LAS VEGAS, May 24, 2016 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NASDAQ:PNK) (“Pinnacle” or the “Company”) announced today the election of Carlos Ruisanchez to the Company’s Board of Directors, effective May 23, 2016.
James L. Martineau, Chairman of Pinnacle Entertainment’s Board of Directors, commented, “Carlos is an outstanding addition to the Pinnacle Board. His extensive understanding of the financial and operational aspects of the Company, as well as his leadership within Pinnacle, make him uniquely qualified to serve as a director. Additionally, Carlos has provided exceptional vision, advice and execution on the various complex strategic initiatives we have executed over the past few years, most recently the acquisition of Ameristar Casinos and the sale of our real estate to GLPI. Carlos’ broad expertise will be an asset to our Board, provide additional diversity, and fortify its already strong base of technical knowledge and business acumen,” concluded Mr. Martineau.
Mr. Ruisanchez joined Pinnacle in August 2008 as its Executive Vice President, Strategic Planning and Development. He was promoted to Chief Financial Officer in 2011, and named President in 2013. In his current role, Mr. Ruisanchez is responsible for managing the financial and administrative functions of the finance department, including: management of the capital structure, strategic financial planning, accounting, strategic sourcing, bank and financial community relationships, internal and SEC reporting, and internal and industry analysis to support the Company's goals for growth and profitability. He also oversees the Company's overall strategy and development activities, as well as its business and gaming analytics efforts.
Prior to Pinnacle, he worked at the investment banking firm Bear, Stearns & Co., which he joined in 1997 and where he last served as Senior Managing Director responsible for corporate clients in the gaming, lodging and leisure industries, as well as financial sponsor banking relationships.
Pinnacle has a seven member Board of Directors, which includes five independent directors, a variety of functional and industry backgrounds, and race, geographic, gender and generational diversity. The Pinnacle Board consists of: Charles Atwood, Stephen Comer, James Martineau, Desiree Rogers, Carlos Ruisanchez, Anthony Sanfilippo and Jaynie Studenmund.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 15 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
On March 29, 2016, the Company entered into a definitive agreement with a subsidiary of Gaming and Leisure Properties, Inc. to acquire the operations of The Meadows Racetrack and Casino for total consideration of $138.0 million. The transaction is subject to the approvals of the Pennsylvania Gaming Control Board and Pennsylvania Harness Racing Commission, and other customary closing conditions. The transaction is expected to close by the end of the 2016 third quarter.
Cautionary Language Regarding Forward-Looking Statements
All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the Company’s ability to close the transaction for The Meadows Racetrack and Casino and ability to obtain the approvals of the Pennsylvania Gaming Control Board and Pennsylvania Harness Racing Commission are based on management’s current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. There is no assurance that the transaction regarding the Meadows will be completed on any particular timeframe or at all. Accordingly, Pinnacle cautions that the forward-looking statements contained herein are qualified by important factors and uncertainties that could cause actual results to differ materially from those reflected by such statements. Such factors and uncertainties include, but are not limited to those as may be detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Information Statement on Form 10, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.