(PNK - Get Report)
, runs casinos and related facilities. It operates seven casinos located in Louisiana, Missouri, Indiana and Nevada, and a racetrack in Ohio. Pinnacle is also developing L'Auberge Casino & Hotel Baton Rouge and owns 26% stake in
Asian Coast Development
, an international company currently developing Vietnam's first large-scale integrated resort.
Of the 22 analysts covering the stock, 73% recommend a buy and 23% suggest a hold. Analysts' average 12-month price target for the stock is $15.92, about 74.7% higher than the current price, according to data compiled by
Pinnacle's third-quarter 2011 revenue increased 7.2% to $295.9 million from $275.8 million in the third quarter 2010. Operating income increased to $37.5 million, up 59.5% from $23.5 million in the corresponding period of 2010. Income from continuing operations for the quarter was $11 million, vs. $1 million in the same quarter of 2010.
In the development pipeline, L'Auberge Casino & Hotel Baton Rouge is on track to open in summer 2012. The company has also announced a planned $82 million expansion at River City Casino including 200 new hotel rooms, a covered parking structure with approximately 1,700 spaces and a 10,000 square foot multi-purpose convention center.
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