LAS VEGAS, Nov. 17 /PRNewswire-FirstCall/ -- Pinnacle Entertainment,
Inc. (NYSE: PNK) yesterday announced a name for its downtown St. Louis
project -- Lumiere Place(SM) Saint Louis. The name will adorn the Company's
new casino and luxury hotel currently under construction, the adjacent
Embassy Suites being refurbished, and an entirely new residential and
entertainment district that the Company plans to develop in the surrounding
area. Pinnacle has retained The Jerde Partnership, a visionary architecture
and urban planning firm, to assist with the master planning and creation of
Lumiere Place is near the city's famed Gateway Arch, which draws 4.1
million visitors annually and is among the most-visited monuments in the
National Park System. The property is also adjacent to St. Louis' Central
Business District, the America's Center convention center and the
66,000-seat Edward Jones Dome, resting at the nexus of four Interstate
highways and the MetroLink light rail system. It is immediately north of
the Laclede's Landing entertainment district and the historical Eads
Lumiere, which means "light" in French, reflects both the city's French
heritage and the dramatic presence that Pinnacle's 24-story hotel tower
will have along the St. Louis riverfront. The tower will be illuminated
from within at night with a striking arc of light, creating a new icon in
the downtown skyline.
"Lumiere Place will be a truly unique neighborhood in the heart of St.
Louis," said Daniel R. Lee, Pinnacle Entertainment's Chairman and Chief
Executive Officer. "Our project unites the dramatic curve of the Arch with
the traditional St. Louis skyline and the texture of the adjoining historic
buildings to create a distinctive presence, embracing the character and
architectural spirit of the city. Lumiere Place will be a beacon for this
The initial phase of Lumiere Place represents an investment of nearly
half a billion dollars by Pinnacle. It will feature a large casino with
approximately 2,000 slots and 40 table games and two hotels, including a
new luxury property and the existing 297-suite Embassy Suites. The luxury
hotel will include 200 rooms, a 10,000-square-foot spa, two fine-dining
restaurants, and an expansive pool and garden area off the hotel lobby on
the eighth floor, overlooking the Gateway Arch and the city skyline. The
garden area is specifically designed to host weddings with the Arch as a
backdrop, with convenient access to 15,000 square feet of luxury banquet
space. In addition to this first phase, the Company owns or has an option
to purchase all real estate in the Lumiere Place area, an approximately
20-acre redevelopment zone bounded by Third Street, Carr Street, Lenore K.
Sullivan Drive and Dr. Martin Luther King Boulevard.
Pinnacle hired The Jerde Partnership to master plan Lumiere Place.
Based in Los Angeles with offices in Amsterdam, Shanghai and Hong Kong,
Jerde is internationally recognized for its global planning and urban
design work. The firm's philosophy of "placemaking" has led to the creation
of truly remarkable urban environments that provide lasting social,
cultural and economic value and promote further investment and
"Pinnacle's partnership with Jerde will put St. Louis in the company of
Las Vegas, Los Angeles, Shanghai, Tokyo and many other cities that have
created remarkable communities through the vision of Jon Jerde and his
partners," Mr. Lee said. "We share Jerde's vision and passion for
developing a sense of place. With Jerde's help, and our strong partnership
with the City of St. Louis, we will make Lumiere Place a first-class
neighborhood for visitors and residents alike."
Jon Adams Jerde, FAIA, Founder and Chairman of The Jerde Partnership,
said, "Pinnacle is an ideal partner for us because we share their vision to
create world-class resort destinations that fit the local context. It takes
passion, dedication and courage to make places that will have a meaningful
impact on today's urban environments. We are thrilled both to be
collaborating with Pinnacle on Lumiere Place and to be making this great
contribution to the City of St. Louis."
A live webcam of the work in progress can be accessed via the property
website at www.pinnaclestlouis.com, or via the corporate website at
www.pnkinc.com. Background on The Jerde Partnership and its extensive
portfolio of innovative urban design is available at www.jerde.com.
The Company was selected for two St. Louis-area projects in early 2004
by the City and County of St. Louis, and later by the Missouri Gaming
Commission in competitive bid processes that included applications from
several gaming companies. In addition to Lumiere Place, the Company plans
to build a $375 million casino, hotel and entertainment complex named River
City(SM) Casino & Hotel in the Lemay community of St. Louis County.
Construction began on Lumiere Place in September 2005 and is scheduled
to open in late 2007. River City is projected to open in late 2008. Both
openings require final approval by the Missouri Gaming Commission.
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana,
Indiana, Argentina and the Bahamas, owns a hotel in Missouri, and has
significant insurance claims related to a hurricane-damaged casino
previously operated in Biloxi, Mississippi. Pinnacle also has two casino
development projects under construction in the St. Louis, Missouri area,
which are dependent upon final approval by the Missouri Gaming Commission.
Pinnacle recently agreed to purchase a casino site at the heart of the
famed Boardwalk in Atlantic City.
All statements included in this press release, other than historical
information or statements of historical fact, are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements, including statements
regarding the Company's development projects and potential community
impacts, are based on management's current expectations and are subject to
risks, uncertainties and changes in circumstances that could significantly
affect future results. Accordingly, Pinnacle Entertainment cautions that
the forward-looking statements contained herein are qualified by important
factors that could cause actual results to differ materially from those
reflected by such statements. Such factors include, but are not limited to,
(a) construction-related factors that could prevent the Company from
completing its construction and development projects within budget and on
time; (b) having adequate funding and cash flows to complete its
construction projects; (c) the risk that the proposed St. Louis projects
and other capital intensive projects could strain the Company's financial
resources or not achieve projected results; (d) the results of the damage
from Hurricane Katrina and insurance proceeds available to the Company; and
(e) other risks, including those as may be detailed from time to time in
Pinnacle Entertainment's filings with the Securities and Exchange
Commission ("SEC"). For more information on the potential factors that
could affect the Company's financial results and business, review the
Company's filings with the SEC, including its Annual Report on Form 10-K,
its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
FOR FURTHER INFORMATION
At Pinnacle Entertainment - (702) 784-7777:
Dan Lee, Chairman & CEO
Wade Hundley, President
Steve Capp, CFO
Chris Plant or Lewis Fanger, Investor Relations
At The Vandiver Group - (314) 991-4641 ext. 111:
Mack A. Bradley, SVP
SOURCE Pinnacle Entertainment, Inc.