Pinnacle Entertainment Opens Spectacular New Casino in Neuquen, Argentina
NEUQUEN, Argentina, Jul 29, 2005. Pinnacle Entertainment, Inc. announced that, on July 27, the Company opened its replacement casino in Neuquen, Argentina. The new Casino Magic Argentina facility includes a larger and much more lavish casino; a major, upscale restaurant; a wine bar; three other casino bars; and a large entertainment venue, located approximately one mile from the former, antiquated leased facility. The project was completed approximately on budget, at US$15 million, and was funded almost entirely with Casino Magic Argentina's cash resources and retained earnings.
Pinnacle currently has a concession agreement with the Province of Neuquen, which provides for the Company's exclusive operation of casinos within approximately 33 miles of its facilities. With the opening of the new facility, Pinnacle's concession agreement will extend until 2016 instead of expiring in December 2006. The Company is also planning to build a small hotel within the Province of Neuquen, which under the concession agreement further extends the term to 2021.
"I am proud of the many people who have designed and prepared this new casino for opening, and honored to share the ribbon cutting with Governor Jorge Sobisch and Mayor Horacio Quiroga," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "Neuquen is a growing, prosperous and stable part of Argentina and the commercial capital of the Patagonia region. We are excited to have built in Neuquen what I believe is now the leading casino facility in Latin America."
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