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Exhibit 99.1
Pinnacle Entertainment Completes Sale
of Two Casino Properties
GLENDALE, Calif., Aug. 8 /PRNewswire/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK -- news; formerly Hollywood Park, Inc.) announced today that it has
completed the sale of its Casino Magic Bay St. Louis and Boomtown Biloxi casino
properties to Penn National Gaming, Inc. (Nasdaq: PENN - news) for $195 million
in cash. The agreement includes all of the operating assets and related
operations of these casinos, including approximately 590 acres of land at Casino
Magic Bay St. Louis and leasehold rights at Boomtown Biloxi.
Pinnacle Entertainment will use the proceeds of the sale for general
corporate purposes, including the development of its Belterra Casino Resort, the
retirement of debt, and investment in its remaining properties. "The sale of
these casino properties is consistent with our strategy to reduce our exposure
in the Gulf Coast,'' remarked Paul Alanis, President and CEO.
Pinnacle Entertainment is a diversified gaming company that owns and
operates six casinos (four with hotels) in Nevada, Mississippi, Louisiana and
Argentina, and receives lease income from two card club casinos, both in the Los
Angeles metropolitan area. The company is constructing the Belterra Casino
Resort, a major hotel/casino complex in Southern Indiana, approximately 35 miles
southwest of Cincinnati. Pinnacle Entertainment has entered into a merger
agreement with a subsidiary of Harveys Casino Resorts.
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 Pinnacle Entertainment's plans to use its capital for investment in
Belterra, for the retirement of debt, and for investment in its other
properties, and the financial success of those plans. 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) the future decision of Pinnacle Entertainment to modify its investment
practices and (b) the failure of Pinnacle Entertainment's business strategy to
produce improved financial results, 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.
