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Friday, August 25, 2006

Pinnacle Extends Note Offer

 

Pinnacle Entertainment, Inc. announced today that it has extended the expiration date of its offer to purchase any and all of the outstanding 12% Notes due 2001 (Cusip No. 740822AA9) and 13% Senior Exchange Notes due 2001 (Cusip No. 740848AF3) issued by President Casinos, Inc. (collectively, the "Notes") until 8:00 a.m., New York City time, on August 30, 2006. The previously-scheduled expiration date was 8:00 a.m., New York City time, on August 23, 2006. Subject to the satisfaction of the remaining tender offer conditions, the Company will accept and purchase any Notes validly tendered on or prior to the extended expiration date. The terms and conditions of the tender offer for the Notes are more particularly described in the Company's Offer to Purchase dated July 19, 2006. As of August 22, 2006, approximately $74.2 million, or about 98.9% of the outstanding original principal amount of the Notes, has been tendered. Of this amount, the Company has already purchased $74.1 million in original Notes validly tendered prior to or on August 15, 2006. The Company is offering to purchase Notes at a purchase price of $809.07 per $1,000.00 of original principal amount of the Notes. HSBC Bank USA, National Association, is the depositary agent in connection with the Tender Offer. D.F. King & Co., Inc. is the information agent for the Tender Offer. Requests for copies of the Offer to Purchase and Letter of Transmittal should be directed to the information agent at (800) 967-7635.

This announcement is not an offer to purchase or a solicitation of an offer to sell with respect to any Notes. The Tender Offer is being made solely by the Offer to Purchase dated July 19, 2006, which sets forth the complete terms and conditions of the Tender Offer. The Offer to Purchase and related Letter of Transmittal have been mailed to holders of the Notes. Holders of the Notes are urged to read the Tender Offer documents carefully because they contain important information.

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