Pinnacle Approved for Purchase of President Casino-St. Louis

LAS VEGAS -- Pinnacle Entertainment, Inc. has announced that it has gained approval for its purchase of the President Casino St. Louis Riverfront in United States Bankruptcy Court for the Eastern District
The President Casino St. Louis Riverfront may be sold to Pinnacle.  of Missouri in St. Louis.

Pinnacle previously announced that it had entered into an agreement with President Casinos, Inc. to purchase all of the outstanding capital stock of President Riverboat Casino-Missouri, Inc., which does business as President Casino St. Louis Riverfront, for approximately $31.5 million. The approval of this purchase agreement by the U.S. Bankruptcy Court will also require licensing approval by the Missouri Gaming Commission and final approval of the debtors' bankruptcy plan by the court. The purchase agreement between Pinnacle and President Casinos is expected to close in the second half of 2006.

Located on the Mississippi River in downtown St. Louis, Missouri, the President Casino St. Louis Riverfront houses approximately 1,025 slot machines and 30 table games and is operating under the protection of federal bankruptcy law. It is located within walking distance of the Laclede's Landing historic district and Pinnacle's $350 million project in downtown St. Louis, which is currently under construction and will include a casino with approximately 2,000 slot machines, a 200-guestroom luxury hotel and spa, several restaurants, and 12,000 square feet of meeting and convention space. This additional purchase further demonstrates Pinnacle's commitment to the St. Louis market and to the revitalization of downtown St. Louis.