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Exhibit 99.1
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PH Casino Resorts Postpones Closing of Merger
with Pinnacle Entertainment
GLENDALE, Calif., Dec. 14 /PRNewswire/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK - news) today announced that PH Casino Resorts, Inc., an affiliate of
Harveys Casino Resorts, has postponed the closing of its previously announced
merger with Pinnacle Entertainment. The merger agreement has not been
terminated and remains in full force and effect. PH Casino Resorts has advised
Pinnacle Entertainment that it intends to continue to evaluate the prospects for
the transaction, but there can be no assurance that a transaction will be
consummated.
About Pinnacle Entertainment
Pinnacle Entertainment is a diversified gaming Company that owns and
operates seven casinos (four with hotels) in Nevada, Mississippi, Louisiana,
Indiana and Argentina, and receives lease income from two card club casinos,
both in the Los Angeles metropolitan area.
. (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 Pinnacle Entertainment. 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 (a) future market conditions in the high yield debt market, (b) PH
Casino Resorts' ability to secure financing to complete the merger at acceptable
rates, (c) obtaining and retaining gaming licenses and regulatory approvals, (d)
changes in the gaming markets in which Pinnacle Entertainment operates, and (e)
other risks as detailed from time to time in Pinnacle Entertainment's filings
with the Securities and Exchange Commission ("SEC"). For more information on
the potential factors that could affect the Company's financial results, review
the Company's filings with the SEC, including the Company's Annual Report on
Form 10-K Pinnacle Entertainment's other filings with the SEC. Pinnacle
Entertainment undertakes no obligation, and specifically declines any
obligation, to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. In light of these
risks, uncertainties and assumptions, the forward-looking events discussed in
this press release might not occur.)
