Pinnacle Ent. substantially reduces loss during third quarter

Oct 29, 2012 6:23 PM

Pinnacle Entertainment Inc. (PNK) was able to substantially reduce its loss during the third fiscal quarter.

The company said the loss for the period was $358,000 compared to last year’s loss of $790,000.

During the quarter, the company said it took a non-cash charge of $6.9 million that was related to Atlantic City real estate. During 2007, the company purchased the Sands Casino in Atlantic City and imploded the property with the intention of replacing it with a $2 billion casino complex.

That plan was scrapped and the company has offered to sell the land. In a recent press release the company indicated it is close to making a sale.

As for revenues, the company said they rose 3 percent to $304.2 million.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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