With credit markets locked down and largely unavailable to finance new gambling projects, Pinnacle Entertainment Inc. on Tuesday received additional 150-day delays in timelines to build new riverboat casino projects in Lake Charles and Baton Rouge. While Las Vegas-based Pinnacle is in much better shape in credit markets than many of its competitors…
Atlantic City, New Jersey – Pinnacle Entertainment says building the USD 2 billion casino-hotel it had envisioned for the Atlantic City Boardwalk is just not possible right now. Company chairman Dan Lee said Friday the beach house-themed casino on land where the Sands Casino Hotel once stood is just a „dream“ at this point. Whether that dream becomes reality is looking more uncertain than ever.
The Louisiana Gaming Control board has granted a three-month delay for Pinnacle Entertainment to present details of two casinos it plans to build in Louisiana. Pinnacle says one of the casinos will be located in Baton Rouge, the other in Lake Charles. The company says it intends to complete both projects, but needs the 90-day delay because of trouble in the capital markets.
The Gaming Board secretary is suggesting Exuma casino operator Pinnacle Entertainment is now looking to close up shop on January 2, 2009, and not the end-of-the-month retreat it had initially indicated. „It has not been confirmed yet,“ Bernard Bonamy told Guardian Business Wednesday, „but they have indicated to the Bahamas Hotel Corporation that that is the date they are looking at; not the August 31, date.
President Casino, Pinnacle Entertainment Inc.’s (NYSE: PNK) riverboat gaming property in downtown St. Louis, is cutting back its hours of operation to compensate for the continuing financial losses at the property. The new schedule will reduce the hours of operation by 30 hours a week, said Mack Bradley, a spokesman for the casino. The President Casino said Tuesday it also plans to close its poker room location on the C-deck.
Pinnacle Entertainment announced that it was informed by the Missouri Gaming commission that the provisions of Proposition A are effective immediately. The table games area at the firm’s Lumiere Place entertainment complex is operating under the new provisions, which removed certain betting restrictions for Missouri’s casinos. It believes that its slots area was prepared to operate under the new provisions.
Atlantic City, New Jersey – Pinnacle Entertainment’s plan to build a mega-casino worth as much as USD 2 billion on the Atlantic City Boardwalk is on „indefinite hold“ due to worsening competition and the poor economy. The company also said Thursday it would consider selling its land here „if someone made us a decent offer.“ The Las Vegas-based casino developer cited the continuing tight credit market, which is making it nearly impossible to borrow money…
Pinnacle Entertainment Inc. said Monday that Hurricane Ike damaged its Lake Charles, La., casino. The storm created a record-high storm surge, which damaged some of the entrance and exit ramps at the L’Auberge du Lac Casino Resort. Pinnacle’s construction team is working with structural engineers and marine experts to inspect and repair the ramps so the company can reopen the casino as quickly as possible, Pinnacle said.
Atlantic City – In November 2006, the Sands Casino Hotel closed its doors to make way for incoming Pinnacle Entertainment Inc. At the time, Pinnacle Chairman Dan Lee said the developer would not rush into building its USD 1.5 billion to USD 2 billion megaresort, hoping to avoid the construction mistakes and cost overruns plaguing its casino in St. Louis. But few thought at the end of 2008 the company would still be taking its time.
The chairman of Pinnacle Entertainment Inc. reassured New Jersey gaming regulators last week that his company remains serious about building a new casino, despite uncertainty about the financing and timing of the project. Chairman Dan Lee said Pinnacle has already invested USD 400 million in land, design work and other expenses and is waiting for the global credit crunch to finally ease before it seeks construction financing for a megaresort that could cost „in the billions.“
Due to plummeting revenues, Pinnacle Entertainment has shelved plans to acquire rival Ameristar Casinos. Pinnacle saw a net loss of USD 18.1 million (30 cents per share) in second quarter 2008, compared with a net income of USD 9.9 million (16 cents a share) in the same quarter of 2007. Analysts had predicted a net loss of 2 cents per share.
Atlantic City, New Jersey (AP) — Pinnacle Entertainment Inc. says a new mega-casino it plans to build in Atlantic City will have a beach house theme. The Las Vegas-based company plans to hold onto its land on and near the Boardwalk area of Atlantic City until credit markets improve and it can build its mega-casino project, chairman Dan Lee said Wednesday. The theme of the casino has been a closely held secret for nearly two years.