Pinnacle Entertainment Opens Casino in Neuquen, Argentina Pinnacle Entertainment, Inc. announced that, on July 27, the Company opened its replacement casino in Neuquen, Argentina. The new Casino Magic Argentina facility includes a larger and much more lavish casino; a major, upscale restaurant; a wine bar; three other casino bars; and a large entertainment venue, located approximately one mile from the former, antiquated leased facility. The project was completed approximately on budget, at US$15 million, and was funded almost entirely with Casino Magic Argentina's cash resources and retained earnings.
Pinnacle currently has a concession agreement with the Province of Neuquen, which provides for the Company's exclusive operation of casinos within approximately 33 miles of its facilities. With the opening of the new facility, Pinnacle's concession agreement will extend until 2016 instead of expiring in December 2006. The Company is also planning to build a small hotel within the Province of Neuquen, which under the concession agreement further extends the term to 2021. "I am proud of the many people who have designed and prepared this new casino for opening, and honored to share the ribbon cutting with Governor Jorge Sobisch and Mayor Horacio Quiroga," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "Neuquen is a growing, prosperous and stable part of Argentina and the commercial capital of the Patagonia region. We are excited to have built in Neuquen what I believe is now the leading casino facility in Latin America." About Pinnacle Entertainment Pinnacle Entertainment owns and operates casinos in Nevada, Mississippi, Louisiana, Indiana and Argentina, and receives lease income from two card club casinos, both in the Los Angeles metropolitan area. The Company opened a major casino resort in Lake Charles, Louisiana in May 2005 and a new casino in Neuquen, Argentina in July. Pinnacle has also been selected for two casino development projects in the St. Louis, Missouri area. The development projects are dependent upon final approval by the Missouri Gaming Commission.
|
