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Common Stock to be Offered by Pinnacle Entertainment Inc.

On January 5th, Pinnacle Entertainment, Inc., owner and operator of multiple casinos, announced its intention to offer 10 million newly issued shares of its common stock under a self registration statement currently on file with the Securities and Exchange Commission.

Likewise, Pinnacle Entertainment intends to make available an option for the underwriters of the offering to purchase an additional 1.5 million newly issued shares of common stock.

By the time the offering is completed, Pinnacle estimates that 52.8 million shares of common stock will be outstanding, should the additional shares option not be implemented.

Pinnacle said that proceeds from this stock option will be used for general corporate purposes and for one or more of its major projects of the year. These projects may include expansions at existing facilities and new casino gambling developments, including ongoing projects in St. Louis, Sugarcane Bay and Atlantic City.

Bear, Stearns and Co. Inc. and Lehman Brothers Inc. were tasked to handle the book-running of the venture.

Copies of the preliminary prospectus supplement may be obtained at Bear, Stearns and Co. Inc., Prospectus Department, 383 Madison Avenue, New York, New York 10179, 1-866-803-9204 or Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 1171.

 

Thursday, February 01 , 2007
Gerald Kernighan