Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

Boomtown New Orleans revenues declined $1.6 million or 5.2% year over year to $29.5 million in the 2012 fourth quarter, while Adjusted EBITDA declined $1.4 million or 13.4% to $9.3 million. Adjusted EBITDA margin at the property was down 298 basis points year over year to 31.4% in the 2012 fourth quarter. The year over year decline in Boomtown New Orleans' 2012 fourth quarter Adjusted EBITDA was driven principally by lower gaming volumes. For the full year 2012, Boomtown New Orleans revenues decreased 8.7% to $122.1 million and Adjusted EBITDA was $38.0 million, down $7.0 million or 15.5% year over year. Adjusted EBITDA margin decreased 252 basis points year over year to 31.1% for the full year 2012.

Continuing on the performance of Boomtown New Orleans, Mr. Sanfilippo added, "Boomtown New Orleans did not perform up to its potential in 2012, and to help address this, changes were implemented during the fourth quarter to stabilize the property's operating performance and position it to improve its results in the coming quarters."

Boomtown Bossier City revenues declined $1.4 million or 7.0% year over year to $18.2 million in the 2012 fourth quarter, while Adjusted EBITDA decreased $0.7 million or 16.4% to $3.5 million. Adjusted EBITDA margin at the property was down 218 basis points year over year to 19.3% in the 2012 fourth quarter, principally as a result of abnormally low table games hold percentage. For the full year 2012, Boomtown Bossier City revenues decreased 4.7% to $81.0 million and Adjusted EBITDA was $18.3 million, down $0.5 million or 2.7% year over year. Adjusted EBITDA margin increased 46 basis points year over year to 22.6% for the full year 2012.

L'Auberge Baton Rouge revenue was $34.9 million in its first full quarter of operation, while Adjusted EBITDA was $3.4 million. Adjusted EBITDA margin was 9.7% in the 2012 fourth quarter. The Company expects L'Auberge Baton Rouge to continue to ramp up its operations and rationalize its operating expense structure in 2013.

« First ‹ Previous ... 2 3 4 5 6 7 8 9 10 ... Next › Last »