Pinnacle Entertainment to Seek Pennsylvania Gaming License

Pinnacle Entertainment to Seek Pennsylvania Gaming License

LAS VEGAS, Dec. 28 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc. (NYSE:PNK) announced today that it intends to apply for a gaming license in Pennsylvania, and has entered into an option to purchase land in Philadelphia, Pa. Located along Interstate 95 and just north of downtown Philadelphia, Pinnacle's proposed casino would include, if selected, approximately 3,000 slot machines, multiple bars and restaurants, and a multiplex movie theater. Possible future expansion opportunities include expanding the casino to a total of 5,000 slot machines and adding a hotel tower. Although the Company is still in the process of finalizing details for its proposed casino and entertainment complex, Pinnacle expects phase one of the project (including land and the gaming license fee) to cost between $250 million and $400 million.

"We are excited to submit our application for a gaming license to the Pennsylvania Gaming Control Board," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "As L'Auberge du Lac and our two St. Louis casino projects have shown, we strive to create unique entertainment destinations that also blend seamlessly into our local surroundings. This is a great opportunity for the city of Philadelphia and for our company, and we look forward to working with the residents of Philadelphia to make this a project that we will all be proud of."

About Pinnacle Entertainment

Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana and Argentina, owns a hotel in Missouri, receives lease income from two card club casinos in the Los Angeles metropolitan area, and owns a casino site and has significant insurance claims related to a hurricane-damaged casino previously operated in Biloxi, Mississippi. The Company opened a major casino resort in Lake Charles, Louisiana in May 2005 and a new casino in Neuquen, Argentina in July 2005. Pinnacle has also been selected for two casino development projects in the St. Louis, Missouri area. The development projects are dependent upon final approval by the Missouri Gaming Commission.

All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's new development opportunities and anticipated construction schedules and costs, are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle Entertainment 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) construction-related factors that could prevent the Company from completing its construction and development projects within budget and on time; (b) having adequate funding and cash flows to complete its construction projects; (c) the risk that the proposed St. Louis, Philadelphia, and other capital intensive projects could strain the Company's financial resources; (d) the results of the damage from Hurricane Katrina and insurance proceeds available to the Company; and (e) other risks, including those as may be detailed from time to time in Pinnacle Entertainment'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 its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.

For further information
At the Company - (702) 784-7777:

Dan Lee, Chairman & CEO
Wade Hundley, President
Steve Capp, CFO
Chris Plant or Lewis Fanger, Investor Relations

Source: Pinnacle Entertainment, Inc.

CONTACT: Dan Lee, Chairman & CEO, or Wade Hundley, President, or Steve
Capp, CFO, or Investor Relations, Chris Plant or Lewis Fanger, all of Pinnacle
Entertainment, Inc., +1-702-784-7777

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