Pinnacle Swings to Surprise Profit

Pinnacle Entertainment reports an unexpected profit in its first quarter.
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NEW YORK (

TheStreet

) --

Pinnacle Entertainment

(PNK) - Get Report

posted a surprise first-quarter profit, boosted by its Lumiere Palace property.

During the quarter, the casino operator earned $36.7 million, or 60 cents a share, compared with a loss of $931 million, or 2 cents, in the year prior.

On an adjusted basis, Pinnacle earned 7 cents a share, better than the 11 cent loss analysts forecast.

Pinnacle's revenue rose 3% to $267 million, just short of Wall Street's prediction of $270.5 million.

Earlier this month, Pinnacle said that it is folding plans to build a 305 million riverboat casino and hotel in Louisiana. Instead, Pinnacle will focus on its development in Baton Rouge, which will include 1,300 slot machines, 50 table games and at least 100 hotel rooms.

-- Reported by Jeanine Poggi in New York.

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