pinnacle entertainment inc (PNK) Key Developments
Pinnacle Plans to Sell Assets
Jun 17 13
Pinnacle Entertainment Inc. (NYSE:PNK) plans to sell Casino One Corporation which consists Lumiere Place Casino, Hotel Lumiere and the Four Seasons Hotel in St. Louis and its hotel development project in Lake Charles, La., in order to appease the Federal Trade Commission so that it can complete its planned acquisition of Ameristar Casinos Inc. "We are pleased with the progress we have made in addressing the Federal Trade Commission's administrative complaint and look forward to completing our proposed acquisition of Ameristar as soon as possible in the third quarter," Pinnacle Chief Executive Officer, Anthony Sanfilippo said.
Pinnacle Entertainment Inc. Enters into Amended and Restated Debt Commitment Letter
Jun 12 13
On June 10, 2013, Pinnacle Entertainment Inc. entered into an amended and restated debt commitment letter, dated June 10, 2013 among JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Deutsche Bank Trust Company Americas, Deutsche Bank AG Cayman Islands Branch, Wells Fargo Bank, National Association, WF Investment Holdings, LLC, Wells Fargo Securities, LLC, Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, Fifth Third Bank, UBS Loan Finance LLC and UBS Securities LLC. The Debt Commitment Letter amended and restated the original debt commitment letter, dated December 20, 2012, among Pinnacle, JPMCB, JPMS and Goldman to change the anticipating debt commitment financing and related sources. The debt commitment letter provides that the commitment parties have agreed to provide the financing necessary to consummate the acquisition of Ameristar Casinos Inc. The debt commitment financing will be used to fund, in part, the consideration to be paid pursuant to the terms of the merger agreement, dated December 20, 2012, by and among Pinnacle, PNK Holdings Inc., a wholly-owned subsidiary of Pinnacle, PNK Development 32 Inc., an indirect wholly-owned subsidiary of Pinnacle and Ameristar, as amended by the first amendment to the merger agreement, entered into on February 1, 2013 and the second amendment to the merger agreement, entered into on March 14, 2013. The debt commitment financing is anticipated to comprise of the following sources: A revolving credit facility with Pinnacle as borrower in a total principal amount of up to $925 million; A term loan facility with Pinnacle as borrower in a total principal amount of up to $1,935 million; and senior unsecured bridge loans with Pinnacle as borrower in a total principal amount of up to $315 million if Pinnacle is unable to issue and sell $315 million of its senior unsecured notes on or prior to the closing of its acquisition of Ameristar. The funding of the debt commitment financing is contingent on the satisfaction of certain conditions in the debt commitment letter.
Pinnacle Entertainment Inc. Announces Resignation of Geno M. Iafrate as Executive Vice President, Regional Operations, Effective June 14, 2013
Jun 7 13
On June 4, 2013, Geno M. Iafrate, Executive Vice President, Regional Operations of Pinnacle Entertainment Inc. provided the company with notice of his resignation as Executive Vice President, Regional Operations, effective June 14, 2013.
Pinnacle Entertainment Inc. Announces Management Promotions
May 21 13
Pinnacle Entertainment Inc. announced that Carlos Ruisanchez, has been promoted to President & Chief Financial Officer. Ruisanchez previously held the position of Executive Vice President & Chief Financial Officer. Ruisanchez has been with the Company since August 2008 and has more than 15 years of gaming industry experience, including time spent as an investment banker advising gaming companies. As President & Chief Financial Officer, Ruisanchez will continue to be responsible for the company's overall strategy and development activities, as well as the financial and administrative functions of its finance department including management of the capital structure, strategic financial planning, accounting, strategic sourcing, bank and financial community relationships, SEC reporting and internal and industry analysis. Ginny Shanks has been promoted to Executive Vice President & Chief Administrative Officer. Ms. Shanks previously held the position of Executive Vice President & Chief Marketing Officer. Ms. Shanks has been with the company since October 2010 and has more than 30 years of industry marketing and operational experience. As Executive Vice President & Chief Administrative Officer, Ms. Shanks will continue to be responsible for the company's enterprise-wide marketing strategies, including the ongoing development of distinct brand positioning for its gaming entertainment properties and overall branding strategies, database marketing efforts and continued evolution of the mychoice guest loyalty program, establishing new processes for enhancing the guest experience, and more effectively communicating with guests. In addition, Ms. Shanks is responsible for the company's human resources and information technology departments.
Pinnacle Entertainment Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013
May 1 13
Pinnacle Entertainment Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, total revenue was $312.639 million against $292.985 million a year ago. Operating income was $36.116 million against $43.494 million a year ago. Loss from continuing operations before income taxes was $84.735 million against $0.737 million a year ago. Loss from continuing operations was $85.346 million or $1.46 per diluted share against $0.326 million or $0.01 per diluted share a year ago. Net loss was $85.391 million or $1.46 per diluted share against $1.009 million or $0.02 per diluted share a year ago. Consolidated adjusted EBITDA was $73.907 million against $74.553 million year ago. Adjusted net income was $14.288 million or $0.25 per diluted share against $21.329 million or $0.33 per diluted share a year ago. Capital expenditures totaled approximately $39 million during the 2013 first quarter.