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Pinnacle Entertainment, Inc. announced that it has signed a letter of intent to sublease premises from Emerald Bay Resort Hotel Limited, a Bahamian corporation, to operate a casino adjacent to the Four Seasons Resort Great Exuma at Emerald Bay in the Bahamas. The casino will be approximately 5,000-square-feet in size and require an investment of approximately $5 million. The casino is expected to open in late 2005, contingent upon the Company receiving approvals from governmental authorities in the Bahamas, including the Hotel Corporation of the Bahamas and the Gaming Board of the Bahamas, and execution of a final lease agreement.
Pinnacle Entertainment Signs Letter of Intent to Operate Casino at Great Exuma at Emerald Bay
LAS VEGAS, Dec. 10 - Pinnacle Entertainment, Inc. announced that it has signed a letter of intent to sublease premises from Emerald Bay Resort Hotel Limited, a Bahamian corporation, to operate a casino adjacent to the Four Seasons Resort Great Exuma at Emerald Bay in the Bahamas. The casino will be approximately 5,000-square-feet in size and require an investment of approximately $5 million. The casino is expected to open in late 2005, contingent upon the Company receiving approvals from governmental authorities in the Bahamas, including the Hotel Corporation of the Bahamas and the Gaming Board of the Bahamas, and execution of a final lease agreement.
The adjoining Four Seasons Resort Great Exuma at Emerald Bay opened in Fall 2003 and quickly received critical acclaim. The intimate 183-room resort features an oceanside championship golf course designed by Greg Norman and is set on 470 pristine acres, surrounded by tranquil turquoise waters and mile- long, powdery white sand beach. The resort was included on Conde Nast Traveler's eighth annual "Hot List," which recognizes the top new hotels around the world.
"We are excited to add a luxury casino in the Bahamas to our expanding gaming portfolio," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "As Four Seasons Resort Great Exuma is currently operational and the shell of the casino is complete, the timeline to opening of our casino should be relatively short."
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