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.