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Pinnacle, Lee bet big on Tropicana

Thursday, April 13, 2006 | 7:11 a.m.

Pinnacle Entertainment Inc. recently announced that it is buying Aztar Corp., giving the company control of the Tropicana. The acquisition by Pinnacle could mean a significant upgrade for the property, which has struggled to compete against newer resorts on the Strip.

Dan Lee, the chief executive of Pinnacle, has an impressive background. As writer Liz Benston has reported in the Las Vegas Sun, Lee has been credited with doubling casino profits at Pinnacle since he took over in 2002, a period of time that also has seen an aggressive expansion.

Just as importantly, he knows the Las Vegas market well, having played a role in the success of some of the top resorts here. Lee was the chief financial officer of Steve Wynn's Mirage Resorts from 1992 to 1999.

It also is significant that Pinnacle intends to have a larger and more costly plan to develop the Tropicana all at once, a project that could cost as much as $3 billion and would be marketed to mid-range and high-end customers. Pinnacle should provide the spark that ends up revitalizing the Tropicana.

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