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Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

Stocks in this article: PNK

In the St. Louis segment, revenue for the 2012 fourth quarter increased $0.7 million or 0.8% year over year to $94.3 million. Adjusted EBITDA declined $0.8 million or 3.6% year over year to $22.4 million. Adjusted EBITDA margin in St. Louis decreased 109 basis points year over year to 23.8% in the 2012 fourth quarter. For the full year 2012, St. Louis revenues increased 3.0% to a record $393.5 million and Adjusted EBITDA was a record $98.7 million, up $12.2 million or 14.1% year over year. Adjusted EBITDA margin increased 243 basis points year over year to 25.1% for the full year 2012, also a record for the segment.

Due to the displacement of parking spaces, River City in St. Louis experienced construction disruption during 2012, which was most acute during peak operational periods. The disruption reached its height during the 2012 third and fourth quarters with the concurrent construction of the hotel, garage, and event center elements of its expansion project. Pressure on parking capacity was partially alleviated with the opening of the parking garage in November 2012, which has driven improved visitation during peak operational periods, however, construction of the hotel and event center are still ongoing and are slated for completion in phases in 2013 and could continue to disrupt the property.

Belterra's fourth quarter 2012 revenues declined $1.5 million or 4.0% year over year to $35.9 million, while Adjusted EBITDA decreased $0.9 million or 14.2% year over year to $5.7 million. Adjusted EBITDA margin decreased 187 basis points year over year to 15.8%. The year over year decline in Belterra's 2012 fourth quarter Adjusted EBITDA was driven principally by lower gaming volumes and temporarily elevated repair and maintenance operating expenses. For the full year 2012, Belterra revenues increased 1.0% to $156.3 million and Adjusted EBITDA was $32.0 million, up $3.5 million or 12.2% year over year. Adjusted EBITDA margin increased 204 basis points year over year to 20.5% for the full year 2012.

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