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LAS VEGAS, Feb. 15, 2012 /PRNewswire via COMTEX/ –
Pinnacle Entertainment, Inc.

/quotes/zigman/255912/quotes/nls/pnk PNK
+5.47%

today reported financial results for the fourth quarter and full year ended December 31, 2011, as summarized in the table below. In the 2011 fourth quarter, revenues increased 3.8% or $10.1 million year over year to $275.8 million. Consolidated Adjusted EBITDA(1) increased 22.9% or $11.6 million year over year to $62.2 million. Consolidated Adjusted EBITDA included $0.8 million of severance and relocation costs in the current year period and $2.8 million in the prior year period. Fourth quarter performance was driven by Adjusted EBITDA(1) growth at the Company’s St. Louis, L’Auberge Lake Charles, Boomtown Bossier City and Belterra properties, as well as significant corporate overhead expense reductions. Operating income increased $18.4 million or 98.6% year over year to $37.1 million in the 2011 fourth quarter. Income from continuing operations was $17.7 million in the 2011 fourth quarter, a significant improvement from a loss of $(3.5) million in the prior year period.

For the full year 2011, revenues increased $82.6 million or 7.8% year over year to $1,141.2 million. Consolidated Adjusted EBITDA increased $38.5 million or 18.0% year over year to $252.1 million in 2011, including $11.0 million of severance charges and non-recurring mychoice program re-launch costs. The prior year included $6.1 million of severance and relocation expenses. For the full year 2011, operating income increased $76.4 million or 146.5% year over year to $128.6 million. Income from continuing operations increased $71.0 million year over year to $30.2 million from a loss of $(40.8) million in the prior year period.

Summary of 4Q 2011 and Full Year Results
———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
($ in thousands, except per share data) Three Months Ended Year Ended
December 31, December 31,
—————————————————————————————————————————————— ——————————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
2011 2010 2011 2010
—————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Net revenues $ 275,785 $ 265,732 $ 1,141,198 $ 1,058,568
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Consolidated Adjusted EBITDA (1) $ 62,237 $ 50,658 $ 252,129 $ 213,633
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Consolidated Adjusted EBITDA margin (1) 22.6% 19.1% 22.1% 20.2%
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Income (loss) from continuing operations $ 17,689 $ (3,465) $ 30,196 $ (40,841)
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Income (loss) from continuing operations margin 6.4% (1.3)% 2.6% (3.9)%
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Operating income (2) $ 37,071 $ 18,663 $ 128,610 $ 52,185
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
GAAP net income (loss) (3) $ 24,968 $ (10,083) $ (2,539) $ (23,419)
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Diluted net income (loss) per share (3) $ 0.40 $ (0.16) $ (0.04) $ (0.38)
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
Adjusted income (loss) per share (4) $ 0.26 $ (0.03) $ 0.61 $ (0.21)
—————————————————————————————————————————————— —————— ————- —————- ———————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
(1) For a further description of Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin, please see the section entitled “Non-GAAP Financial Measures” and the reconciliations below.
(2) Operating income for the three and twelve months ended December 31, 2011 includes total impairments, write-downs and reserves, net of any recoveries, resulting in income of $3.8 million and a loss of $1.2 million, respectively. Operating income for the three and twelve months ended December 31, 2010 includes similar items totaling $4.2 million and $31.8 million, respectively.
(3) GAAP net income and diluted net income per share in the 2011 fourth quarter and full-year periods include income of $7.3 million, or $0.12 per share, net of taxes, and loss of $(32.7) million, or $(0.52) per share, net of taxes, respectively, from discontinued operations, as described below. For the 2010 fourth quarter, the loss from discontinued operations, net of taxes, was $(6.6) million, or $(0.11) per share, while for the full year 2010 income from discontinued operations, net of taxes, was $17.4 million, or $0.29 per share, respectively. For a further description of Adjusted net income (loss) per share, please see the section entitled “Non-GAAP Financial Measures” below.
(4) For a further description of Adjusted net income (loss) per share, please see the section entitled “Non-GAAP Financial Measures” and the reconciliations below.

