Pinnacle's Report
Pinnacle Entertainment reported its first quarter financial results on May 2. The first quarter ended on March 31, 2006.
The financial reports show that the company's income rose from $138 in the prior year to $234 million in the first quarter of the current year.
The Company's net income rose from $2.2 million in the year before to $13.5 million. The recent quarter included the destruction costs of the Biloxi property which was destroyed by hurricane Katrina and $1.4 million of pre-tax, non-cash charges related to stock option compensation.
Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle Entertainment, Inc said he is extremely pleased with the new financial results. Lee said that despite the loss of the Biloxi location, Most of Pinnacle's other properties has improved over prior-year quarterly results. One of them is the Argentina operations which showed 33.4% in year-over-year adjusted EBITDA improvement.
Pinnacle Entertainment projects for the following quarters include the opening of the casino expansion at Boomtown New Orleans, the opening of the small casino adjoining the Four Seasons Resort in the Bahamas, the new hotel towers at L'Auberge, Belterra,
