UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 2005
PINNACLE ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in Its Charter)
| | | | |
| Delaware | | 001-13641 | | 95-3667491 |
(State or Other Jurisdiction
of Incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
| | |
3800 Howard Hughes Parkway Las Vegas, Nevada | | 89109 |
| (Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s Telephone Number, including area code: (702) 784-7777
N/A
(Former name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (7 CFR 240.13e-4(c)) |
| Item 2.06. | Material Impairments. |
As previously reported, the Pinnacle Entertainment, Inc. (the “Company”) casino and hotel in Biloxi, Mississippi (“Casino Magic Biloxi”) suffered extensive property damage caused by Hurricane Katrina in August 2005. The hurricane’s large storm surge in the Biloxi area caused the casino barge to snap clear of its moorings and to be deposited several hundred feet inland. The Company’s high-rise hotel at Casino Magic Biloxi also was extensively damaged by the hurricane. Based on an evaluation of the condition of the barge by the Company and its insurers, a determination has been made that the barge is a total loss. The Company is in the process of assessing the damage to the hotel.
Accordingly, on September 23, 2005, the Company’s management concluded that the Company will record an impairment charge under generally accepted accounting principles with respect to the Casino Magic Biloxi facility. The Company is not currently able to estimate the amount of the impairment charge or the amount of the impairment charge that would result in any future cash expenditures. The Company believes it has insurance sufficient to cover the reconstruction or replacement of Casino Magic Biloxi, subject to any applicable deductible or other policy limitations.
In view of the considerable length of time it would take to complete any rebuilding of Casino Magic Biloxi, if the Company decides to rebuild the property, the Company has implemented a plan to substantially reduce the workforce at Casino Magic Biloxi. A copy of the letter sent to employees on September 23, 2005 regarding the reduction in the workforce and associated severance pay is filed herewith as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| | |
Exhibit No.
| | Description
|
| Exhibit 99.1 | | Form of Letter to Casino Magic Biloxi Employees |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| | | | | PINNACLE ENTERTAINMENT, INC. (Registrant) |
| | | |
Date: September 23, 2005 | | | | By: | | /s/ Stephen H. Capp |
| | | | | | | | | Stephen H. Capp |
| | | | | | | | | Executive Vice President and Chief Financial Officer |
INDEX TO EXHIBITS
| | |
Exhibit No.
| | Description
|
| |
| Exhibit 99.1 | | Form of Letter to Casino Magic Biloxi Employees |