Anthony Sanfilippo, president and chief executive officer of Pinnacle Entertainment, commented, "In 2011, our team at Pinnacle established a solid foundation of operating excellence. We made significant strides in implementing revenue growth and operational improvement initiatives across the portfolio, with the re-launched mychoice guest loyalty program gaining significant traction and non-value added expenses reduced across the enterprise. As we expected, 2011 was a breakout year for Pinnacle, with the Company achieving records in total revenue and Consolidated Adjusted EBITDA. In addition, our two largest operating segments, L'Auberge Lake Charles and St. Louis, produced record Adjusted EBITDA.

"Pinnacle finished 2011 on a strong note, and we entered 2012 with significant momentum. During the fourth quarter we increased Consolidated Adjusted EBITDA 22.9% year over year through a combination of profitable revenue growth and reductions in our cost structure. As a result, our Consolidated Adjusted EBITDA margin expanded 350 basis points year over year in the fourth quarter.

"As we move further into 2012, we look to build on our record 2011 performance and remain focused on driving shareholder value. Through the evolution of our mychoice program, additional capabilities within our technology infrastructure, incremental cost efficiencies throughout the enterprise, and execution of projects in our growth pipeline, we believe 2012 will be another year of significant growth for our Company."

Fourth Quarter and 2011 Operating Results Demonstrate Significant Improvement

Fourth quarter revenue and Consolidated Adjusted EBITDA growth was primarily driven by the continued solid performance of the Company's St. Louis segment, which consists of River City Casino, Lumiere Place and Four Seasons Hotel & Spa. Operational improvements at L'Auberge Lake Charles, Belterra and Boomtown Bossier City properties, as well as a significant reduction in corporate overhead, also contributed to the results.

The St. Louis segment continued to ramp up during the fourth quarter, with further maturation of River City and expense discipline across both properties. Revenues for the 2011 fourth quarter improved 6.9% to $93.6 million. Adjusted EBITDA rose 50.0% or $7.8 million year over year to $23.3 million. Adjusted EBITDA margin in the St. Louis segment increased 715 basis points year over year to 24.9% in the fourth quarter. For the full year 2011, St. Louis revenues increased 13.3% to $382.0 million and Adjusted EBITDA was a record $86.5 million, up 38.9% year over year.

Belterra's fourth quarter 2011 revenues increased 3.3% to $37.4 million, and Adjusted EBITDA increased 5.2% year over year to $6.6 million. Adjusted EBITDA margin increased 33 basis points year over year to 17.8%. Revenues for the full year 2011 improved 1.8% to $154.8 million, while Adjusted EBITDA declined 4.7% to $28.6 million.

L'Auberge Lake Charles fourth quarter 2011 revenues increased 8.7% year over year to $92.3 million, and Adjusted EBITDA increased 6.4% year over year to $24.4 million. Adjusted EBITDA margin at the property declined 58 basis points year over year in the 2011 fourth quarter to 26.4%. For the full year 2011, L'Auberge Lake Charles revenues increased 9.8% to $375.4 million and Adjusted EBITDA was a record $103.9 million, up $11.0 million or 11.8% year over year.

On L'Auberge Lake Charles' results, Mr. Sanfilippo commented, "The fourth quarter capped a record year for L'Auberge Lake Charles. We intend to continue investing in this valuable asset to optimize the property and to drive further profitable revenue growth. L'Auberge Lake Charles' fourth quarter 2011 performance is impressive considering the disruption from the casino floor improvements made during the quarter. We completed the replacement of all casino carpeting and slot bases and renovated the property's high limit slot and table game areas to better accommodate L'Auberge Lake Charles' higher end guests. As a result of these projects, the property's average slot count was reduced by 203 units or 12.7% during the fourth quarter, including a closure of the high limit slot room for 70 days. Additional operating expenses were incurred in an effort to minimize the impact of the casino floor refresh program on guest experience."

