Pinnacle Entertainment Enters
Into Agreement to Sell 60 Acres
of Land in Inglewood, California
"We look forward to being an integral participant in the further enhancement of the Inglewood community," said Stan Rothbart, President of Rothbart Development Corporation. Rothbart expects to complete the entitlement process expeditiously and commence development of a retail venue featuring national chain retail stores and a full selection of goods, services and restaurants. Dense population and strong incomes make this site an exciting urban retail opportunity.
"We are delighted with this major commercial development in our city. This project will represent the largest single development in our history. We look forward to working closely with the Rothbart group to secure the necessary entitlements for development of the property. Inglewood has many great opportunities to offer and its citizens will benefit from this new development," stated Mayor Roosevelt Dorn of Inglewood, California.
"We would expect this transaction should close in the next twelve months, as we anticipate the City of Inglewood and the Rothbart Corporation will form a strong partnership that should benefit the area for years to follow. We can now turn our attention to the remaining 37 acres we own in Inglewood and pursue opportunities to further maximize shareholder value, as well as benefit the City of Inglewood," said Daniel R. Lee, Chairman of the Board of Pinnacle Entertainment, Inc.
About Rothbart Development Corporation Rothbart Development Corporation was founded in 1985. The company specializes in development and management of community shopping centers in Southern California. Rothbart has developed over 70 major shopping centers, totaling in excess of 8 million square feet of retail space.
About Pinnacle Entertainment Formerly Hollywood Park, Inc., Pinnacle Entertainment 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 area. The Company has also been selected to receive the 15th and final riverboat gaming license for a project in Lake Charles, Louisiana, subject to continued compliance with certain conditions negotiated with the Louisiana Gaming Control Board.
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 statements and factors include, but are not limited to: (a) obtaining the necessary entitlements for development of the 60 acres and completing the sale of the property in the next twelve months; (b) executing a purchase agreement for the sale of the remaining 37 acres in Inglewood, California; and (c) other risks, including those as may be 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.
For further information, please contact Dan Lee, Chairman & CEO, or Bruce Hinckley, CFO, both of Pinnacle Entertainment, Inc., +1-818-662-5900; or Sean Collins, Partner of Coffin Communications Group, +1-818-789-0100, for Pinnacle Entertainment, Inc.
