Pinnacle Entertainment, Inc. today reported strong financial results for the second quarter and six months ended June 30, 2006.
Revenues for the second quarter rose 51.0% to $228.8 million from $151.5 million a year earlier, and adjusted EBITDA(1) increased by 80.2% to $54.5 million from $30.2 million for the prior-year period, as operating results benefited from a full quarter of operations at L'Auberge du Lac, which opened in late May 2005, and continued strong results at Boomtown New Orleans.
These results do not include business interruption insurance proceeds that the Company expects to receive due to lost profits from last year's hurricanes.
On a GAAP ('Generally Accepted Accounting Principles') basis, the Company reported net income of $46.0 million, or $0.93 per share, versus the prior-year net loss of $4.2 million, or $0.10 per share. Both quarters include pre-opening and development costs and income from discontinued operations.
Additionally, the 2006 second quarter included net proceeds of approximately $44.8 million related to the Company's terminated merger agreement with Aztar Corporation, as well as $1.2 million of pre-tax, non-cash charges related to stock option compensation.
"We're pleased with our results for the second quarter, which were driven by continued strong results at Boomtown New Orleans and solid business levels at L'Auberge du Lac in Lake Charles, Louisiana," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer. "Since its opening in May 2005, L'Auberge has quickly become one of the leading casinos in the South.
We intend to begin construction of a 250-guestroom expansion of L'Auberge du Lac in the third quarter and to begin construction in 2007 of a second casino hotel, named 'Sugarcane Bay,' adjacent to L'Auberge du Lac."
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