Boomtown New Orleans revenues declined 13.3% year over year to $31.1 million in the 2011 fourth quarter, and Adjusted EBITDA declined 12.5% to $10.7 million. Adjusted EBITDA margin at the property was up 30 basis points year over year to 34.4% in the 2011 fourth quarter. Revenues for the full year 2011 declined 3.9% year over year, while Adjusted EBITDA rose 2.3% to $44.9 million. Adjusted EBITDA margin increased 206 basis points year over year to 33.6% in 2011.

On Boomtown New Orleans performance, Mr. Sanfilippo added, "In the fourth quarter of 2011, Boomtown New Orleans began to face difficult comparisons due to elevated local economic activity created by the Deep Horizon oil spill cleanup and recovery efforts late last year. We have made significant strides containing costs to mitigate the effects of changing market dynamics in New Orleans, but we recognize additional efforts are needed to drive profitable revenue increases at Boomtown."

Corporate overhead expenses declined $3.8 million or 37.4% year over year to $6.4 million in the 2011 fourth quarter. For the full year 2011, corporate overhead expenses declined $7.2 million or 20.3% year over year to $28.5 million. In the fourth quarter and full year 2011, corporate overhead expense reductions were driven by efforts to eliminate non-value added expenses at the Company's Las Vegas headquarters, as well as a ramp up of cost savings related to the Company's shared service center supporting our properties in the Midwest and Louisiana.

Development Pipeline Update

Carlos Ruisanchez, executive vice president and chief financial officer of Pinnacle Entertainment, commented, "2011 was a noteworthy year for Pinnacle, as we had across the board improvements in our operating results, cash flow generation, development pipeline and capital structure. We expect that 2012 could be another milestone year for the Company given the opportunities that remain to drive growth in our existing asset portfolio and with several pipeline projects reaching or nearing completion.

"In the first quarter of 2012 we will begin the first phase of an $82 million expansion at River City by commencing construction on a 1,700 space covered parking garage. A comprehensive plan will be implemented to minimize disruption to the property during construction of this first phase. Construction of the second phase, comprising of a 200-room hotel tower and a multi-purpose event center, will commence at the end of 2012 and is scheduled for completion in late-2013.

"Later this year, we will realize a major growth milestone with the opening of L'Auberge Baton Rouge by Labor Day 2012. Construction at the site is progressing rapidly and the project remains on budget. The project will be another best-in-class property within our portfolio and the Baton Rouge market when it opens.

"In Ohio, we continue to view River Downs as a significant growth opportunity for the company. We are preparing to develop River Downs, pending final completion of the regulatory structure to operate video lottery terminals at our facility and resolution of a legal challenge in the state.

"Finally, construction on the Ho Tram Strip project in Vietnam by Asian Coast Development (Canada) Ltd., in which the Company acquired a 26% ownership stake in August 2011, also continues to make significant progress. The first phase of the development, the MGM Grand Ho Tram, is scheduled to open by the end of the first quarter of 2013."

Additional Recent Developments

In December 2011, Pinnacle reached an agreement with the Madison House Group to terminate its lease obligations in Atlantic City.

In December 2011, Pinnacle reached a settlement on property tax appeals with the City of Atlantic City. As part of the settlement, the assessed value of the Company's land in Atlantic City has been reduced on a go forward basis. In addition, the Company expects to receive a cash refund of $8.2 million by the end of the first quarter of 2012.

The Company remains on track to close the previously announced sale of its Boomtown Reno casino-resort operations by mid-2012. The casino-resort buyers also have a one year option to purchase 100% of the Company's membership interest in the current gaming licensee, PNK (Reno), LLC, and additional land adjacent to Boomtown Reno. The Company no longer expects to close on a separate transaction to sell other excess land adjacent to the casino-resort facility. The Company will continue to market the remaining excess land.

During the first quarter of 2012, the Company committed to invest $2.0 million in Farmworks, a land re-utilization project in Downtown St. Louis. Pinnacle will receive credit for approximately $10 million towards its obligation to invest $50 million in St. Louis as a result of this transaction.

