Pinnacle Entertainment, Inc.NYSE
Thu, Oct. 6, 10:23 AM
- Pinnacle Entertainment (PNK +0.6%) announces that it intends to offer an additional $100M of its 5.625% Senior Notes due 2024.
- The additional 2024 notes are expected to be fungible with the existing 2024 notes.
- Pinnacle intends to utilize proceeds from the offering to repay a portion of its outstanding credit facility borrowings.
- Source: Press Release
Mon, Sep. 12, 7:11 AM
- Gaming and Leisure Properties (NASDAQ:GLPI) announces it closed on the $440M acquisition of The Meadows Racetrack and Casino from Cannery Casino Resorts.
- The company also closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment (NYSE:PNK) for $138M and entered into a 29 year triple net lease agreement, with initial annual rent of $25.4M.
- GLPI funded the transaction through a combination of cash on hand, proceeds from its at-the-market equity program, and borrowings from a revolving credit facility.
- Source: Press Release
Mon, Aug. 22, 9:56 AM| Mon, Aug. 22, 9:56 AM | 1 Comment
Tue, Aug. 16, 8:05 AM
- Pinnacle Entertainment (NASDAQ:PNK) authorizes a new $50M stock repurchase program.
- The company says it intends to fund any share repurchases under the new buyback program without increasing its debt leverage profile.
- Pinnacle's shares of common stock outstanding as of August 8 were approximately 57.1M, a reduction of approximately 7.4% as a result of the share repurchases under the initial buyback program.
- Source: Press Release
- Previously: Pinnacle Entertainment reports Q2 results (Aug. 9)
Mon, Aug. 15, 5:34 PM
Wed, Aug. 10, 9:10 AM
- Former NBA Commissioner David Stern will make a key speech at the Global Gaming Expo next month in which he will present the case for legalizing sports betting, according to ESPN.
- Stern's turnaround on sports betting lines him up with the views of current NBA commissioner Adam Silver who supports a federal framework of betting regulations. The NBA has a small stake in FanDuel (Private:DUEL) in what could be considered a bit of a hedge.
- Sports betting is slated to be a major focus of the Global Gaming Expo scheduled for September 26-September 29 at the Sands Expo. The Nevada Gaming Commission is also considering allowing remote wagering from all 50 states in what could be a major disruption to the industry if passed.
- Earlier this week, a federal court blocked New Jersey from offering legalized sports betting as it upheld the Professional and Amateur Sports Protection Act.
- POTUS watch: Both Donald Trump and Hillary Clinton have offered some support for legalized sports betting in prior comments, but don't have well-defined positions on the issue.
- Broadly-related stocks: ISLE, PENN, PNK, BYD, GLPI, CHDN, MCRI, OTCQB:TPCA, CNTY, ERI, NYNY, DDE, UWN, FLL, CZR, CACQ, MGM, LVS, WYNN, DRAFT, DDAY, OTCPK:DTFSF, ZNGA, OTC:WIMHF, AYA, OTCPK:EIHDF, SGMS, OTCQB:GLXZ.
Tue, Aug. 9, 7:37 AM
Thu, Jun. 9, 2:45 PM
- Casino operators continue to find new ways to generate sales with gaming revenue under some pressure. The last round of quarterly reports from the sector indicated strong RevPAR numbers which means the hotel and restaurant side of the business is working well.
- A scan of Nevada gaming data over a 12-month period (5/1/15-4/30/16) might reveal some broader trends across the U.S. as the millennial generation factors into the equation.
- Nevada games and table win revenue -4.03% to $4.096B. Win percentage 13.14% vs. 12.60% for the preceding year. Baccarat and roulette fell off during the one-year period, while craps and new games contributed positively.
- Slot machine win revenue +2.8% to $7.013B. Win percentage 6.56% vs. 6.45% for the preceding year. Revenue from penny slots was up 7% Y/Y.
- Sports betting revenue growth: Football -2%; Baseball +79%; Basketball +17%; Parlays -34%.
- Sports betting win % comparisons: Football 5.4% vs. 5.5% prior; Baseball 4.3% vs. 3.1% prior; Basketball 5.2% vs. 5.1% prior; Parlays 26%. vs. 39% prior.
- Source: Nevada Gaming Control Board reports
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, ISLE, DRII, PNK, PENN, NYNY, OTCQB:TPCA, ERI.
- Related ETF: BJK.
Wed, May 11, 7:06 AM
- Telsey Advisory Group boosts its rating on Pinnacle Entertainment (NASDAQ:PNK) to Outperform.
- The casino operator cruised past estimates with its Q1 report yesterday and recorded an all-time high mark for adjusted EBITDA.
- Revenue grew solidly in all three of Pinnacle's segments during the quarter.
- Previously: Pinnacle Entertainment beats by $0.19, beats on revenue (May 10)
Tue, May 10, 8:03 AM
Mon, May 9, 5:30 PM| Mon, May 9, 5:30 PM | 1 Comment
Fri, Apr. 29, 9:56 AM| Fri, Apr. 29, 9:56 AM
Tue, Apr. 19, 5:28 PM
- Global Payments (GPN -0.4%) has risen 1.5% after hours on news it's heading into the S&P 500, replacing GameStop (NYSE:GME).
- The game retailer is changing places with Global Payments and heading into the MidCap 400, as Global Payments' market cap will be more reflective of the 500 after its acquisition of Heartland Payment Systems.
- Those moves are effective after the close on Friday. In addition, Krispy Kreme Doughnuts (NYSE:KKD) is up 3.9% after hours, replacing Pinnacle Entertainment (NASDAQ:PNK) in the SmallCap 600, as Pinnacle is heading for a spinoff/merger.
- Now read Has A Window Opened To Acquire A Great Acquirer In Global Payments? »
Thu, Apr. 14, 1:24 PM
Mon, Apr. 11, 7:11 AM
- Pinnacle Entertainment (NASDAQ:PNK): Q1 Revenue in the range of ~$577M to $583M against consensus of $577.56M vs. $572.84M in 1Q15.
- Adjusted EBITDA expected to be between ~$168M to $174M vs. $169.72M in 1Q15.
- Income from continuing operations in the range of $35.56M to $43.76M vs. $27.08M in 1Q15.
- Total debt as on 31st Mar 2016 is $3.51B.
- Cash and cash equivalents as on 31st Mar 2016 is 121.32M.
Tue, Mar. 29, 3:47 PM
- Pinnacle Entertainment (NASDAQ:PNK) announces it agreed to acquire the Meadows Racetrack and Casino from Gaming & Leisure Properties (NASDAQ:GLPI) for $138M.
- Pinnacle will lease the underlying property from Gaming & Leisure under the terms of a triple net lease.
- The Meadows is located in Pennsylvania outside of Pittsburgh.
- The company expects the deal to be immediately accretive.