Pinnacle Entertainment Assesses Initial Hurricane Damage
LAS VEGAS, NV, August 31, 2005. Pinnacle Entertainment, Inc. today announced its initial assessment of the damage caused by Hurricane Katrina, which struck the Gulf Coast area on Monday, August 29.
Preliminary reports indicate that no employees or guests were injured at the Company's Boomtown New Orleans casino in Harvey, La., or at its Casino Magic Biloxi property, which is located in the particularly hard-hit area of Biloxi, Miss. Initial surveys show that the Boomtown New Orleans property has sustained minor to moderate damage, while Casino Magic Biloxi has sustained substantial damage to the floating casino and 22-story hotel. Company executives plan to inspect the sites directly as soon as practicable, pending the approval of regional emergency coordinators. None of the Company's other properties were damaged by Hurricane Katrina.
"Our thoughts are with those whose lives have been devastated by Hurricane Katrina," said Daniel R. Lee, Chairman and Chief Executive Officer of Pinnacle Entertainment. "Our main concern is for the safety and well-being of all of our employees, customers and neighbors in the affected areas. It's very early in the process, but we are well-insured, including having business interruption insurance, and we intend to rebuild our properties and help our communities to recover."
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