In October 2011, the Company entered into a settlement with the Port of Lake Charles whereby the Company swapped land parcels and will receive $2.5 million of credits on its L'Auberge Lake Charles property rent payments. The Company recorded a gain of $3.2 million in its 2011 fourth quarter operating results related to this settlement. This gain is reflected in write-downs, reserves, and recoveries.

Liquidity and Capital Expenditures

At December 31, 2011, the Company had approximately $78.6 million in cash and cash equivalents, an estimated $65 million of which is used in day-to-day operations. As of December 31, 2011, $56 million of the Company's $410.0 million credit facility was drawn and approximately $11.1 million of letters of credit were outstanding.

Capital expenditures totaled $42.3 million during the fourth quarter of 2011, including $27.3 million related to construction of L'Auberge Baton Rouge. Capital expenditures totaled $153.0 million during the full year 2011, including $96.9 million related to construction of L'Auberge Baton Rouge. Through December 31, 2011, the Company has incurred $155.5 million of the $368 million budget for L'Auberge Baton Rouge, excluding land cost and capitalized interest.

During 2012, the Company expects to spend between $50.0 million to $70.0 million on capital expenditures associated with its existing operating properties and corporate initiatives. The upper bound of this range is dependent upon the evaluation and pursuit of staged hotel room refresh programs and the renovation of certain food and beverage outlets across the portfolio. The Company expects to incur between $230.0 million to $240.0 million on expansion capital expenditures during 2012, comprised of L'Auberge Baton Rouge and River City expansion.

Interest Expense

Gross interest expense before capitalized interest was $24.8 million in the 2011 fourth quarter versus $27.2 million in the prior-year period. Capitalized interest in the 2011 fourth quarter, related to the Company's L'Auberge Baton Rouge growth project and ACDL investment, was $5.1 million. There was minimal capitalized interest in the prior year period.

Discontinued Operations

Discontinued operations consist of the Company's Atlantic City, New Jersey and Boomtown Reno operations, which are being marketed for sale or under contract; its former President Riverboat Casino in St. Louis, Missouri; its former Casino Magic Argentina operations; its former Casino Magic Biloxi, Mississippi operations; and its former Bahamian operations. For the three months ended December 31, 2011, Pinnacle recorded income of $7.3 million, net of income taxes, related to its discontinued operations.

Investor Conference Call

Pinnacle will hold a conference call for investors today, Wednesday, February 15, 2012, at 10:00 a.m. ET (7:00 a.m. PT) to discuss its 2011 fourth quarter and twelve-month financial and operating results. Investors may listen to the call by dialing (888) 792-8395 or, for international callers, (706) 679-7241. The code to access the conference call is 41898897. Investors may also listen to the conference call live over the Internet at
www.pnkinc.com .

A replay of the conference call will be available shortly after the conclusion of the call through February 29, 2012 by dialing (855) 859-2056 or, for international callers, (404) 537-3406. The code to access the replay is 41898897. The conference call will also be available for replay at
www.pnkinc.com .

(1) Non-GAAP Financial Measures

Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA margin, Adjusted net income (loss), and Adjusted net income (loss) per share are non-GAAP measurements. The Company defines Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, minority interest and discontinued operations. The Company defines Adjusted net income (loss) as net income (loss) before pre-opening and development expenses, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, minority interest and discontinued operations. The Company defines Adjusted net income (loss) per share as net income (loss) before pre-opening and development expenses, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, minority interest and discontinued operations divided by the number of shares of the Company's common stock outstanding. The Company defines Consolidated Adjusted EBITDA margin as Consolidated Adjusted EBITDA divided by revenues on a consolidated basis. Not all of the aforementioned benefits and costs occur in each reporting period, but have been included in the definition based on historical activity.

