CINCINNATI, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NYSE:PNK) today announced the name of its Cincinnati, Ohio-based racetrack now under extensive redevelopment – Belterra Park Gaming & Entertainment Center. Set to open in May of 2014, pending regulatory approvals, the 122-acre Belterra Park Gaming & Entertainment Center represents an expected investment of more than $300 million for Pinnacle Entertainment inclusive of land and licensing fees.
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"We are very excited to welcome Belterra Park to the Pinnacle Entertainment family," said Anthony M. Sanfilippo, Chief Executive Officer of Pinnacle Entertainment. "We have thoughtfully designed Belterra Park, integrating quality thoroughbred horse racing with a beautiful gaming entertainment facility. We have confidence this investment in Ohio is complementary to the portfolio of Pinnacle Entertainment properties and specifically a benefit to our guests who enjoy Belterra Casino Resort located an hour away in Florence, Indiana."
Belterra Park will provide a best-in-market entertainment destination featuring live racing, pari-mutuel wagering, 1,600 video lottery terminals and six dynamic restaurants, a VIP Lounge, ample parking and more. The racing facility will feature a one mile dirt track and Ohio's only turf track. A new Grandstand is included in the project, along with an OTB Racebook – River Downs Club, a new paddock, jockey's quarters and 17 new barns.
The economic impact of Belterra Park Gaming & Entertainment Center will be immediate with an expected 700 permanent jobs created and anticipated annual payroll and benefits topping $23-million. The more than $300 million investment will generate 350 construction jobs during the expansive renovation.
In building Belterra Park Gaming & Entertainment Center, Pinnacle Entertainment will preserve and honor the rich history of the property that once was River Downs Racetrack. Original cupolas from the track will be incorporated into the property's new design on the infield tote board and Winner's Circle. In addition, terra cotta horse head sculptures from the original grandstand will be on display on the property's lower level. Plans also call for the River Downs Club featuring racing memorabilia and original jockey silks from historic stakes races.
"The development plans for Belterra Park allow us to honor the tradition of River Downs while growing our customer base in the market through enhanced offerings for our guests," said Belterra Park Vice President and General Manager Kevin Kaufman. He adds, "We expect to provide the best total racing, dining and entertainment experience in the region and we're thrilled to share this dynamic destination with our guests and the Cincinnati community when we open next May."
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 14 casinos, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri and Nevada. In addition, Pinnacle is redeveloping River Downs in Cincinnati, Ohio into Belterra Park Gaming & Entertainment Center, owns a minority interest in Asian Coast Development (Canada) Ltd., an international development and real estate company currently operating Vietnam's first large-scale integrated resort on the Ho Tram Strip, and holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
All statements included in this press release, other than historical information or statements of historical fact, are "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the Company's anticipated investment in Belterra Park Gaming & Entertainment Center ("Belterra Park"); the budget and the completion and opening schedule of Belterra Park; the facilities, features and amenities of Belterra Park; potential job creation and expected payroll of Belterra Park; are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the Company will have to meet the conditions for receipt or maintenance of governmental and other regulatory approvals (including gaming licensing approvals) for Belterra Park, some of which are beyond its control; (b) many factors, including the escalation of construction costs beyond increments anticipated in its construction budget and unexpected construction delays, could prevent the Company from completing Belterra Park within budget and on time; and (c) other risks, including those as may be detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
Belterra is a registered trademark of Pinnacle Entertainment, Inc. All rights reserved.
Pinnacle Entertainment, Inc. is publicly traded on the New York Stock Exchange under the ticker symbol PNK. To learn more about Pinnacle Entertainment, please visit www.pnkinc.com.
Source:Pinnacle Entertainment, Inc.