Golden Nugget to Acquire Ameristar Casino Lake Charles Development Project From Pinnacle Entertainment

Golden Nugget to Acquire Ameristar Casino Lake Charles Development Project
From Pinnacle Entertainment

HOUSTON and LAS VEGAS, July 25, 2013 (GLOBE NEWSWIRE) -- Golden Nugget and
Pinnacle Entertainment, Inc. (NYSE:PNK) announced today that the companies
have entered into a definitive agreement whereby Golden Nugget will acquire
all of the equity interests of the entity that owns the Ameristar Casino Lake
Charles development project.

Under the terms of the agreement, Golden Nugget will pay total consideration
equal to all cash expenditures on the development up until the date of
closing, and the assumption of all outstanding payables related to the project
at that time, less a $37 million credit. Golden Nugget will complete the
development project following the closing of the transaction.Ameristar has
disclosed that through June 30, 2013, it had invested total capital of $213.9
million in the Lake Charles project, including the original purchase price,
capital expenditures and escrow deposits.

Tilman J. Fertitta, Owner and Chief Executive Officer of Golden Nugget and
affiliate, Landry's, Inc., commented, "We are tremendously excited about this
opportunity.Due to our strong presence with all of our brands in the Texas
and Louisiana markets, we are confident that we can grow gaming revenues in
Lake Charles, and together with L'Auberge Lake Charles Casino Resort, offer
consumers one of the best gaming experiences in the country."

Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment,
commented, "We are pleased to enter into this agreement with Golden
Nugget.With Golden Nugget being headquartered in South Texas, having a long
history of high quality operations in the broader region and bringing strong
brands and operational expertise in the gaming and hospitality industries, we
believe they are well positioned to enhance the appeal of Lake Charles and our
respective resort properties as a preeminent gaming entertainment
destination."

The transaction is subject to the approval of the Louisiana Gaming Control
Board and U.S. Federal Trade Commission, and is conditioned upon Pinnacle
completing its planned acquisition of Ameristar Casinos, Inc., as well as
customary closing conditions.The resort is being developed on a 242-acre
site, which is adjacent to Pinnacle's existing L'Auberge Lake Charles Casino
Resort. The development project being acquired by Golden Nugget in this
transaction represents the right to obtain the last gaming license currently
available under Louisiana law. The transaction is expected to close by the end
of 2013.

About Golden Nugget

Mr. Fertitta, through various wholly-owned affiliates, operates four Golden
Nugget Hotels and Casinos which are located in Las Vegas and Laughlin, Nevada,
Atlantic City, New Jersey and Biloxi, Mississippi.

Las Vegas - Winner of the AAA Four Diamond Award consecutively since 1977, the
Golden Nugget Las Vegas is the most luxurious resort on the Fremont Street
Experience, and consistently receives critical acclaim for exceeding customer
expectations. The Golden Nugget Las Vegas now offers more than 2,400 deluxe
guestrooms and suites; a high-energy casino featuring the most popular slot
and video poker machines, table games, race and sports book, and poker room;
nightly entertainment with master impressionist and comedian Gordie Brown;
world-class restaurants such as Grotto Italian Ristorante and Vic & Anthony's
Steakhouse; a luxury spa and salon; and The Tank (rated one of the world's top
ten pools), a year-round outdoor swimming pool complete with a 200,000-gallon,
live shark aquarium and H2O poolside lounge.

Atlantic City - Winner of the AAA Four Diamond award, is a premier resort
destination located on the Frank S. Farley Marina and offers guests 727
beautifully remodeled rooms and suites. The entire property completed a $150
million renovation, taking on a fresh, modern look to include a high-energy
casino featuring the most popular slot and video poker machines, table games,
and poker room; nightly entertainment, new bars and lounges, stylish retail
offerings, as well as Landry's signature world-class restaurants such as Chart
House and Vic & Anthony's Steakhouse; a luxury spa and salon; and H2O poolside
lounge. Golden Nugget has further introduced first-class accommodations,
exquisite dining options and fun-filled entertainment venues including Haven
Nightclub, a luxurious 12,000 square foot space designed to offer a unique
atmosphere unlike anything else available in Atlantic City.

Laughlin- An oasis in the desert, the Golden Nugget Laughlin is a
hotel-casino located on the banks of the Colorado River, near the Arizona and
California borders, in Laughlin, Nevada. The whimsical, tropical-themed resort
features top-notch restaurants, comfortable guest rooms and some of the
hottest gaming action in Laughlin – all accented with personalized service and
hospitality that have earned the hotel and casino many accolades. Guests can
bask in a tropical paradise where the intimacy and serenity of the Colorado
River region meets the high-energy gaming action of Nevada. The casino
features slot and video poker machines, including progressive-play machines;
table games, and a complete race and sports book, which is linked to the
Golden Nugget Las Vegas for the most up-to-the-minute betting lines. In
addition to gaming, guests can wet their palate at several signature dining
concepts featuring Harlow's, Saltgrass Steak House and Bubba Gump Shrimp Co.
before partaking in the energy of Gold Diggers Nightclub.

