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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 28, 2000
PINNACLE ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in its Charter)
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<S> <C> <C>
Delaware 0-10619 95-3667491
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
330 N. Brand Boulevard, Suite 1100, Glendale, California 91203
(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code: (818) 662-5900
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Item 5. Other Events.
On February 28, 2000, Pinnacle Entertainment, Inc. issued a press release,
a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Exhibits.
99.1 Press Release dated February 28, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PINNACLE ENTERTAINMENT, INC.
Date: March 6, 2000 By: /s/ Bruce C. Hinckley
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Bruce C. Hinckley
Chief Financial Officer
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Exhibit Index
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Exhibit Description
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99.1 Press Release dated February 28, 2000.
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Exhibit 99.1
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Pinnacle Entertainment Signs Definitive Agreement to Sell Turf Paradise
GLENDALE, Calif., Feb. 28 /PRNewswire/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK - news; formerly known as Hollywood Park, Inc.) today announced the
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signing of a definitive agreement under which Pinnacle Entertainment will sell
its Turf Paradise horse racing facility to Jerry Simms, a private investor, for
$53 million in cash.
The agreement includes the horse racing operations and the 275 acres at the
Phoenix, Arizona property. The Company anticipates closing the transaction in
90 days, however there can be no assurances such transaction will close.
"We are pleased we have executed this definitive agreement for the
transaction we announced back in December 1999," commented R.D. Hubbard,
Chairman and CEO of Pinnacle Entertainment.
"I look forward to closing this transaction," Jerry Simms commented. "My
plans include upgrading the physical appearance of the facility and continuing
the long tradition of horse racing at Turf Paradise."
Pinnacle Entertainment is a diversified gaming company that owns and
operates eight casinos (four with hotels) in Nevada, Mississippi, Louisiana and
Argentina, two of which are the subject of pending sale transaction. Pinnacle
Entertainment receives lease income from two card club casinos, both in the Los
Angeles metropolitan area; and owns and operates the Turf Paradise horse racing
facility in Arizona that is the subject of the above mentioned sale transaction.
The company is also constructing the Belterra Resort and Casino, a major
hotel/casino complex in Southern Indiana, approximately 35 miles southwest of
Cincinnati.
. (The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Forward-looking information
involves important risks and uncertainties that could significantly affect
future results and, accordingly, such results may differ from those expressed in
forward-looking statements made by or on behalf of the Company, including
statements related to the completion of the sale of Pinnacle Entertainment's
Turf Paradise facility. Pinnacle Entertainment cautions that these statements
are qualified by important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements contained
herein. Such factors include, but are not limited to, the failure of either
Pinnacle Entertainment or the Simms to fulfill the conditions necessary to
complete the transaction, as well as other risks as detailed from time to time
in Pinnacle Entertainment's filings with the Securities and Exchange Commission.
For more information on the potential factors that could affect the Company's
financial results, review the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K and the Company's
other filings with the SEC.)
For more information on Pinnacle Entertainment, Inc. via facsimile at no cost,
call 1-800-PRO-INFO and dial company code PNK.
