Pinnacle Entertainment Closes Purchase of President Casino in St. Louis

The riverboat casino, located adjacent to downtown St. Louis and within walking distance of the Company's Lumiere Place development, contains approximately 800 slot machines and 30 table games and has been in operation since 1994. Pinnacle acquired PRC-MO from President Casinos, Inc. for an effective purchase price of approximately $45.7 million, subject to reduction based on subsequent adjustments.

"We are excited to welcome the employees of the President Casino into the Pinnacle family," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment, "and we look forward to beginning casino operations in the state of Missouri."

Groundbreaking on Lumiere Place occurred in September 2005. The first-class resort will open in 2007 and will include a casino, a 200-room luxury hotel, spa, business center, fine restaurants, and meeting and convention space.

In 2005, the Company initiated site work for its $375 million River City Casino & Hotel in the Lemay area of south St. Louis County. Scheduled to open in 2008, the casino will include 3,000 slot machines and 60 table games, along with a 100-room hotel, full-service spa, restaurants, a boutique bowling alley, a multiplex movie theatre, an indoor ice rink, a public park with athletic fields, and a hatch-shell music and entertainment venue.

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