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Casino Operator Buying Back Stock

In August 1998, the company announced a repurchase program of up to 20 percent of its common stock outstanding.

As of Dec. 31 there were 26.4 million shares outstanding -- some 800,000 shares had been repurchased.

Last month, a deal fell apart in which Colony Capital of Los Angeles, owner of Harveys Casinos Resorts of Lake Tahoe, was going to buy Pinnacle for $1.3 billion. The deal was canceled after the junk bond market rejected Colony's bond issuance to finance part of the deal.

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