Pinnacle Entertainment, Inc.
announced that it has signed a letter of intent to sublease premises from
Emerald Bay Resort Hotel Limited, a Bahamian corporation, to operate a
casino adjacent to the Four Seasons Resort Great Exuma at Emerald Bay in
the Bahamas. The casino will be approximately 5,000-square-feet in size
and require an investment of approximately $5 million. The casino is
expected to open in late 2005, contingent upon the Company receiving
approvals from governmental authorities in the Bahamas, including the
Hotel Corporation of the Bahamas and the Gaming Board of the Bahamas, and
execution of a final lease agreement. The adjoining Four Seasons Resort Great Exuma at Emerald Bay opened in
Fall 2003 and quickly received critical acclaim. The intimate 183-room
resort features an oceanside championship golf course designed by Greg
Norman and is set on 470 pristine acres, surrounded by tranquil turquoise
waters and mile- long, powdery white sand beach. The resort was included
on Conde Nast Traveler’s eighth annual “Hot List,” which recognizes the
top new hotels around the world.

“We are excited to add a luxury casino in the Bahamas to our expanding
gaming portfolio,” said Daniel R. Lee, Chairman and CEO of Pinnacle
Entertainment. “As Four Seasons Resort Great Exuma is currently
operational and the shell of the casino is complete, the timeline to
opening of our casino should be relatively short.”
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