is seeing a little daylight after the twin hurricanes that battered its casinos around the Gulf Coast.
The Las Vegas-based casino operator said Monday it had reopened parts of L'Auberge du Lac hotel and casino in Lake Charles, La., a resort town within 40 miles of the Gulf of Mexico that was slammed by Hurricane Rita two weeks ago.
Pinnacle reopened the resort's Le Beaucoup Buffet and Jack Daniel's Bar and Grill Friday and its casino Saturday. The company plans to open additional parts of the resort gradually as more of its staff returns to Lake Charles.
L'Auberge du Lac had its grand opening last May. Before Hurricane Rita, the $365 million resort had already grabbed a significant chunk of the Lake Charles gaming market. The resort's hotel is the largest in Louisiana outside of New Orleans.
Pinnacle has insurance covering business interruption and property claims of up to $400 million, and the company says it can make claims up to that amount for each separate named hurricane. Hurricane Katrina forced the closing of Pinnacle's Boomtown New Orleans casino and caused extensive damage at its Casino Magic Biloxi on Mississippi's Gulf Coast.
Even though the company has business interruption insurance, it remains to be seen how the Mississippi and Louisiana gaming markets recover, and investors have sold shares on hurricane concerns. Since late August, the stock has lost more than 20% of its value.
Shares of Pinnacle edged up 1 cent to $17.61.