EXHIBIT 99.1
N E W S B U L L E T I N
RE:
FROM: PINNACLE ENTERTAINMENT
330 North Brand Boulevard,
The Financial Relations Board Suite 1100
- ----------------------------- Glendale, California 91203
B S M G W O R L D W I D E TRADED: NYSE: PNK
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FOR FURTHER INFORMATION:
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD:
Paul Alanis Bruce Hinckley Haris Tajyar Kathy Brunson
President & CEO CFO General Inquiries Analyst Inquiries
(818) 662-5900 (818) 662-5900 (310) 442-0599 (312) 266-7800
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FOR IMMEDIATE RELEASE
January 23, 2001
PH CASINO RESORTS AND PINNACLE ENTERTAINMENT
TERMINATE MERGER AGREEMENT
Glendale, California - January 23, 2001 - Pinnacle Entertainment, Inc. (NYSE:
PNK) announced today that PH Casino Resorts, Inc. ("PHCR") and Pinnacle
Acquisition Corporation ("PAC"), affiliates of Colony Capital, LLC, have
notified the Company that PHCR and PAC do not intend to extend the previously
announced January 31, 2001 outside termination date, as provided in the merger
agreement among the Company, PHCR and PAC. Accordingly, the Company, PHCR and
PAC have mutually agreed that the merger agreement and all related transaction
documents have been terminated.
About Pinnacle Entertainment
Pinnacle Entertainment is a diversified gaming Company that owns and operates
seven casinos (four with hotels) in Nevada, Mississippi, Louisiana, Indiana and
Argentina, and receives lease income from two card club casinos, both in the Los
Angeles metropolitan area.
(The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Forward-looking information involves important
risks and uncertainties that could significantly affect future results and
accordingly, such results may differ from those expressed in forward-looking
statements made by or on behalf of Pinnacle Entertainment. Pinnacle
Entertainment cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those reflected by the
forward-looking statements contained herein. Such factors include, but are not
limited to (a) obtaining and retaining gaming licenses and regulatory approvals,
(b) changes in the gaming markets in which Pinnacle Entertainment operates, and
(c) other risks as detailed from time to time in Pinnacle Entertainment's
filings with the Securities and Exchange Commission ("SEC"). For more
information on the potential factors that could affect the Company's financial
results, review the Company's filings with the SEC, including the Company's
Annual Report on Form 10-K and Pinnacle Entertainment's other filings with the
SEC. Pinnacle Entertainment undertakes no obligation, and specifically declines
any obligation, to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. In light of
these risks, uncertainties and assumptions, the forward-looking events discussed
in this press release might not occur.)
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