Photo Release -- Pinnacle Entertainment Introduces Belterra Park Gaming & Entertainment Center
October 23 2013 - 3:52PM
Pinnacle Entertainment, Inc. (NYSE:PNK) today announced the name of
its Cincinnati, Ohio-based racetrack now under extensive
redevelopment – Belterra Park Gaming & Entertainment Center.
Set to open in May of 2014, pending regulatory approvals, the
122-acre Belterra Park Gaming & Entertainment Center represents
an expected investment of more than $300 million for Pinnacle
Entertainment inclusive of land and licensing fees.
Photos accompanying this release are available at
http://www.globenewswire.com/newsroom/prs/?pkgid=21760
http://www.globenewswire.com/newsroom/prs/?pkgid=21761
http://www.globenewswire.com/newsroom/prs/?pkgid=21762
http://www.globenewswire.com/newsroom/prs/?pkgid=21763
http://www.globenewswire.com/newsroom/prs/?pkgid=21764
http://www.globenewswire.com/newsroom/prs/?pkgid=21765
A fact sheet accompanying this release is available at
http://media.globenewswire.com/cache/20618/file/22786.pdf
"We are very excited to welcome Belterra Park to the Pinnacle
Entertainment family," said Anthony M. Sanfilippo, Chief Executive
Officer of Pinnacle Entertainment. "We have thoughtfully designed
Belterra Park, integrating quality thoroughbred horse racing with a
beautiful gaming entertainment facility. We have confidence this
investment in Ohio is complementary to the portfolio of Pinnacle
Entertainment properties and specifically a benefit to our guests
who enjoy Belterra Casino Resort located an hour away in Florence,
Indiana."
Belterra Park will provide a best-in-market entertainment
destination featuring live racing, pari-mutuel wagering, 1,600
video lottery terminals and six dynamic restaurants, a VIP Lounge,
ample parking and more. The racing facility will feature a one mile
dirt track and Ohio's only turf track. A new Grandstand is included
in the project, along with an OTB Racebook – River Downs Club, a
new paddock, jockey's quarters and 17 new barns.
The economic impact of Belterra Park Gaming & Entertainment
Center will be immediate with an expected 700 permanent jobs
created and anticipated annual payroll and benefits topping
$23-million. The more than $300 million investment will generate
350 construction jobs during the expansive renovation.
In building Belterra Park Gaming & Entertainment Center,
Pinnacle Entertainment will preserve and honor the rich history of
the property that once was River Downs Racetrack. Original cupolas
from the track will be incorporated into the property's new design
on the infield tote board and Winner's Circle. In addition, terra
cotta horse head sculptures from the original grandstand will be on
display on the property's lower level. Plans also call
for the River Downs Club featuring racing memorabilia and original
jockey silks from historic stakes races.
"The development plans for Belterra Park allow us to honor the
tradition of River Downs while growing our customer base in the
market through enhanced offerings for our guests," said Belterra
Park Vice President and General Manager Kevin Kaufman. He adds, "We
expect to provide the best total racing, dining and entertainment
experience in the region and we're thrilled to share this dynamic
destination with our guests and the Cincinnati community when we
open next May."
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 14 casinos,
located in Colorado, Indiana, Iowa, Louisiana, Mississippi,
Missouri and Nevada. In addition, Pinnacle is redeveloping River
Downs in Cincinnati, Ohio into Belterra Park Gaming &
Entertainment Center, owns a minority interest in Asian Coast
Development (Canada) Ltd., an international development and real
estate company currently operating Vietnam's first large-scale
integrated resort on the Ho Tram Strip, and holds a majority
interest in the racing license owner, as well as a management
contract, for Retama Park Racetrack outside of San Antonio,
Texas.
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 anticipated investment in
Belterra Park Gaming & Entertainment Center ("Belterra Park");
the budget and the completion and opening schedule of Belterra
Park; the facilities, features and amenities of Belterra Park;
potential job creation and expected payroll of Belterra Park; are
based on management's current expectations and are subject to
risks, uncertainties and changes in circumstances that could
significantly affect future results. Accordingly, the Company
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) the Company will have
to meet the conditions for receipt or maintenance of governmental
and other regulatory approvals (including gaming licensing
approvals) for Belterra Park, some of which are beyond its control;
(b) many factors, including the escalation of construction costs
beyond increments anticipated in its construction budget and
unexpected construction delays, could prevent the Company from
completing Belterra Park within budget and on time; 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.
Belterra is a registered trademark of Pinnacle Entertainment,
Inc. All rights reserved.
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.
CONTACT: MEDIA CONTACT:
Kerry Andersen
Corporate Director of Media Relations
& Public Affairs
(337) 395-7631, kandersen@pnkmail.com
Or
Matt Willinger
(502) 931-4852, MWillinger@Bisig.com
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