Pinnacle Entertainment Reports a Secind Quarter Profit

Pinnacle Entertainment's casino operator reported a quarterly profit. A $44.8 million profit was gained from a merger break-up fees from Aztar Corp.

The second-quarter net income was posted as $46 million or 93 cents a share, compared with a net loss of $4.2 million or 10 cents a share in the year ago period.

The revenue rose from 51 percent to $228.8 million.

In March, Las Vegas and Atlantic City Tropicana owner Aztar had agreed to be acquired by Pinnacle for $38 per share, but Columbia Sussex Corp. erupted and agreed to pay $54 a share.

Pinnacle Entertainment said the second-quarter results were helped by strong results at its New Orleans casino and L'Auberge du Lac Hotel and Casino in Lake Charles, Loiusiana.

Boomtown New Orleans's revenue rose to about $52 million from $28.6 million last year, while those at the L'Augerge rose to $77.6 million from $29.4 million.

Pinnacle Entertainment casino is developing a second Lake Charles casino, two casinos in St. Loius and has applied for a license to build a stand-alone slot parlor in Pennsylvania.

The second Lake Charles casino is expected to begin construction by next year with a budget of $350 million.

Pinnacle own and operate casinos in Nevada, Indiana and Argentina.