Pinnacle Entertainment Announces $82 Million Expansion at River City Casino in St. Louis
200-Room Hotel, Multi-Purpose Event Center, and Parking Structure Will Elevate Guest Amenities and Entertainment Options
Sep 12, 2011, 11:45 ET
LAS VEGAS and ST. LOUIS, Sept. 12, 2011 /PRNewswire/ -- Pinnacle Entertainment, Inc. (NYSE: PNK) today announced a planned $82 million expansion at its River City Casino in south St. Louis County which will further extend the property's market-distinct guest amenities and entertainment offerings. River City, which opened in March 2010, will add a 200-room hotel, a 10,000 square-foot multi-purpose event center and a covered parking structure with approximately 1,700-spaces. Construction on the expansion project is scheduled to begin in the first quarter of 2012 with an expected completion in the second half of 2013. The $82 million project will create nearly 100 permanent jobs and 350 construction-related jobs.
"Since River City's opening 18 months ago, we have continued to garner very favorable guest responses for the gaming, dining, entertainment and other guest amenities featured at the property," said Neil Walkoff, Pinnacle's Senior Vice President responsible for River City Casino and its sister property, Lumiere Place Casino & Hotels. "The addition of a hotel, multi-purpose event center and covered parking highlights our commitment to distinguishing the property, will further elevate the level of leading guest amenities offered at River City, and benefits our efforts to grow our customer base in the market."
"Our River City and Lumiere Place facilities each offer distinct entertainment options in the greater St. Louis market and appeal to a broad base of consumers in the region that are increasingly choosing Pinnacle's properties as their destination of choice for gaming, dining and entertainment," said Pinnacle Entertainment President and CEO Anthony Sanfilippo. "This investment in River City reflects the importance of this market to Pinnacle and demonstrates our ongoing commitment to ensure we can continue to meet the long-term needs of current and potential new guests. The addition of a hotel and multi-purpose event center at River City are important new features for the property that will increase the level of guest satisfaction through an expansion of entertainment offerings. In addition, the covered parking structure will provide a new guest convenience that will make visiting River City an even better experience. We believe this investment will promote the growth of tourism in this market, specifically in south St. Louis County and the city of Lemay. This will provide new economic benefits to local community residents and businesses."
"South County has seen tangible, direct benefits since River City opened," said St. Louis County Executive Charlie A. Dooley. "We have seen good jobs, new infrastructure and a renewed vitality in this area. By delivering on River City's commitment to expand, Pinnacle is demonstrating they are good partners to St. Louis County and good neighbors in Lemay."
About River City Casino
River City Casino, which opened in March 2010, is St. Louis' newest gateway to an exciting entertainment experience. Located approximately 10 miles south of downtown St. Louis, in the community of Lemay, the multi-use complex includes a 90,000-square-foot casino with more than 2,100 slot machines and 55 table games, including poker, several restaurants, and other amenities. An expansion, scheduled for completion in the second half of 2013, will include a 200-room hotel, a 10,000 square-foot multi-purpose center and a covered parking structure with approximately 1,700 spaces. River City Casino is located at 777 River City Casino Blvd., St. Louis, MO 63125. Call 888-578-7289 or visit www.rivercity.com for information.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, Indiana and Nevada, and a racetrack in Ohio. The Company is also developing L'Auberge Casino & Hotel Baton Rouge, which is scheduled to open in the summer of 2012. In August 2011, Pinnacle acquired a 26% ownership stake in Asian Coast Development (Canada) Ltd. (ACDL), an international development and real estate company currently developing Vietnam's first large-scale integrated resort.
Pinnacle Entertainment, Inc. is publicly traded on the New York Stock Exchange under the ticker symbol PNK. To learn more about Pinnacle Entertainment, please visit www.pnkinc.com.
River City and Lumiere Place are registered trademarks of Pinnacle Entertainment, Inc. All rights reserved.
All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the Company's completion and opening schedule of the Company's projects; the facilities, features, amenities and potential job creation as a result of the expansion of the River City Casino; and the economic outlook of the St. Louis County 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 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) many factors, including the escalation of construction costs beyond increments anticipated in its construction budget, could prevent the Company from completing the Baton Rouge project and the expansion of River City Casino within budget and on time; (b) the terms of the Company's credit facility and the indentures governing its senior and subordinated indebtedness impose operating and financial restrictions on the Company; and (c) other risks, including those as may be detailed from time to time in the Company'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, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
SOURCE Pinnacle Entertainment, Inc.
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