Pinnacle Entertainment, Inc. 8-K 2006
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Amendment No. 2)
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2006
PINNACLE ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in Its Charter)
Registrants Telephone Number, including area code: (702) 784-7777
(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 (see General Instruction A.2):
Pinnacle Entertainment, Inc. (the Company) is filing this Amendment No. 2 to its Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on September 23, 2005 (the September Form 8-K), as amended by a Current Report on Form 8-K/A filed with the SEC on November 14, 2005 (the November Form 8-K/A), to update certain disclosures included therein under Item 2.06.
As previously reported in the September Form 8-K, on September 23, 2005, the Companys management concluded that the Company would record an impairment charge under generally accepted accounting principles with respect to the casino barge at the Companys Biloxi, Mississippi facility (Casino Magic Biloxi). Casino Magic Biloxi has been closed since being struck by Hurricane Katrina, which destroyed the gaming barge and extensively damaged the hotel complex. At the time the September Form 8-K was filed, the Company was not able to estimate the amount of the impairment charge or the amount of the impairment charge that would result in any future cash expenditures. Then, as reported in the November Form 8-K/A, on November 7, 2005, the Companys management determined that an initial impairment charge of $56.5 million and a corresponding insurance receivable would be recorded in the Companys financial statements for the quarter ended September 30, 2005 for certain property and equipment at Casino Magic Biloxi.
On May 1, 2006, the Companys management determined that an additional impairment charge of $4.9 million would be recorded in the Companys financial statements for the quarter ended March 31, 2006 for certain property and equipment at Casino Magic Biloxi under generally accepted accounting principles. Such amount was included in the quarterly financial results reported by the Company on May 2, 2006. The decision to record an additional impairment charge with respect to Casino Magic Biloxi arose out of the negotiations over the sale price in the proposed sale of the Casino Magic Biloxi assets to Harrahs Entertainment.
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Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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