The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: Pinnacle Entertainment, Inc.
October 28, 2002
GLENDALE, CA -- Pinnacle Entertainment, Inc. (NYSE: PNK) has announced that its Boomtown Reno property, along with
several other Verdi-area property owners, received District Court approval of annexation into the City of Reno,
allowing for greater municipal services.
"Our near-term growth plans continue to be focused on our expansion of Belterra and our planned new resort
in Lake Charles, Louisiana," stated Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle Entertainment,
Inc. "The annexation into the City of Reno, however, is a very important step to the long-term development
and growth of our Reno property."
"Business growth on Boomtown Reno's 506 acres has historically been hampered by Washoe County's inability
to provide municipal sewer and water services," Boomtown Reno's Director of Property Development Jim Middagh
stated. Annexation approval will allow the City of Reno to provide services to the Verdi area, including Boomtown.
The agreement also allows for the commercialization of 300 of Boomtown Reno's acres, as well as development of
additional homes in neighboring Verdi. Boomtown Reno retains permits to eventually add up to approximately 2,000
guest rooms to the existing 318-room hotel-casino.
Boomtown Reno's General Manager Jack Fisher said, "We look forward to being an integral part of the City of
Reno and the region's strategic growth, as well as having the opportunity to provide additional guest amenities."
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates seven casinos (four with hotels) 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 has also been selected to receive the 15th and final riverboat gaming license for a project in Lake
Charles, Louisiana, subject to continued compliance with the certain conditions negotiated with the Louisiana Gaming
Control Board.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
Forward-looking information involves important risks and uncertainties that could significantly affect future results
and accordingly, such results may differ from those expressed in forward-looking statements made by or on behalf
of Pinnacle Entertainment.
For further information, please contact: Dan Lee, Chairman & CEO, or Wade Hundley, COO, or Bruce Hinckley,
CFO, all of Pinnacle Entertainment, Inc., +1-818-662-5900; or Sean Collins, Partner of Coffin Communications Group,
+1-818-789-0100, for Pinnacle Entertainment, Inc.
Source: Pinnacle Entertainment, Inc.