Pinnacle Wins Vote for Second Lake Charles, LA Resort
Local Voters Approve Referendum for $350 million Sugarcane Bay Project
LAS VEGAS, NV, November 8, 2006. Pinnacle Entertainment, Inc. (NYSE: PNK) today announced that voters in Lake Charles, Louisiana have approved a local-option referendum that would permit construction of a new $350 million casino hotel, Sugarcane Bay, adjacent to the Company's successful L'Auberge du Lac facility.
Preliminary results from the Nov. 7 election show that the referendum passed decisively, with nearly two-thirds of voters supporting the measure. In August 2006, the Louisiana Gaming Control Board approved the Sugarcane Bay project, subject to certain conditions.
"We're grateful to the voters of Lake Charles for allowing us the opportunity to reinvest in their community," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer. "Sugarcane Bay will bring more than 2,000 construction jobs and 2,000 permanent jobs to the area, and millions in tax revenues to the region and the state. Beyond that, we hope to enhance southwest Louisiana's status as a travel destination by building a unique resort that combines the best of Caribbean excitement with gracious Southern hospitality. We expect to begin construction in 2007, with opening scheduled for 2009.
"We owe particular thanks to all of our employees at L'Auberge, whose commitment and support have made the resort such a success for the community, the region and the Company," Mr. Lee continued. "Their hard work has encouraged voters in Calcasieu Parish to support us as we prepare to build on that success, and we deeply appreciate their effort."
As previously disclosed, the Company signed a definitive agreement in May 2006 to acquire certain Lake Charles gaming assets of Harrah's Entertainment. The pending acquisition includes two casino boats and related gaming licenses, one of which would be utilized by Sugarcane Bay. The Company has filed a proposal with state gaming regulators to utilize the other boat and gaming license in Baton Rouge, Louisiana. Pinnacle anticipates completing its acquisition of the Harrah's gaming assets in mid-November.
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