- Net revenues were $595.2 million, an increase of $16.6 million or 2.9% year over year. Net revenues include a $15.6 million contribution from the Meadows.
- Loss from continuing operations was $0.5 million versus income of $13.5 million in the prior year. GAAP diluted net loss per share was $0.01 versus income per share of $0.22 in the prior year.
- Consolidated Adjusted EBITDAR was $155.4 million, an increase of $5.6 million or 3.7% year over year. Consolidated Adjusted EBITDAR includes a $1.5 million contribution from the Meadows.
- Consolidated Adjusted EBITDAR margin increased by 20 basis points year over year to 26.1%. On a same-store basis, excluding the Meadows, Consolidated Adjusted EBITDAR margin increased by 70 basis points year over year to 26.6%.
- Same-store Consolidated Adjusted EBITDAR growth and margin expansion was driven by the performance of the Company's Belterra Park, L'Auberge Baton Rouge, Ameristar Black Hawk, Belterra Resort, and L'Auberge Lake Charles businesses.
- Consolidated Adjusted EBITDA, net of Lease Payments was $58.9 million, an increase of $4.2 million or 7.7%.
- The Company completed the acquisition of the Meadows for base consideration of $138.0 million, subject to certain adjustments. At closing, the Company began operating the Meadows through a triple-net lease with Gaming and Leisure Properties, Inc. ("GLPI").
- Under the second $50 million share repurchase authorization announced in August 2016, the Company has bought approximately 1.66 million shares of its common stock for $20 million through November 9, 2016. The Company has repurchased approximately 6.19 million PNK shares for $70 million or $11.32 per share since the inception of buyback activity in May 2016, which represents an approximate 9.7% reduction of its shares of common stock outstanding. The Company's current shares of common stock outstanding are approximately 55.7 million.
- As of September 30, 2016, the Company had a total principal balance of Conventional Debt of $964 million, an increase of approximately $125 million compared to the balance as of June 30, 2016. The increase in the Company's Conventional Debt was driven by borrowings on its revolving credit facility to fund the acquisition of the Meadows.
- On October 12, 2016, the Company completed a private offering of $125.0 million of additional 5.625% Senior Notes due 2024 ("additional 2024 Senior Notes") at a price of 100.5% of face value. The net proceeds of the offering were used to repay a portion of the borrowings on the Company's revolving credit facility that were incurred to finance the acquisition of the Meadows.
|Summary of Third Quarter Financial Results|
|(in thousands, except per share data)||Three months ended September 30,|
|Net revenues (1)||$||595,174||$||578,630|
|Income (loss) from continuing operations||$||(532||)||$||13,468|
|Income (loss) from continuing operations margin||(0.1||)%||2.3||%|
|Consolidated Adjusted EBITDAR (1,2)||$||155,432||$||149,762|
|Consolidated Adjusted EBITDAR margin (1,2)||26.1||%||25.9||%|
|Consolidated Adjusted EBITDA, net of Lease Payments (1,2)||$||58,853||$||54,737|
|Operating income (3,4,5)||$||97,281||$||80,917|
|GAAP net income (loss) attributable to Pinnacle Entertainment, Inc.||$||(486||)||$||13,749|
|Diluted net income (loss) per share||$||(0.01||)||$||0.22|