NEW YORK, Jan 6 (Reuters) - Casino company Pinnacle Entertainment Inc. (PNK.N: Quote, Profile, Research) said on Friday that it plans to offer 6 million newly issued shares of common stock, using part of the proceeds for various capital expansion projects.
Pinnacle said it would also offer the issue's underwriters an option to buy up to 900,000 newly issued shares. If that option is not exercised, Pinnacle will have about 47 million outstanding shares once the offering takes place, it said in a statement.
Pinnacle, whose shares were the SIG Casino Gaming Index's top performer in 2005, said it was considering using the proceeds of the IPO on several projects, including ones to add 250 guest rooms each to its Belterra Casino Resort in Indiana, and its L'Auberge du Lac casino in Lake Charles, Louisiana.
January 7, 2006
Is Belterra adding another 250 rooms?
Hyatt has recently proposed a 100 room expansion to the Grand Victoria resort. It pales in comparison to this possibility:
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