Pinnacle Entertainment updates Louisiana development plans
Pinnacle Entertainment announced updated plans for its Sugarcane Bay project in Lake Charles, Louisiana, the sister property to the company's highly successful L'Auberge du Lac casino resort. The Sugarcane Bay project will include a new single-level riverboat casino; 400 high-quality guestrooms and suites; exciting new dining and lounge outlets; a multipurpose venue for entertainment and group meetings; and an expanded spa. The project's budget has been updated to approximately $305 million, excluding capitalized interest, and includes approximately $54 million spent to date. :theflyonthewall.com
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Pinnacle Entertainment target lowered to $10 from $13 at Morgan Joseph
Morgan Joseph lowered its target on Pinnacle after the company reported a greater than expected Q4 EPS loss, but the firm still believes that the company's growth pipeline makes it a worthwhile holding for investors in this market and the firm reiterates a Buy rating on the stock. :theflyonthewall.com
Pinnacle Entertainment plans to open River City project on March 4
John Giovenco, Pinnacle Entertainment's interim CEO commented: "In spite of these difficult conditions, we were particularly pleased to see Lumiere Place in St. Louis perform so well—a 19% increase in revenue and a 66% increase in Adjusted EBITDA in Q4. This heightens our confidence that the scheduled opening of River City in south St. Louis County will be successful. We plan to open River City on March 4, 2010, subject to approval by the Missouri Gaming Commission. :theflyonthewall.com
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