In preparation for PNK's Q1 earnings release tomorrow, we’ve put together the pertinent forward looking commentary from PNK’s Q4 earnings call.
- "We believe the corporate costs will continue to trend down in 2011."
- "You should expect us to continue to begin to draw down on that increasingly this year as we complete the Baton Rogue construction. That said our Baton Rouge project remains fully financed through existing cash on hand, our revolver and anticipated free cash flow from operations. We do have approximately $319 million of cash construction costs still to fund for the completion of Baton Rogue."
- "Up next are new brand campaigns for L’Auberge and the three Boomtown properties. MyChoice, our guest loyalty program, will be re-launched in April."
- "The fourth quarter corporate would be a better proxy than any of the preceding quarters in the year for that
very reason. We’re hoping for some marginal improvement to that as well."
- "We have sensed a stabilization of our top line experience roughly across our markets."
- [Reno] "We’re going to keep an appropriate level of maintenance at a property. We have a large tract of land that’s for sale there and if we were able to sell the land we would. But we’ve said before if there was an appropriate offer there we’d consider it. But we’re not out shopping it. It is what it is."
- [Discontinued operations] "Atlantic City is in disc ops in particular, probably the largest single component of that but that’s mostly a property tax expense at this point. That’s probably going to accrue up to something. In total you’re probably going to see in the kind of [low] double-digit millions for the year would be my guess."
- "We are right now working on making MyChoice a universal card, meaning it would be recognized and accepted at all Pinnacle properties. We expect the universal card functionality to be fully in place by the end of first quarter 2012, so that would obviously be aligned with Baton Rouge and their opening."
- [L'Auberge gaming mix change] "Now we have a plan that we expect to have completed by the end of the second quarter that will complete the change from a mix standpoint."