UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 2016
PINNACLE ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001- 37666 | 47-4668380 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3980 Howard Hughes Parkway, Las Vegas, Nevada |
89169 | |
(Address of principal executive offices) | (Zip Code) |
Registrants Telephone Number, including area code: (702) 541-7777
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
On August 15, 2016, Pinnacle Entertainment, Inc. (the Company) issued a press release announcing that the Companys Board of Directors has authorized a new share repurchase program to purchase up to $50 million of the Companys common stock. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description | |
Exhibit 99.1 | Press Release dated August 15, 2016, issued by Pinnacle Entertainment, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PINNACLE ENTERTAINMENT, INC.
(Registrant) | ||||||
Date: August 15, 2016 |
By: | /s/ Elliot D. Hoops | ||||
Elliot D. Hoops | ||||||
Vice President and Legal Counsel |
INDEX TO EXHIBITS
Exhibit No. |
Description | |
Exhibit 99.1 | Press Release dated August 15, 2016, issued by Pinnacle Entertainment, Inc. |
Exhibit 99.1
PINNACLE ENTERTAINMENT ANNOUNCES NEW $50 MILLION STOCK
REPURCHASE PROGRAM
LAS VEGAS, NV, August 15, 2016 Pinnacle Entertainment, Inc. (NASDAQ: PNK) (Pinnacle or the Company) announced today that its Board of Directors has authorized a new $50 million stock repurchase program. The Company intends to fund any share repurchases under the new program without increasing its conventional debt leverage profile.
In May 2016, the Companys Board of Directors approved an initial $50 million stock repurchase program. As previously disclosed, the Company completed buybacks under this prior authorization by repurchasing 4.53 million shares of its common stock for $50 million or $11.05 per share through July 2016. The Companys shares of common stock outstanding as of August 11, 2016 were approximately 57.1 million, a reduction of approximately 7.4% as a result of the share repurchases under the initial program.
# # #
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 in September 2016.
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 Companys share repurchase authorization and timing and ability to repurchase shares of the Companys common stock under a share repurchase program and the Companys ability to close the transaction for The Meadows Racetrack and Casino and obtain the approvals of the Pennsylvania Gaming Control Board and Pennsylvania Harness Racing Commission are based on managements current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. 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, (a) fluctuations in the trading volume and market price of shares of the Companys common stock, general business and market conditions and managements determination of alternative needs and uses of the Companys cash resources may affect the Companys share repurchase program; (b) the transaction regarding the Meadows may not be completed on any particular timeframe or at all; and (c) other risks as may be detailed from time to time in the Companys filings with the Securities and Exchange Commission (SEC). For more information on the potential factors that could affect the Companys financial results and business, review the Companys 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.
Investor Relations & Financial Media
Vincent J. Zahn, CFA
Vice President & Treasurer
investors@pnkmail.com
(702) 541-7777
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