Pinnacle
Entertainment Opens Casino in Neuquen, Argentina
Pinnacle Entertainment, Inc.
announced that, on July 27, the Company opened its
replacement casino in Neuquen, Argentina. The new
Casino Magic Argentina facility includes a larger
and much more lavish casino; a major, upscale restaurant;
a wine bar; three other casino bars; and a large
entertainment venue, located approximately one mile
from the former, antiquated leased facility. The
project was completed approximately on budget, at
US$15 million, and was funded almost entirely with
Casino Magic Argentina's cash resources and retained
earnings.
Pinnacle currently has a concession agreement with
the Province of Neuquen, which provides for the
Company's exclusive operation of casinos within
approximately 33 miles of its facilities. With the
opening of the new facility, Pinnacle's concession
agreement will extend until 2016 instead of expiring
in December 2006. The Company is also planning to
build a small hotel within the Province of Neuquen,
which under the concession agreement further extends
the term to 2021.
"I am proud of the many people who have designed
and prepared this new casino for opening, and honored
to share the ribbon cutting with Governor Jorge
Sobisch and Mayor Horacio Quiroga," said Daniel
R. Lee, Chairman and CEO of Pinnacle Entertainment.
"Neuquen is a growing, prosperous and stable
part of Argentina and the commercial capital of
the Patagonia region. We are excited to have built
in Neuquen what I believe is now the leading casino
facility in Latin America."
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos
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
opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new casino in Neuquen, Argentina
in July. Pinnacle has also been selected for two
casino development projects in the St. Louis, Missouri
area. The development projects are dependent upon
final approval by the Missouri Gaming Commission.
|
