Improved revenues exceeded analysts’ estimates but still the loss for Pinnacle Entertainment Inc. (PNK) widened during the fourth quarter that ended on Dec. 31, 2008.
The company posted a loss of $297.7 million or $4.97 per share compared with a loss of $19.2 million or $0.32 per share in the fourth quarter of 2007.
Revenues, however, climbed 18% to $256.9 million from last year’s $219.2 million. This topped analysts’ estimates of $255.2 million. Credited were the results from the expansion of its L’Auberge du Lac property in Lake Charles, Louisiana, and the ramp up of operations at Lumiere Place in St. Louis, Missouri.
The company said that costs associated with preparing new sites as well as a hefty impairment charge affected earnings. The reference was to development projects in Louisiana and Missouri.