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Exhibit 99.1
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Pinnacle Entertainment Shareholders
Overwhelmingly Approve Merger
GLENDALE, Calif., Oct. 10 /PRNewswire/ -- Pinnacle Entertainment, Inc.
(NYSE: PNK -- news; formerly Hollywood Park, Inc.) today announced that its
shareholders, by an overwhelming majority of over 78% of shares outstanding,
approved the Company's proposed previously announced merger with a subsidiary of
PH Casino Resorts, Inc., a subsidiary of Harveys Casino Resorts, as well as the
election of nine directors to serve on the Board until the completion of the
merger, currently expected to occur later this year, or at the latest, the first
quarter of 2001, pending receipt of certain regulatory approvals, and PH Casino
Resorts obtaining necessary financing. Both proposals were presented to the
Company's shareholders in the Company's proxy statement and supplement.
As previously announced, each Pinnacle Entertainment shareholder will be
entitled to receive $24 in cash for each share held, plus up to an additional
$1.00 in cash for each share contingent upon the sale of the Company's 97 acres
of surplus land in Inglewood, CA before March 1, 2002.
About Pinnacle Entertainment
Pinnacle Entertainment is a diversified gaming company that owns and
operates six casinos (three 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 has completed the construction of the
Belterra Casino Resort, a major hotel/casino complex in Southern Indiana,
approximately 35 miles southwest of Cincinnati. The facility is expected to
open on October 23, 2000.
Except for historical information, the matters addressed in this press
release may constitute "forward-looking statements." 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. 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
completion of the sale of Pinnacle Entertainment to PH Casino Resorts, Inc., a
subsidiary of Harveys Casino Resorts, (b) the completion of various asset
dispositions, (c) the completion (on time and on budget) and successful
operation of the Company's planned expansion and development projects, including
the Belterra Casino Resort, (d) successful collection of pending insurance
claims relating to the Miss Belterra boat accident and related business
interruption insurance, (e) obtaining adequate financing to meet strategic
goals, (f) obtaining and retaining gaming licenses and regulatory approvals, (g)
increased competition from casino operators with greater resources, (h) other
changes in the gaming markets in which the Company operates, and (i) other risks
as detailed from time to time in Pinnacle Entertainment's filings with the
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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 and the Company's other filings with the SEC.
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