Pinnacle Entertainment Q3 Loss Widens - Quick Facts

(RTTNews) - Pinnacle Entertainment Inc. (PNK) reported third-quarter net loss attributable to company of $180.41 million or $3.07 per share, compared to a loss of $358 thousand or breakeven per share, last year. Loss income from continuing operations was $47.14 million or $0.80 per share, compared to profit of $6.66 million or $0.11 per share, a year ago. Adjusted net income was $6.36 million or $0.11 per share, for the quarter.

Third-quarter loss from continuing operations included $12.1 million of net write-downs, reserves and recoveries; $63.1 million of pre-opening and development expenses, principally associated with the acquisition, integration and financing of the Ameristar transaction; and a loss on early extinguishment of debt of $30.8 million. Third-quarter GAAP net loss per share was additionally affected by a non-cash impairment charge of $144.6 million related to the divestiture of Lumiere Place Casino.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.

Total revenues rose to $418.93 million, from $256.15 million, last year. Analysts expected revenue of $425.15 million for the quarter. Total expenses and other costs were $434.12 million, compared to $223.46 million, prior year.