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Pinnacle Entertainment Reports Closing of Stock

LAS VEGAS – (PRESS RELEASE) -- Pinnacle Entertainment, Inc. (NYSE: PNK) announced today the closing of its previously announced public offering of 4.6 million newly issued shares of common stock at $18.25 per share.

The offering resulted in gross proceeds to the Company of approximately $84 million before underwriting discounts and commission and other expenses. This amount includes the 600,000 shares the underwriters elected to purchase pursuant to the exercise of their option to purchase additional shares.

Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers of the offering. In addition, Bear, Stearns & Co. Inc. acted as joint lead manager of the offering.

Copies of the final prospectus supplement relating to the offering may be obtained by written request to Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717 or email request to sabrina_neat@adp.com or monica_castillo@adp.com, or by oral or written request to Linda Wegmann, Deutsche Bank Securities, 1251 Avenue of the Americas, Floor 25, New York, NY 10020, (212) 474-7392.

The shares were offered pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy common stock nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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