Pinnacle Entertainment says it spent just over $1 million in the first quarter on its proposed south Baton Rouge casino resort. In a quarterly filing, the Las Vegas-based gambling company says the spending reflects pre-opening and development costs. Pinnacle plans to build a $250 million casino on River Road, but the company has twice asked the Louisiana Gaming Control Board for delays on the project to allow the credit markets to loosen up. The board granted a 150-day extension earlier this week; Pinnacle says it might ask for another extension if the markets don’t improve.
Pinnacle’s revenues were up 4.8%, to $269 million. The L’Auberge du Lac casino resort in Lake Charles brought in nearly $88.4 million, an 8.7% increase over 2008. The company reported $900,000 in net income in the first quarter, or 2 cents a share, compared with $5.1 million in net income for the first quarter of 2008. Last year’s figures were boosted by a $20.8 million insurance settlement related to Hurricane Katrina.
