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US – Pinnacle misses estimates as merger with Penn nears

By - 7 August 2018

US casino operator Pinnacle Entertainment posted revenue of $647.6m in the second quarter along with a profit of $21.9m, falling short of Wall Street estimates.

Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, said: “Our 2018 second quarter financial performance continued our trend of driving more efficient operations and improving our balance sheet, as we move toward completing our transaction with Penn National.

“We made significant progress on the renovation of the Ameristar East Chicago casino floors and expansion of this business. In the 2018 second quarter, we unveiled the new land-based high limit space. The new high limit gaming space contains approximately 95 slot machines and 14 table games, as well as other dedicated amenities, and has been very well received by the guests of Ameristar East Chicago.

“Significant milestones have been achieved in completing our transaction with Penn National, including the approval of the transaction by the shareholders of both companies and gaming regulatory approvals in several states. We continue to work closely with the Penn National team to obtain the remaining regulatory approvals and in coordinating a smooth transition and seamless integration upon the closing of the transaction. We expect to complete the transaction early in the 2018 fourth quarter,” concluded Mr. Sanfilippo.

In the Midwest segment, net revenues increased by $3.2m or 0.8 per cent year over year to $392.9m in the 2018 second quarter. Belterra Casino Resort generated Adjusted EBITDAR growth in excess of 20 per cent whilst the Meadows generated Adjusted EBITDAR growth in excess of 10 per cent. In the South segment, net revenues decreased by $10.9m or 5.4 per cent year over year to $190.9m in the 2018 second quarter. West segment net revenues were $62.5m in the 2018 second quarter, an increase of $1.7m or 2.8 per cent year over year.

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