The Company uses Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin as relevant and useful measures to compare operating results between accounting periods. The presentation of Consolidated Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of its business and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated from the substantial, non-operational depreciation charges and financing costs of such projects. Management eliminates the results from discontinued operations as they are discontinued. Management also reviews pre-opening and development expenses separately, as such expenses are also included in total project costs when assessing budgets and project returns, and because such costs relate to anticipated future revenues and income. Consolidated Adjusted EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using other comparative measures to assist in the evaluation of operating performance. Management believes that Consolidated Adjusted EBITDA is a useful measure for investors because it is an indicator of the strength and performance of ongoing business operations, including our ability to service debt and fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value of companies within our industry. In addition, the Company's credit facility and bond indentures require compliance with financial measures similar to Consolidated Adjusted EBITDA.

Adjusted net income (loss) is presented solely as supplemental disclosure, as this is one method that management reviews and uses to analyze the performance of its core operating business. For many of the same reasons mentioned above relating to Consolidated Adjusted EBITDA, management believes Adjusted net income (loss) and Adjusted net income (loss) per share are useful analytic tools as they enable management to track the performance of its core casino operating business separate and apart from factors that do not impact decisions affecting its operating casino properties, such as impairments of intangible assets or costs associated with the Company's development activities. Management believes Adjusted net income (loss) and Adjusted net income (loss) per share are useful to investors since these adjustments provide a measure of performance that more closely resembles widely used measures of performance and valuation in the gaming industry. Adjusted net income (loss) and Adjusted net income (loss) per share do not include the costs of the Company's development activities, certain asset sale gains, or the costs of its refinancing activities, but the Company compensates for these limitations by using other comparative measures to assist in evaluating the performance of its business.

EBITDA measures, such as Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin, Adjusted net income (loss) and Adjusted income (loss) per share are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure of comparing performance among different companies. See the attached "supplemental information" tables for a reconciliation of Consolidated Adjusted EBITDA to Income (loss) from continuing operations, a reconciliation of GAAP net income to Adjusted net income (loss), a reconciliation of GAAP net income (loss) per share to Adjusted net income (loss) per share and a reconciliation of Consolidated Adjusted EBITDA margin to Income (loss) from continuing operations margin.

(2) Definition of Adjusted EBITDA and Adjusted EBITDA Margin for Operating Segments

The Company defines Adjusted EBITDA for each operating segment as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, gain (loss) on sale of discontinued operations, and discontinued operations. The Company defines Adjusted EBITDA margin for each operating segment as Adjusted EBITDA divided by revenues. The Company uses Adjusted EBITDA and Adjusted EBITDA margin to compare operating results among its properties and between accounting periods and for the same reasons stated above for Consolidated Adjusted EBITDA, but on an operating segment level.

About Pinnacle Entertainment

Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, Indiana and Nevada, and a racetrack in Ohio. Pinnacle is also developing L'Auberge Casino & Hotel Baton Rouge. Pinnacle also owns 26% equity stake in Asian Coast Development (Canada) Ltd., an international development and real estate company currently developing Vietnam's first large-scale integrated casino-resort.

All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, including statements regarding the Company's future operating performance; future growth; ability to implement strategies to improve revenues and operating margins at the Company's properties; ability to successfully implement marketing and branding programs to increase revenue at the Company's properties; continued operating improvement at the Company's properties and anticipated milestones; completion and opening schedule of the Company's various projects; the facilities, features and amenities of the Company's projects; the facilities, features and amenities of the River City expansion project; the possibility for video lottery terminals becoming operational at Ohio racetracks; the ability of the Company to develop a new gaming and entertainment facility at River Downs; and the ability to sell or otherwise dispose of discontinued operations, the projected opening date for MGM Grand Ho Tram, are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the Company's business may be sensitive to reductions in consumers' discretionary spending as a result of downtowns in the economy; (b) the global financial crisis may have an impact on the Company's business and financial condition in ways that the Company currently cannot accurately predict; (c) significant competition in the gaming industry in all of the Company's markets could adversely affect the Company's profitability; (d) the Company will have to meet the conditions for receipt or maintenance of gaming licensing approvals for the Baton Rouge project, some of which are beyond its control; (e) many factors, including the escalation of construction costs beyond increments anticipated in its construction budget and unexpected construction delays, could prevent the Company from completing its Baton Rouge project within budget and on time and as required by the conditions of the Louisiana Gaming Control Board; (f) video lottery terminals may not become operational at Ohio's racetracks; (g) the terms of the Company's credit facility and the indentures governing its senior and subordinated indebtedness impose operating and financial restrictions on the Company; (h) many factors, including the escalation of construction costs beyond increments anticipated in construction budgets, could prevent ACDL from completing its Ho Tram development project within budget and on time and as required by the conditions of its certificate in Vietnam; (i) ACDL will have to obtain all necessary approvals for completing the Ho Tram development project, including gaming and regulatory approvals, some of which are beyond its control; and (j) other risks, including those as may be detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.

