Pinnacle Entertainment buys back stock

Jun 1, 2016 11:23 AM

Las Vegas-based Pinnacle Entertainment, Inc. has authorized a $50 million stock repurchase program.

Anthony Sanfilippo, Chief Executive Officer of Pinnacle, explained, “Our senior leadership and board of directors strongly believe that our free cash flow profile, growth prospects, long-term strategy and ability to execute on our operations represents an attractive investment opportunity.  

“We are pleased that our strong balance sheet and free cash flow allows us to capitalize on this by repurchasing our shares, while at the same time continuing to invest in our existing businesses and pursue external growth opportunities.  

The stock repurchase program is a reflection of our conviction in our strategy, the strength of our businesses and our commitment to delivering long-term value for our shareholders.  We intend to fund the share repurchase program with cash flow from operations.”

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: [email protected]