Pinnacle Entertainment, Inc.
PNK today issued the following statement in connection with the
Schedule 13D filed today by Orange Capital LLC:
Pinnacle values the views of its shareholders and regularly engages in a
dialogue with its shareholders to solicit feedback on its strategy and
performance with the goal of enhancing value. The Board of Directors and
management team of the Company regularly review its strategic priorities and
opportunities, and assess a variety of value creating options.
The Company is committed to driving value for all Pinnacle shareholders and
will continue to take actions and review all strategies to achieve this
important objective. An example of this is the acquisition of Ameristar
Casinos in 2013. As a result of this accretive transaction, we doubled the
size of the Company, realized meaningful cost synergies, and significantly
enhanced our scale and geographic diversification. We now have the largest
owned portfolio of premium gaming entertainment properties in the U.S., which
spans nine states and 13 regional markets.
Since announcing the Ameristar transaction, Pinnacle's share price has
increased in value by approximately 65%. Since completing the transaction, we
have reduced our leverage through the repayment of more than $600 million of
term loans. We are focused on executing the integration of Ameristar and on
maximizing the cost and revenue synergies, cash flow and value created by this
transformative combination.
Pinnacle's Board and management team will continue to assess opportunities to
thoughtfully grow the Company, enhance its capital structure, improve its
strategic direction, and operate under the most efficient corporate
structure. We look forward to continuing to discuss these important topics
with shareholders.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 14 casinos, located in
Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri and Nevada. In
addition, Belterra Park Gaming & Entertainment Center, in Cincinnati, Ohio,
will open in May 2014. Pinnacle holds a majority interest in the racing
license owner, as well as a management contract, for Retama Park Racetrack
outside of San Antonio, Texas.
Forward-Looking Statements
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 expected future results of operations, expected
synergies as a result of the Ameristar transaction, and future strategic
actions or development plans, are based on management's current expectations
and are subject to risks, uncertainties and changes in circumstances that
could significantly affect future results. Accordingly, the Company cautions
that the forward-looking statements contained herein are qualified by
important factors and uncertainties that could cause actual results to differ
materially from those reflected by such statements. Such factors and
uncertainties 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.
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