LAS VEGAS (AP) — Pinnacle Entertainment Inc. moved to a loss in its fourth quarter, pressured by a write-down and some charges.
The performance fell short of Wall Street’s expectations, and the stock dropped more than 5 percent in Wednesday afternoon trading.
Pinnacle owns and runs seven casinos in Louisiana, Missouri, and Indiana and has a racetrack in Ohio. It is also redeveloping River Downs in Cincinnati into a gaming entertainment facility.
The company lost $42.4 million, or 72 cents per share, for the three months ended Dec. 31. That compares with net income of $25 million, or 40 cents per share, a year earlier.
Stripping out a write-down related to its Asian Coast Development (Canada) Ltd. investment, a charge tied to its St. Louis redevelopment deal and other items, earnings were 3 cents per share.
Analyst polled by FactSet expected earnings of 14 cents per share.
Revenue rose 1 percent to $301.6 million from $275.8 million. Wall Street’ estimate was for $306 million in revenue.
For the year, Pinnacle lost $31.8 million, or 52 cents per share. In the previous year the company lost $2.5 million, or 4 cents per share. Full-year revenue climbed 5 percent to $1.2 billion from $1.14 billion.
The Las Vegas company’s stock declined 82 cents, or 5.2 percent, to $15.05 in afternoon trading. The shares have traded in a 52-week range of $8.89 to $16.97.
