Supplier News
US – Revenue on the up for enlarged Pinnacle
By Phil - 12 November 2013
Revenue was up in the third quarter for Las Vegas-based Pinnacle Entertainment although the company still reported a loss of US$180.4m.
The operator, who runs, 14 casinos and two racinos in nine states, saw revenues increase by $162.8m or 63.6 per cent to $418.9m, and Consolidated Adjusted EBITDA increase by $37.4m or 57.5 per cent to $102.6m. On August 13, 2013, Pinnacle completed the acquisition of Ameristar Casinos, Inc., a transaction valued at $2.8 billion including assumed debt. As a result of the transaction, the company added eight gaming entertainment properties. These results include 49 days of contributions from Ameristar, but exclude Lumiere Place Casino and Hotels.
Pinnacle CEO Anthony Sanfilippo said: “We are pleased with how smoothly our merger with Ameristar has gone thus far. The cultural similarities and motivated team members have been catalysts for rapid progress in achieving our integration objectives. With only 49 days of integration work, we estimate we have implemented changes that will drive over US$20m of recurring annual cost savings, or approximately half of the US$40m synergy target we indicated when announcing this transaction late last year.”
