Pinnacle Entertainment Records Loss in Second Quarter Amounting to $49 Million
Las Vegas based company Pinnacle Entertainment have recorded a second quarter loss of $49.3 million. This is surprising because the company recorded a rise in their revenues after the opening of their casino in suburban St. Louise. Pinnacle Entertainment has its operations based mostly in regional markets and is based in Las Vegas. According to them their last three months result includes losses from various charges and multiple write downs, amounting to $31.5 million.
This loss has resulted in a per share loss of 81 cents for Pinnacle Entertainment. This is in contrast to the 8 cent profit that the company made last year in its second quarter, where it reported a profit of $4.7 million. However, this loss was imminent but the prediction was for a 4 cent loss per share.
The casino in the county of St. Louise, in the River City earned Pinnacle an increase of 8.4 percent in their overall company revenues. In the St Louise County itself it generated an increase of 58 percent in Pinnacle’s revenues.
Pinnacle Entertainment has been trying to cut down on their expenses and in order to do so have sold two of their seaplanes for an amount of $12.1 million. According to Pinnacle, annually they will save nearly $2.5 million if they closed down their aviation department. Pinnacle Entertainment is trying to increase their profits and their revenues by trying to reevaluate their casino floor space. The optimum utilization of their casino floor space by combining the very best of table and slot games will surely increase their revenue by huge margin.
Pinnacle is on the path of increasing its business value and profit margins by acquiring and managing its assets and cut down on unwanted expenses. This is the new policy that the company is going to follow to expand its business.
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