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Pinnacle Entertainment Reports Final Results for Notes

LAS VEGAS – (PRESS RELEASE) -- Pinnacle Entertainment, Inc. (NYSE: PNK) announced today that it has accepted and purchased $96,630,000 aggregate principal amount of its 9.25% Senior Subordinated Notes due 2007 ("9.25% Notes") that were tendered in response to its tender offer for up to $97,000,000 aggregate principal amount of 9.25% Notes. The tender offer expired at 8:00 a.m., New York City time, on December 20, 2004.

Tendering holders were paid an aggregate of approximately $102,170,000, representing $1,025.17 per $1,000 principal amount of purchased 9.25% Notes plus accrued interest. Following consummation of the tender offer, $65,370,000 in aggregate principal amount of the 9.25% Notes remain outstanding. Bear, Stearns & Co. Inc. and Lehman Brothers Inc. acted as the dealer managers for the tender offer.

The Company used net proceeds from its recently completed issuance of $100,000,000 in aggregate principal amount of additional 8.25% Senior Subordinated Notes due 2012 ("8.25% Notes") to fund the purchase of the 9.25% Notes in the tender offer.

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