Belterra, Boomtown, Casino Magic, L'Auberge Lake Charles, L'Auberge Baton Rouge, Lumiere Place, River City, and River Downs are registered trademarks of Pinnacle Entertainment, Inc. All rights reserved.

Pinnacle Entertainment, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data, unaudited)
For the three months ended For the twelve months ended
December 31, December 31,
-------------------------- --------------------------
2011 2010 2011 2010
------------- ------------- ------------- -------------
Revenues:
Gaming $242,033 $236,271 $997,613 $932,894
Food and beverage 16,356 15,259 69,383 64,414
Lodging 8,828 7,948 37,993 36,322
Retail, entertainment and other 8,568 6,254 36,209 24,938
------------- ------------- ------------- -------------
275,785 265,732 1,141,198 1,058,568
------------- ------------- ------------- -------------
Expenses and other costs:
Gaming 135,390 136,760 563,889 530,841
Food and beverage 16,604 15,891 69,646 65,286
Lodging 5,118 5,029 20,982 21,668
Retail, entertainment and other 4,498 2,459 21,099 10,762
General and administrative 53,251 56,432 220,129 222,605
Depreciation and amortization 25,977 27,809 103,863 109,745
Pre-opening and development costs 1,643 1,478 8,817 13,649
Write-downs, reserves and recoveries, net (3,767) 1,211 4,163 31,827
------------- ------------- ------------- -------------
238,714 247,069 1,012,588 1,006,383
------------- ------------- ------------- -------------
Operating income 37,071 18,663 128,610 52,185
Other non-operating income 107 2 397 226
Interest expense, net of capitalized interest (19,704) (26,801) (95,705) (103,093)
Loss on early extinguishment of debt - - (183) (1,852)
Loss from equity method investment (44) - (588) -
------------- ------------- ------------- -------------
Income (loss) from continuing operations before 17,430 (8,136) 32,531 (52,534)
income taxes
Income tax (expense) benefit 259 4,671 (2,335) 11,693
------------- ------------- ------------- -------------
Income (loss) from continuing operations 17,689 (3,465) 30,196 (40,841)
Income (loss) from discontinued operations, 7,279 (6,618) (32,735) 17,422
net of income taxes
------------- ------------- ------------- -------------
Net income (loss) $24,968 $(10,083) $(2,539) $(23,419)
Net income (loss) per common share--basic
Income (loss) from continuing operations $0.28 $(0.05) $0.49 $(0.67)
Income (loss) from discontinued operations, $0.12 $(0.11) $(0.53) $0.29
net of income taxes
------------- ------------- ------------- -------------
Net income (loss) per common share--basic $0.40 $(0.16) $(0.04) $(0.38)
Net income (loss) per common share--diluted
Income (loss) from continuing operations $ 0.28 $(0.05) $0.48 $(0.67)
Income (loss) from discontinued operations, $0.12 $(0.11) $(0.52) $0.29
net of income taxes
------------- ------------- ------------- -------------
Net loss per common share--diluted $0.40 $(0.16) $(0.04) $(0.38)
Number of shares--basic 62,134 61,516 61,989 60,872
Number of shares--diluted 62,491 61,516 62,467 60,872

