Pinnacle Financials And Future Plans
Third quarter financials were released today, by Pinnacle Entertainment (PNK: 8.87 +3.74%).
The gaming company reported revenues of $265 million, an increase of 1 percent from $263 million from the prior year period. Net losses were reported at $21.9 million, $0.37 per share. Losses were significantly increased in this quarter from $11.8 million, $0.20 per share in 2008, as a result of pre-opening and development cost, non cash charges related to share based compensation and the early pay down of some of the companies debit.
Three of Pinnacles casinos reported increased earnings this quarter, despite the struggling economy. Pinnacle faced sever financial setbacks in 2008 when hurricane Katrina forced the closure of the L’Auberge du Lac, Boomtown New Orleans and the President Casio in 2008. This quarter’s results are contributed to continued improvement of operations at Lumiere Place and overall cost controls.
CEO for Pinnacle stated that the transition into 2010 will be focused on growth plans including the opening of River City, ongoing construction of Sugarcane Bay and preparations for the planned casino in Baton Rouge.
Join the forum discussion of this news story - (1) PostsRelated posts:
