Pinnacle Entertainment (PNK) Considers Expanding
During yesterday’s financial earnings conference call with stock analysts and investors, Pinnacle Entertainment’s (PNK: 10.95 +3.20%) newly appointed CEO Anthony Sanfilippo suggested that they may expand the riverboat casino project in Baton Rouge.
According to news reports, Sanfilippo was asked if Pinnacle may consider downsizing the project to which he responded “It may be the opposite.”
The $250 million project, of which Pinnacle has already spend $20 million, currently calls for a 100-room hotel, restaurants, bars, entertainment venue and a single level riverboat casino featuring 1,300 slot machines and 50 gaming tables.
However Sanfilippo said that they were looking into other ideas such as an outdoor amphitheater that might attract other developers to the area.
Sanfilippo said that the company was confident that they could establish a “best-in-market” gambling complex in Baton Rouge.
Earlier this month, Pinnacle Entertainment canceled a $350 million second casino project planned for Lake Charles to focus on disciplined capital spending and building the Baton Rouge project.
Last week the Louisiana Gaming Control Board approved the company’s plans for the Baton Rouge project, however requested that $25 million be placed in an interest bearing escrow account until the project was opened.
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