Pinnacle Entertainment, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December 31, December 31,
2011 2010
------------ ------------
Assets
Cash and cash equivalents $78,597 $194,925
Other assets, including restricted cash 283,122 152,277
Land, buildings, riverboats and equipment, net 1,515,029 1,439,521
Assets of discontinued operations held for sale 73,871 97,071
------------ ------------
Total assets $1,950,619 $1,883,794
Liabilities and Stockholders' Equity
Liabilities, other than long-term debt $204,319 $192,779
Long-term debt, including current portion 1,223,985 1,176,717
Liabilities of discontinued operations held for sale 2,923 6,928
------------ ------------
Total liabilities 1,431,227 1,376,424
Stockholders' equity 519,392 507,370
------------ ------------
Total liabilities and stockholders' equity $1,950,619 $1,883,794

Pinnacle Entertainment, Inc.
Supplemental Information
Property Revenues and Adjusted EBITDA,
Reconciliation of Consolidated Adjusted EBITDA to Income (Loss) from Continuing Operations,
and Reconciliation of Consolidated Adjusted EBITDA Margin
to Income (Loss) from Continuing Operations Margin
(In thousands, unaudited)
For the three For the twelve
months months
ended December 31, ended December 31,
-------------------------------------------------------------- --------------------------------------------------------------
2011 2010 2011 2010
------------------------------- ------------------------------- ------------------------------- -------------------------------
Revenues
L'Auberge Lake Charles $92,284 $84,891 $375,387 $341,983
St. Louis (a) 93,558 87,564 382,019 337,043
Boomtown New Orleans 31,125 35,888 133,643 139,124
Belterra Casino Resort 37,425 36,239 154,763 152,068
Boomtown Bossier City 19,565 20,733 84,999 87,925
River Downs (b) 1,798 - 10,258 -
Other 30 417 129 425
------------------------------- ------------------------------- ------------------------------- -------------------------------
Total Revenues $275,785 $265,732 $1,141,198 $1,058,568
Adjusted EBITDA (Loss) (c)
L'Auberge Lake Charles $24,396 $22,934 $103,916 $92,929
St. Louis (a) 23,253 15,499 86,549 62,310
Boomtown New Orleans 10,711 12,243 44,938 43,919
Belterra Casino Resort 6,631 6,303 28,569 29,972
Boomtown Bossier City 4,205 3,926 18,843 20,196
River Downs (b) (540) - (2,236) -
------------------------------- ------------------------------- ------------------------------- -------------------------------
68,656 60,905 280,579 249,326
Corporate expenses (6,419) (10,247) (28,450) (35,693)
------------------------------- ------------------------------- ------------------------------- -------------------------------
Consolidated Adjusted EBITDA (c) $62,237 $50,658 $252,129 $213,633
Reconciliation to Income (Loss) from Continuing Operations
Consolidated Adjusted EBITDA $62,237 $50,658 $252,129 $213,633
Pre-opening and development costs (1,643) (1,478) (8,817) (13,649)
Non-cash share-based compensation (1,313) (1,497) (6,676) (6,227)
Write-downs, reserves and recoveries, net 3,767 (1,211) (4,163) (31,827)
Depreciation and amortization (25,977) (27,809) (103,863) (109,745)
Other non-operating income 107 2 397 226
Interest expense, net of capitalized interest (19,704) (26,801) (95,705) (103,093)
Loss on early extinguishment of debt - - (183) (1,852)
Loss from equity method investment (44) - (588) -
Income tax (expense) benefit 259 4,671 (2,335) 11,693
------------------------------- ------------------------------- ------------------------------- -------------------------------
Income (loss) from continuing operations $17,689 $(3,465) $30,196 $(40,841)
Consolidated Adjusted EBITDA margin (c) 22.6% 19.1% 22.1% 20.2%
Income (loss) from continuing operations margin 6.4% (1.3)% 2.6% (3.9)%
(a) St. Louis includes operating results at Lumiere Place, River City Casino and Four Seasons Hotel & Spa.
(b) River Downs was acquired on January 28, 2011.
(c) See discussion of Non-GAAP Financial Measures above for a detailed description of Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA margin.

