EXHIBIT 99.1
CONTACT: HARVEYS CASINO RESORTS
John J. McLaughlin
Chief Financial Officer
(775) 588-2411
FOR IMMEDIATE RELEASE:
JANUARY 12, 2001
HARVEYS CASINO RESORTS EXTENDS
MERGER AGREEMENT WITH PINNACLE ENTERTAINMENT
LAKE TAHOE, NEVADA - Harveys Casino Resorts announced today that
Harveys has extended the outside termination date of its previously
announced acquisition of Pinnacle Entertainment, Inc. (f/k/a Hollywood
Park, Inc.), from January 15, 2001 to January 31, 2001, subject to
Harveys' right to elect one or more subsequent outside termination dates
at any time and from time to time in its sole discretion in accordance
with the merger agreement. Harveys intends to continue to evaluate the
prospects for the transaction, but cannot assure that a transaction will
be consummated.
Founded in 1944 by Harvey and Llewellyn Gross, Harveys Casino Resorts
wholly owns and operates Harveys Resort Hotel/Casino, a AAA Four-Diamond
full-service resort at Lake Tahoe, Nevada; Harveys Wagon Wheel
Hotel/Casino in Central City, Colorado; and Harveys Casino Hotel in
Council Bluffs, Iowa. Harveys also manages Bluffs Run Casino in Council
Bluffs, Iowa.
This press release contains "forward-looking statements," as defined
in the Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended, with respect to Harveys' respective expectations or
beliefs concerning future events, including statements about the
consummation of Harveys' acquisition of Pinnacle. These statements are
based on managements' current expectations and are subject to risks and
uncertainties, some or all of which are not predictable or within Harveys'
control, which could cause actual results to differ materially from
expected results. These risks and uncertainties include, but are not
limited to (a) ability to secure financing to complete the transaction,
(b) obtaining and retaining gaming licenses and regulatory approvals, (c)
changes in the gaming markets in which Harveys operates, (d) risks and
uncertainties inherent in the gaming industry, (e) other risks and
uncertainties related to the ability of the parties to consummate Harveys'
acquisition of Pinnacle and (f) other risks as detailed from time to time
in Harveys' filings with the Securities and Exchange Commission. All
future written and verbal forward-looking statements attributable to
Harveys or any person acting on Harveys' behalf are expressly qualified in
their entirety by the cautionary statements contained or referred to in
this section. Harveys and its affiliates undertake no obligation, and
specifically decline 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.
