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Pinnacle Unveils Philadelphia Development Plan

LAS VEGAS – (PRESS RELEASE) -- Pinnacle Entertainment, Inc. (NYSE: PNK) today unveiled a dramatic conceptual plan for the casino entertainment center it intends to build on the Delaware Riverfront in Philadelphia, subject to selection and licensing by the Pennsylvania Gaming Control Board (PGCB).

Pinnacle is one of five applicants for the two Category Two casino licenses that the board has indicated it will grant in Philadelphia. The Company's plan includes the conversion of a large existing building into a temporary casino that would deliver jobs, tax revenues and other economic and financial benefits to the Commonwealth of Pennsylvania and the City of Philadelphia within six months of licensing. Pinnacle will present its plan today during the PGCB's public input hearing.

"Our comprehensive design and building plan will make our facility a signature addition to the cityscape, the image, and the diversity of activities of Philadelphia," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer. "We intend to create an urban resort that embraces the Delaware River, honors its importance to the city, and orients the heart of the project toward the river's edge."

With a site design plan created by Pinnacle in conjunction with world-renowned architecture and urban planning firm The Jerde Partnership led by Jon Jerde, Pinnacle envisions bringing the city back to the river by opening its expansive 33-acre riverfront location to the public and to the Fishtown/Northern Liberties communities of Philadelphia.

"The plan celebrates and connects the industrial and maritime history of the city with the new urban space," Lee said. "We will create an exciting contemporary entertainment center that will enhance Philadelphia's status as one of America's great cities."

The first phase of the development, which is expected to cost between $300 million and $400 million, includes the creation of a single-level, 80,000-square-foot casino with 3,000 slot machines; 3,000 parking spaces; five restaurants and a food court; a multiplex movie theatre; an expansive, outdoor, waterfront reflection pool that becomes an ice skating rink in the winter; and 36,000 square feet of retail and entertainment outlets.

In a second phase, Lee continued, the Company could expand the casino to 130,000 square feet to accommodate a total of 5,000 slot machines, expand parking to 5,000 vehicles, and add restaurants, retail and entertainment outlets. In a third phase, Pinnacle envisions a 500-room hotel tower, a residential and office tower, and the further addition of restaurants, retail and entertainment outlets. Pinnacle currently estimates the second and third phases, whose development would hinge on the success of the first phase, would cost approximately $150 million and $250 million, respectively.

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