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Pinnacle Releases Second Quarter Results

Pinnacle Entertainment announced today that they are showing strong financial results for the second quarter and six months ended June 30, 2006. The company is showing an 51% increase from the prior year period, which is amazing considering the damage that they suffered from the temporary loss of their slot machine casinos. These results do not include any insurance they will be receiving from the loss of revenue from the hurricanes.

They feel that between their Boomtown, New Orleans, location and the L'Auberge du Lac in Lake Charles, Louisiana, locations, they are quickly becoming some of the leading casinos in the south. They are now going to begin construction on another slot machine casino, adjacent to the one in Lake Charles, under the name of Sugarcane Bay. "We remain focused on profitable expansion, as well as improving operations at our existing properties," a spokesperson reported. "In addition to opening our new Bahamian casino and continued construction on our casino developments in St. Louis, we agreed during the second quarter to acquire additional gaming assets in Louisiana. Our recently announced plans to build Sugarcane Bay as a $350 million sister property to L'Auberge in Lake Charles will extend our development pipeline beyond the completion of our St. Louis projects. We expect to open our new casinos in downtown St. Louis, St. Louis County, and Lake Charles in the second half of 2007, 2008, and 2009, respectively."

Some of the company's highlights:

May 2006 - Pinnacle opens The Casino at Emerald Bay, in the Bahamas
May 2006 - Pinnacle signs an agreement to acquire Lake Charles, Louisiana gaming assets of Harrah's Entertainment
June 2006 - Pinnacle announces plans to build Sugarcane Bay
April and July 2006 - Pinnacle sells two card clubs in Southern CA for $40 million
July 2006 - Pinnacle sells 28 acres in Reno to Cabela's Retail, Inc.

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