Pinnacle Ent. returns to profitability during second quarter

Jul 30, 2012 6:04 PM

With revenues rising and development expenses falling, Pinnacle Entertainment Inc. (PNK) was able to return to profitability during the second quarter.

The company reported revenues of $293.8 million, a 3 percent increase, and earnings of $12 million or $0.19 per share. Last year, after charging off some $10 million as an expense caused by relaunching a loyalty program, the company reported a loss of $19.1 million or $0.47 per share.

The company announced it would open its new property, L’Auberge Casino & Hotel Baton Rouge, on Wednesday, Aug. 29.

Also, the company’s directors authorized the repurchase of up to $100 million of company stock.