Casino news from http://today.reuters.com/
Casino operator Pinnacle Entertainment Inc. (PNK.N: Quote, Profile, Research) on Tuesday reported a quarterly profit, helped by strong results at its New Orleans and Lake Charles casinos and a $44.8 million gain from merger break-up fees from Aztar Corp. (AZR.N: Quote, Profile, Research)
Pinnacle posted second-quarter net income of $46 million, or 93 cents a share, compared with a net loss of $4.2 million, or 10 cents a share, in the year-ago period. Revenue rose 51 percent to $228.8 million.
Las Vegas and Atlantic City Tropicana owner Aztar had agreed in March to be acquired by Pinnacle for $38 per share, but backed out of the deal after a bidding war erupted and privately held Columbia Sussex Corp. ultimately agreed to pay $54 a share.
Pinnacle is based in Las Vegas but doesn't have a casino there.
The company said second-quarter results were helped by strong results at its New Orleans casino and L'Auberge du Lac Hotel and Casino in Lake Charles, Louisiana.
Revenue at Boomtown New Orleans rose to about $52 million from $28.6 million last year, while that at the L'Auberge rose to $77.6 million from $29.4 million.
The company is also developing a second Lake Charles casino, two casinos in St. Louis and has applied for a license to build a stand-alone slot parlor in Pennsylvania.
It said it expects to begin construction on the second Lake Charles casino, the $350 million Sugarcane Bay, next year.
Pinnacle owns and operates casinos in Nevada, Indiana and Argentina.
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