Las Vegas-based Pinnacle Entertainment Inc. reported a first-quarter profit of $19.1 million, or 31 cents per share, compared to a loss of $85.4 million, or $1.46 per share, a year ago.
The company benefited from an 11.8 percent increase in revenue to $199.9 million in its South segment, and that segment was driven by strong revenue and cash flow performance at the Company’s L’Auberge Lake Charles and L’Auberge Baton Rouge properties. The company said its Baton Rouge property delivered strong results, thanks to cost and marketing efficiencies and revenue growth.
Pinnacle’s adjusted net income was $27 million, or 44 cents per share, compared to $10.3 million, or 18 cents per share. Those results include $5.1 million reduction in the value of Ameristar Casinos’ player lists. The lists include detailed information on the casinos’ top-level gamblers. Pinnacle acquired Ameristar in 2013 in a deal valued at $2.8 billion, including debt
Under the adjusted results, Pinnacle beat stock analysts’ forecast. Analysts surveyed by Thomson Reuters expected a profit of 41 cents per share.