Pinnacle Entertainment Names New Downtown St. Louis Entertainment, Retail, and Residential District
'Lumiere Place' Reflects French Heritage of St. Louis, Contemporary Style
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 the district. 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 Bridge. 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 entire region." 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 revitalization. "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 firstname.lastname@example.org
SOURCE Pinnacle Entertainment, Inc.
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