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Pinnacle Entertainment Selected by Missouri Commission

LAS VEGAS – (PRESS RELEASE) -- Pinnacle Entertainment, Inc. (NYSE: PNK) announced today that it has been selected by the Missouri Gaming Commission for priority investigation in connection with the Company's two casino and related development proposals for St. Louis City and County. The Commission's selection of Pinnacle followed the Company's selection by the City and County of St. Louis in competitive bid processes.

"With this selection, we will now accelerate the design process necessary to transform our concept drawings into reality. Barring any unforeseen complications in the investigation and development process, we would be eligible to receive our gaming licenses immediately prior to each property's opening, as is customary in most gaming jurisdictions," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "We have been pleased by the strong local support of both of our projects and the methodical and thorough selection processes at the City, County and State level."

For both of these casino projects, it is anticipated that construction will begin shortly after the Company receives all necessary building and land-use approvals. The Company hopes to receive such approvals for the City casino by Spring 2005, with an expected opening date approximately 18 months thereafter. For the County project, the Company expects to also begin site work in 2005 and open the facility in 2007.

The Company has proposed a $208 million downtown project in the City of St. Louis, including a 75,000-square-foot, 2,000 slot casino; a luxury hotel; retail space; and a large parking structure. As part of the agreement with the City, Pinnacle also intends to build (potentially with one or more development partners) an additional $50 million of residential housing, retail, or mixed-use developments in the City within five years of the opening of the casino and hotel.

In St. Louis County, Pinnacle has proposed a $300 million gaming and mixed-use project in the community of Lemay, located approximately 10 miles south of downtown St. Louis. The proposed development will be situated on approximately 56 acres of land leased from the St. Louis County Port Authority and will include a 90,000-square-foot, 3,000-slot casino; a 100-guestroom hotel; and extensive retail and entertainment space. An additional 24 acres will be developed into a public park and will include community and recreational facilities to be constructed by the Company. Because the County project requires extensive remediation of the former industrial site as well as construction of a new road and flood control measures, the company estimates that construction will take approximately one year longer than will be required for the City project.

"We are very appreciative of the confidence placed in our company by the Missouri Gaming Commission, as well as by the selection committees and governing bodies of both the City of St. Louis and St. Louis County," added Lee. "We intend to build facilities that will complement these communities and make each of the many people involved in this process proud that they selected Pinnacle."

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