Pinnacle to Develop Luxury
Condominiums

Pinnacle Entertainment, Inc. has reached an agreement with Rodgers Group Development to develop luxury condominiums on Laclede's Landing in the shadow of the Gateway Arch. The project will be the first residential development project in this area in recent history, and will be near Pinnacle's new casino and related developments.

This project, a $25 million, 10-story condominium structure overlooking the Mississippi River, the Arch and downtown St. Louis, will be named "Port St. Louis." In addition to three stories of enclosed garage parking, the unique glass and brick structure will house 49 condominiums, each with luxury finishes, balcony views and access to the roof top common area pool.

"The luxury amenities and the location of Port St. Louis will make it unlike anything else in the region," said Pinnacle Entertainment Chairman and CEO Daniel R. Lee. "This partnership with John and Mark Rodgers is an important additional investment for us in St. Louis, and will make for a dramatic addition to the reemerging downtown St. Louis residential market."

Port St. Louis represents approximately half of the $50 million in residential housing that Pinnacle committed to through the Company's redevelopment agreement with the City of St. Louis. The planned investment is being made well-ahead of the requirements in Pinnacle's agreement with the City, which is a testament to the Company's intent and confidence in redeveloping this area of St. Louis.

"Port St. Louis will set a new standard for luxurious living in downtown," said Mark Rodgers of Rodgers Group Development. "We will bring new life and vitality to Laclede's Landing, and create a truly unique experience for our residents.

"Our vision for Port St. Louis is to develop imposing, architecturally significant condominiums that will transform the St. Louis riverfront. We will create an elegant lifestyle using very high quality design, construction and materials. With Pinnacle's high-end development just a block away, these combined projects will truly revolutionize the entire area. We are delighted that Pinnacle has partnered with us to make this exciting vision a reality," Rodgers said.

Groundbreaking for Port St. Louis will occur in Spring 2006, and completion is scheduled for 2008.

Groundbreaking of Pinnacle's nearby $400 million downtown project took place on September 7, 2005. The world-class resort will open in 2007 and will include a 90,000-square-foot casino, a 200-room luxury hotel, spa, business center, fine restaurants, and 12,000-square-feet of meeting and convention space. Pinnacle has selected McCarthy Building Companies as the general contractor.

Pinnacle was selected for another casino project in the Lemay area of south St. Louis County. The Company broke ground on the $375 million River City Casino & Hotel county project on November 8, 2005. Scheduled to open in 2008, the casino will include 3,000 slot machines and 60 table games, and the extras feature a 100-room hotel, full-service spa, restaurants, a boutique bowling alley, a multiplex movie theatre, an indoor ice rink, a public park with athletic fields and a hatch-shell music and entertainment venue.