Pinnacle Entertainment’s net revenue has improved since 2016 thanks largely to a strong performance from The Meadows Racetrack and Casino in the US, which the company operates.
Net revenues were US$640m, an increase of $60m or 10.3 per cent year over year. Net revenues included $69.2m from The Meadows. Consolidated adjusted EBITDA was $174.9m, an increase of $2.5m or 1.5 per cent year over year.
Anthony Sanfilippo, chief executive officer of Pinnacle Entertainment, said: “The key indicators of our regional gaming markets are steadily improving and we are carrying significant positive momentum in 2017.
“Our 2017 first quarter same-store financial results were adversely impacted by low table games hold percentage, principally at L'Auberge Lake Charles and Ameristar East Chicago, as well as by an out-of-period adjustment that reduced the net revenues and adjusted EBITDA of Ameristar Kansas City. In aggregate, we estimate these factors had an unfavourable impact of $9.2m on same-store consolidated adjusted EBITDA, relative to the prior year period.
"Additionally, The Meadows experienced low table games hold percentage. Adjusting for these factors reveals a growing company and encouraging momentum, with our portfolio of businesses producing its third consecutive quarter of same-store year over year net revenue growth.”