LAS VEGAS, April 21, 2014 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NYSE: 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.
Investor Relations Vincent J. Zahn, CFA VP Finance and Investor Relations 702/541-7777 or Media Relations Troy Stremming EVP Government Relations and Public Affairs 816/414-7106
