Pinnacle Entertainment comments on Schedule 13D filing from Orange Capital

“Pinnacle values the views of its shareholders and regularly engages in a dialogue with its shareholders to solicit feedback on its strategy and performance with the goal of enhancing value. The Board of Directors and management team of the company regularly review its strategic priorities and opportunities, and assess a variety of value creating options,” the firm said.

The company is committed to driving value for all Pinnacle shareholders and will continue to take actions and review all strategies to achieve this important objective. An example of this is the acquisition of Ameristar Casinos in 2013, said Pinnacle. “As a result of this accretive transaction, we doubled the size of the company, realized meaningful cost synergies, and significantly enhanced our scale and geographic diversification. We now have the largest owned portfolio of premium gaming entertainment properties in the U.S., which spans nine states and 13 regional markets.”

“Since announcing the Ameristar transaction, Pinnacle's share price has increased in value by approximately 65%. Since completing the transaction, we have reduced our leverage through the repayment of more than us$600 million of term loans. We are focused on executing the integration of Ameristar and on maximizing the cost and revenue synergies, cash flow and value created by this transformative combination,” added the firm.

Pinnacle's Board and management team said that it will continue to assess opportunities to thoughtfully grow the company, enhance its capital structure, improve its strategic direction, and operate under the most efficient corporate structure. “We look forward to continuing to discuss these important topics with shareholders,” it concluded.