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Howard Stutz
 

Pinnacle CFO announces resignation Friday

4 March 2011

LAS VEGAS, Nevada -- The chief financial officer of Pinnacle Entertainment announced his resignation this morning and the regional casino operator said it would have a new person in place by March 31.

In a statement, Las Vegas-based Pinnacle said Stephen Capp had resigned to pursue new opportunities. Capp will remain in his current position until the end of the month.

Capp, who also serves as executive vice president, has been at Pinnacle for eight years.

Analysts told investors they didn't believe there were any internal problems that led to Capp's departure.

"We are somewhat surprised by today's announcement as we feel Mr. Capp has been instrumental in overhauling the company's corporate cost structure, in turn delivering improved bottom line results in the face of persistent macro pressures," said Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski.

Pinnacle Chief Executive Officer Anthony Sanfilippo took over the company a year ago.

"His team will drive increased operating efficiencies, allocate capital prudently and sell non-core businesses," said JP Morgan gaming analyst Joe Greff.

Pinnacle operates seven casinos in Louisiana, Missouri, Indiana and Nevada. It also has a racetrack in Ohio. The company is developing a casino in Baton Rouge, La., that is scheduled to open in the first quarter of 2012.
Pinnacle CFO announces resignation Friday is republished from CasinoVendors.com.