Biloxi - Located on the Gulf of Mexico, is a premier resort destination,
offering guests more than 710 rooms and suites. The entire property is
undergoing a $100 million renovation taking on a fresh, modern look to include
a high-energy casino featuring the most popular slot and video poker machines,
table games, and poker room; nightly entertainment, new bars and lounge, as
well as Landry's signature world-class restaurants such as Morton's The
Steakhouse, Bubba Gump Shrimp Co., Michael Patrick's, Lillies Asian Cuisine.
Golden Nugget has further introduced first-class accommodations, exquisite
dining options and fun-filled entertainment venues unlike anything else
available in Biloxi, with all renovations soon to be completed.

About Landry's

Landry's is a national, diversified restaurant, hospitality, gaming and
entertainment company principally engaged in the ownership and operation of
over 500 high end and casual dining restaurants, primarily under the names of
Landry's Seafood House, Rainforest Cafe, McCormick & Schmick's Seafood
Restaurant, The Chart House, Bubba Gump Shrimp Co., Claim Jumper, Saltgrass
Steak House and Oceanaire, and fine dining restaurants such as Morton's
Steakhouse. The Company is also engaged in the ownership and operation of
hospitality and entertainment businesses, including the Kemah Boardwalk, the
San Luis Resort Complex, the Galveston Historic Pleasure Pier and the Downtown
Aquariums in Denver and Houston.

About Pinnacle Entertainment

Pinnacle Entertainment, Inc. owns and operates seven casinos, located in
Louisiana, Missouri, and Indiana, and a racetrack in Ohio.In addition,
Pinnacle is redeveloping River Downs in Cincinnati, Ohio into a gaming
entertainment facility, owns a minority equity interest in Asian Coast
Development (Canada) Ltd., and holds a majority interest in the racing license
owner, as well as a management contract, for Retama Park Racetrack outside of
San Antonio, Texas.

On December 20, 2012, the Company agreed to acquire Ameristar Casinos, Inc. in
an all cash transaction valued at $26.50 per Ameristar share or total
consideration of $2.8 billion including assumed debt.Ameristar owns and
operates casino facilities in St. Charles near St. Louis, Mo.; Kansas City,
Mo.; Council Bluffs, Iowa; Black Hawk, Colo.; Vicksburg, Miss.; East Chicago,
Ind.; and the Jackpot properties in Jackpot, Nev.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on Pinnacle's current expectations and are subject to
uncertainty and changes in circumstances. These forward-looking statements
include, among others, statements regarding the agreement to sell the
Ameristar Lake Charles property to Golden Nugget, the closing of the sale of
the Ameristar Lake Charles property to Golden Nugget, the ability of the
Company to obtain a consent order from the U.S. Federal Trade Commission (the
"Commission") and the ability of the Company to complete the transaction with
Ameristar Casinos, Inc. ("Ameristar").There is no assurance that the
transaction with Golden Nugget will close, the Company will obtain a consent
order from the Commission or that the potential transactions with Golden
Nugget or Ameristar will be consummated, and there are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements made herein. These risks and uncertainties include
(a)the ability and timing of Pinnacle to close the transaction with Golden
Nugget may be delayed based on circumstances beyond Pinnacle's control,
including Golden Nugget having adequate financing to fund the transaction,
satisfaction of other closing conditions and regulatory approvals from the
Louisiana Gaming Control Board and the Commission; (b) timing to consummate
the transaction between Pinnacle and Ameristar may be delayed based on
circumstances beyond Pinnacle's control, including the ability of Pinnacle to
reach a resolution with the Commission; (c)the ability and timing to complete
the dispositions proposed as part of the effort to reach a resolution with the
Commission, including the transaction with Golden Nugget; (d)the possibility
that the merger with Ameristar does not close when expected or at all, or that
the companies may be required to modify aspects of the merger to achieve
regulatory approval; and (e)the risk factors disclosed in Pinnacle's most
recent Annual Report on Form 10-K, which Pinnacle filed with the Securities
and Exchange Commission on March1, 2013 and in all reports on Forms 10-K,
10-Q and 8-K filed with the Securities and Exchange Commission by Pinnacle
subsequent to the filing of the Form 10-K for the year ended December31,
2012. Forward-looking statements reflect Pinnacle's analysis as of the date of
this press release. Pinnacle does not undertake to revise these statements to
reflect subsequent developments, except as required under the federal
securities laws. Readers are cautioned not to place undue reliance on any of
these forward-looking statements.

CONTACT: Golden Nugget Contacts:
         Rick H. Liem
         Executive Vice President & CFO
         713/850-1010
        
         Steven L. Scheinthal
         Executive Vice President and General Counsel
         713/850-1010
        
         Pinnacle Entertainment Contacts:
         Investor Relations
         Vincent J. Zahn, CFA
         Vice President, Finance and Investor Relations
         702/541-7777 or investors@pnkmail.com
        
         Media Relations
         Kerry Andersen
         Director, Public Relations
         337/395-7631 or kandersen@pnkmail.com

Pinnacle Entertainment, Inc. Logo
 
Press spacebar to pause and continue. Press esc to stop.