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TheStreet Open House

Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

"We continued to execute on revenue growth and operational improvement initiatives in 2012, with revenues increasing 4.9% to a record $1.2 billion, Consolidated Adjusted EBITDA up 13.1% to a record $285.2 million and our margins expanding 173 basis points, also to record levels. Lake Charles and St. Louis were key drivers behind this performance, with each segment generating record annual revenues, Adjusted EBITDA and Adjusted EBITDA margin in 2012. The strong operating results we delivered in 2012 came in spite of abnormally low table hold across our Louisiana properties and a general softening in business volumes our industry began to experience during the fourth quarter. 

"We also made progress in advancing several key financial, growth, and strategic initiatives in 2012," Mr. Sanfilippo added. "We successfully implemented a share repurchase program in 2012, with which we reduced our shares outstanding by approximately 7% at an average cost of $11.66 per share. The share repurchases demonstrate our conviction in the Company's future prospects and underscores our view on the intrinsic value of our assets.

"We achieved a successful opening of our new L'Auberge Baton Rouge property in September 2012. We are encouraged by the early performance of L'Auberge Baton Rouge, including its gaming volumes, strong cash non-gaming revenues, and market awareness growing with an over 100,000 strong my choice member base. Looking forward, we are optimistic for the prospects in Baton Rouge and are focused on increasing regional awareness for the property, growing the high end business, and increasing the marketing and operational efficiency of the property.

"In December 2012, we advanced a key strategic goal of Pinnacle Entertainment with the announcement of our proposed acquisition of Ameristar Casinos. The combination of these two great companies would double the size of Pinnacle Entertainment in almost every operational measure, and would provide the combined companies with significantly enhanced scale, broader diversification, and the opportunity to extract efficiencies and synergies by combining the operations. We look forward to bringing this transaction to successful completion in the second or third quarter of this year.  

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