hurricane Katrina.
“Our thoughts are with those whose lives have been devastated by Hurricane Katrina,” said Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle Entertainment. “Our main concern is for the safety and well-being of all of our employees, customers and neighbors in the affected areas. It’s very early in the process, but we are well-insured, including having business interruption insurance, and we intend to rebuild our properties and help our communities to recover.”
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Mississippi, Louisiana, Indiana and Argentina, and receives lease income from two card club casinos, both 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. Pinnacle has also been selected for two casino development projects in the St. Louis, Missouri area. The development projects 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. These forward-looking statements, including statements regarding the Company’s initial assessment of hurricane damage to its properties and the adequacy of its insurance coverage, are based on management’s current estimates and expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle Entertainment 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, the opportunity to assess more fully the damage at the affected properties and the time and resources necessary to repair or replace the affected properties. 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 its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
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