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Pinnacle Entertainment Announces Notes Offer

LAS VEGAS – (Press Release) --Pinnacle Entertainment, Inc. (NYSE: PNK) announced that it (the "Company") commenced a cash tender offer yesterday for all of the $125 million outstanding principal amount of its 9.5% Senior Subordinated Notes due 2007 (the "Notes"). The CUSIP number for the Notes is 43625PAB5. The consideration to be paid for validly tendered

Notes will be equal to either $1,023.75 per $1,000 principal amount of such Notes plus accrued interest (the "Total Consideration"), which includes an early tender premium of $20.00 per $1,000 principal amount of Notes, payable for Notes tendered on or prior to the early tender date; or $1,003.75 per $1,000 principal amount of such Notes plus accrued interest (the "Purchase Price"), for Notes tendered after the early tender date and on or prior to the expiration date. The early tender date, as well as the withdrawal date (the date and time after which tenders of Notes may not be withdrawn), is 5:00 p.m., New York City time, on Friday, September 19, 2003. The

Company intends to fund the tender offer through a debt financing of approximately $130 million.

The tender offer will expire at 12:00 midnight, New York City time, on Friday, October 3, 2003, unless extended or earlier terminated. Holders whose Notes are validly tendered and accepted for purchase will be paid, as part of the Total Consideration or the Purchase Price for such tendered Notes, as applicable, accrued and unpaid interest to, but not including, the payment date.

The Company's obligation to accept Notes tendered and to pay the purchase price is subject to a number of conditions which are set forth in the Offer to Purchase, dated September 8, 2003, and Letter of Transmittal for the tender offer, including the completion of the proposed debt financing.

Following completion of the proposed debt financing, the Company currently intends to exercise its right to redeem all Notes not tendered and purchased in the tender offer. The Notes are currently redeemable at $1,023.75 per $1,000 principal amount of such Notes, plus accrued interest to the redemption date. This press release does not constitute a notice of redemption.

Any subsequent redemption will be done in accordance with the terms of the indenture governing the Notes.

Bear, Stearns & Co. Inc. ("Bear Stearns") has been retained as the sole dealer manager for the tender offer. Questions concerning the terms of the tender offer should be directed to Bear Stearns, Global Liability Management Group, at (877) 696-2327 (toll-free). The Bank of New York is the depositary agent in connection with the tender offer. D.F. King & Co., Inc. is the information agent for the tender offer. Requests for copies of the Offer to Purchase and Letter of Transmittal may be obtained from the information agent at (800) 758-5378.

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase and Letter of Transmittal that has been mailed to holders of the Notes. Holders of the Notes are urged to read the tender offer documents carefully because they contain important information.

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