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Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

Stocks in this article: PNK

"As we move further into 2013, we look to build on our record 2012 performance and remain focused on increasing shareholder value. We are vigilant on maximizing the financial performance of our assets, and will continue to target profitable revenue growth and improved operational efficiency across our portfolio. We will also remain focused on executing the remaining projects in our growth pipeline in 2013, and will work diligently to bring the Ameristar transaction to successful completion and to achieve a seamless integration. We believe 2013 will be another year of significant growth for our Company."

2012 Fourth Quarter and Full Year Operational Overview

L'Auberge Lake Charles 2012 fourth quarter revenues decreased $5.7 million or 6.1% year over year to $86.6 million, while Adjusted EBITDA decreased $0.5 million or 2.2% year over year to $23.8 million. Adjusted EBITDA margin at the property increased 109 basis points year over year to 27.5%. 2012 fourth quarter revenue and EBITDA performance was negatively impacted by abnormally low table games hold percentage, offset by an improvement in cash non-gaming revenues, efficient marketing, and operating expense discipline. In addition, the property began an extensive room remodeling program in the quarter, which displaced approximately 3,300 room nights. The property anticipates completing the first phase of its room renovation program in the first half of 2013.

For the full year 2012, L'Auberge Lake Charles revenues increased 2.3% to $383.9 million and Adjusted EBITDA was a record $115.5 million, up $11.5 million or 11.1% year over year. Adjusted EBITDA margin increased 239 basis points year over year to 30.1% for the full year 2012, also a record for the segment.

On L'Auberge Lake Charles' performance, Mr. Sanfilippo commented, "L'Auberge Lake Charles experienced challenging table game hold in the 2012 fourth quarter, which was a key driver of the decline in its revenue and negatively affected its EBITDA production. The team members in Lake Charles continue to do a great job in managing the property's expense structure and marketing efficiency, which drove year over year margin expansion. Further, significant progress was made in advancing other key initiatives at the property, including growth of cash non-gaming revenue in almost every category and progress on its room remodeling program."

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