Having completed the acquisition of Ameristar Casinos Inc., Pinnacle Entertainment Inc. (PNK) reported a 77.4% jump in revenues for the fourth quarter. The $535 million in revenue permitted the company to report a profit of $15 million or $0.30 per share.
This compared to last year when the company showed a loss of $42.4 million or $0.72 per share.
The $2.8 billion buyout of Ameristar doubled the size of the Las Vegas-based company. It now operates 14 casinos in nine states.
Analysts seemed pleased with the quarterly report. So did investors who immediately pushed up the trading price of a company share to $23.88, a 5.7% increase.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].