LV-based firm narrows losses

Friday, Feb. 18, 2005 | 11:04 a.m.

A Las Vegas-based casino company with properties in Northern Nevada, Louisiana, Mississippi and Argentina and is gearing up for development in Missouri narrowed its losses in the fourth quarter.

Pinnacle Entertainment Inc. reported a net loss of $4.8 million, 13 cents a share, compared with a loss of $8.6 million, 34 cents a share, for the same quarter a year earlier for the quarter ended Dec. 31. Results are based on revenue of $132.6 million, compared with $125.5 million last year.

The company, which owns Boomtown properties in New Orleans and Bossier City, La., and in Reno, and Casino Magic-branded properties in Biloxi, Miss. and Neuquen, Argentina, reported that it has made progress in a project it is developing in southern St. Louis County, receiving several approvals from Missouri regulators.

Company officials also said it is developing a replacement facility for its existing Argentina casino and that it has signed a letter of intent to sublease a facility from Emerald Bay Resort Hotel Ltd. in the Bahamas for a casino adjacent to the Four Seasons Resort Great Exuma at Emerald Bay.

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