Pinnacle Entertainment 1Q loss widens, beats view

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Associated Press

Posted on May 1, 2013 at 12:02 PM

LAS VEGAS (AP) — Pinnacle Entertainment's first-quarter loss widened, dragged down by a hefty charge reflecting the reduced value of an investment. Its adjusted earnings beat Wall Street's view and revenue rose 7 percent.

The casino operator lost $85.4 million, or $1.46 per share, for the period ended March 31. That compares with a loss of $1 million, or 2 cents per share, a year ago.

The current quarter included a $92.2 million impairment charge related to Pinnacle's minority equity investment in Asian Coast Development (Canada) Ltd.

Taking out the charge and other items, earnings were 25 cents per share. Analysts surveyed by FactSet predicted earnings of 19 cents per share.

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