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Pinnacle Entertainment

 
Hoover's Profile: Pinnacle Entertainment, Inc.
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(NYSE:PNK)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
Pinnacle Entertainment, Inc.
3800 Howard Hughes Pkwy.
Las Vegas, NV 89169
NV Tel. 702-784-7777
Fax 702-784-7778

Type: Public
On the web: http://www.pnkinc.com
 Employees: 7,825
Employee growth: (8.9%)

Pinnacle Entertainment knows most gamblers never know when they've reached their peak. The firm owns a handful of casinos in Indiana, Louisiana, Missouri, and Nevada, most of which operate under the Boomtown and Casino Magic banners. Pinnacle also owns the Four Seasons Hotel St. Louis in Missouri. Outside the US, the company operates Casino Magic Argentina. Once purely a racing concern, the company exited that business when it sold Turf Paradise, its racetrack in Phoenix. Most of the company's properties cater to locals or those within easy driving distance.

Key numbers for fiscal year ending December, 2008:
Sales: $1,044.7M
One year growth: 13.1%
Net income: ($322.6)M

Officers:
Interim Non-Executive Chairman: Richard J. Goeglein
Interim CEO and Director: John V. Giovenco
COO: Alain Uboldi

Competitors:
Boyd Gaming
Harrah's Entertainment
Isle of Capri Casinos

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Pinnacle Entertainment
Type Public
Genre Casinos
Predecessor Hollywood Park Entertainment, Hollywood Park Realty Enterprises, Hollywood Park Inc.
Founded 1938
Founder(s) Jack L. Warner
Headquarters Spring Valley, Nevada[1], United States
Key people John Giovenco (CEO), Stephen H. Capp (CFO), Alain Uboldi (COO)
Industry Hospitality, Gambling, Entertainment
Revenue USD$923.71 million (2007)[2]
Operating income $8.35 million
Total assets $2,193.54 million
Total equity $1,052.36 million
Employees 8,590
Website http://www.pnkinc.com
This article is about the American gaming company, for the UK-based distributor and music group, see Pinnacle Entertainment (UK).

Pinnacle Entertainment Inc. (NYSE: PNK) is a gaming and hospitality company based in the Las Vegas Valley, Nevada that was created in 1938. It owns and operates casinos in the United States and Argentina.

Contents

Company names over time

Hollywood Park Entertainment was established in 1938 by movie mogul Jack L. Warner when it acquired the Hollywood Turf Club and was based in Inglewood, California. At the time, the company ran thoroughbred and greyhound racing facilities. Incorporated in 1981 under the name Hollywood Park Realty Enterprises, Inc.. That was followed in 1992, when as part of a restructuring, it was renamed Hollywood Park, Inc. and listed on the NYSE. In February 2000, the company became known as Pinnacle Entertainment, Inc.[3] after selling Hollywood Park to Churchill Downs Incorporated.

History

On September 5, 2006, Pinnacle announced that it purchased Sands Casino Hotel in Atlantic City, New Jersey and will tear it down to build a $1.5 billion resort.[4] Pinnacle Atlantic City is over seeing demolition and construction of new casino in Atlantic City, NJ.

On December 21, 2006, Pinnacle completed the purchase of the President Casino in St. Louis, Missouri.

On February 9, 2008 voters in East Baton Rouge Parish, Louisiana approved a referendum allowing for the development of Pinnacle's Rivière Resort in Baton Rouge, Louisiana which will be larger than both of the competing riverboats in Baton Rouge combined.[5]

On November 9, 2009, chief executive officer Dan Lee was forced out by the company's board of directors after he physically confronted and threatened a St. Louis (Missouri) County gaming regulator [6]

Resorts & Casinos

United States

Argentina

  • Casino Magic San Martin de los Andes
  • Casino Magic Neuquén

References

  1. ^ "About Us". http://www.pnkinc.com/about_us.aspx. Retrieved 2009-05-11. "address: 8918 Spanish Ridge Avenue Las Vegas, NV 89148" 
  2. ^ http://finance.google.com/finance?q=PNK
  3. ^ "Pinnacle Entertainment". http://www.hospitalityguild.com/Financial/Casinos/Pinnacle.htm. Retrieved 2007-07-03. 
  4. ^ Haught, J. Staas (2006-09-06). "Sands sold, will close; Pinnacle plans to build $1.5B. megaresort casino hotel". Press of Atlantic City. http://www.pressofatlanticcity.com/news/story/6723494p-6593746c.html. Retrieved 2006-09-06. 
  5. ^ "Pinnacle Wins High-Dollar Casino Brawl". http://www.wafb.com/Global/story.asp?S=7853141. Retrieved 2008-02-11. 
  6. ^ {{cite web |url= http://www.lvrj.com/news/breaking_news/Pinnacle-Entertainment-CEO-Dan-Lee-resigns-from-the-company-69561457.html]]

External links


This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

 
 
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