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Exhibit 99.1
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Pinnacle Entertainment Completes Sale of Turf Paradise
Transaction Supports Pinnacle's Strategy to Focus on Core Gaming Business
GLENDALE, Calif., June 13 /PRNewswire/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK -- news; formerly Hollywood Park, Inc.) announced that it has
completed the sale of its Turf Paradise horse racing facility to T.P. Racing,
L.L.L.P., controlled by 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 sale of Turf Paradise completes our strategy to sell our horse racing
assets and re-invest in our core casino business," remarked R.D. Hubbard,
Chairman.
Commenting on his plans for the property, Mr. Simms said: "Turf Paradise
is a landmark in Phoenix, and I'm eager to begin the process of restoring the
facility for horse racing, as well as expanding the property's use into a family
entertainment center."
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 is also constructing the Belterra Resort and
Casino, a major hotel/casino complex in Southern Indiana, approximately 35 miles
southwest of Cincinnati. The company has also signed a definitive merger
agreement with a subsidiary of Harvey's Casino Resorts, which is expected to
close in the fourth quarter of 2000.
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 continue investing capital in its
core casino business and the financial success of that strategy. 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.
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