Pinnacle Entertainment, Inc.
Supplemental Information
Income (Loss) from Discontinued Operations, Net of Income Taxes
(In thousands, unaudited)
For the three months For the twelve months
ended December 31, ended December 31,
-------------------- ----------------------
2011 2010 2011 2010
------- ----------- ---------- ----------
Atlantic City $7,073 $ (2,729) $(19,745) $ (11,385)
Boomtown Reno 421 1,243 (12,794) 44
President Riverboat Casino (44) 16 (504) (6,130)
Casino Magic Argentina (150) - 137 3,363
The Casino at Emerald Bay in The Bahamas 27 (8) 100 (753)
Casino Magic Biloxi (33) (59) (120) 41,927
Income taxes (15) (5,081) 191 (9,644)
------- ----------- ---------- ----------
Income (loss) from discontinued $ 7,279 $ (6,618) $ (32,735) $ 17,422
operations, net of income taxes

Pinnacle Entertainment, Inc.
Supplemental Information
Reconciliations of GAAP Net Income (Loss) to Adjusted Net Income (Loss)
and GAAP Net Income (Loss) Per Share to Adjusted Net Income (Loss) Per Share
(In thousands, except per share amounts, unaudited)
For the three months For the twelve months
ended December 31, ended December 31,
------------------------------------------------------------ ------------------------------------------------------------
2011 2010 2011 2010
------------------------------ ------------------------------ ------------------------------ ------------------------------
GAAP net income (loss) $24,968 $(10,083) $(2,539) $(23,419)
Pre-opening and development costs 1,643 1,478 8,817 13,649
Write-downs, reserves and recoveries, net (3,767) 1,211 4,163 31,827
Loss on early extinguishment of debt - - 183 1,852
Adjustment for taxes on above 855 (1,082) (5,298) (19,050)
(Income) loss from discontinued operations, net of income (7,279) 6,618 32,735 (17,422)
taxes
------------------------------ ------------------------------ ------------------------------ ------------------------------
Adjusted net income (loss) (a) $16,420 $(1,858) $38,061 $(12,563)
GAAP net income (loss) per share $0.40 $(0.16) $(0.04) $(0.38)
Pre-opening and development costs 0.03 0.02 0.14 0.22
Write-downs, reserves and recoveries, net (0.06) 0.02 0.07 0.52
Loss on early extinguishment of debt - - 0.00 0.03
Adjustment for taxes on above 0.01 (0.02) (0.08) (0.31)
(Income) loss from discontinued operations, net of income (0.12) 0.11 0.52 (0.29)
taxes
------------------------------ ------------------------------ ------------------------------ ------------------------------
Adjusted net income (loss) per share (a) $0.26 $(0.03) $0.61 $(0.21)
Number of shares - diluted 62,491 61,516 62,467 60,872
(a) See discussion of Non-GAAP Financial Measures above for detailed descriptions of Adjusted net income (loss) and Adjusted net income (loss) per share.

SOURCE Pinnacle Entertainment, Inc.

Copyright (C) 2012 PR Newswire. All rights reserved

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Feb. 17, 2012 4:00p

Celia Betz, a 3-year-old with a rare disease, died this week. Her memorial service is planned
for Thursday.

Sister brands Billboard and The Hollywood Reporter announced on Wednesday (Feb. 15) they are making their content available worldwide for use on digital platforms to customers of The Associated Press.

Starting this month, the feed of breaking news and feature stories from Billboard and THR (both of Prometheus Global Media) can be purchased for online use under the content-distribution arrangement with the AP.

Were thrilled to be able to provide The Hollywood Reporter and Billboard material among our content offerings to customers, said Lou Ferrara, APs managing editor for entertainment. It makes for a one-of-a-kind, comprehensive package of entertainment stories every day.

The multi-platform Billboard, anchored by its iconic weekly publication and roster of exclusive charts, has long been considered one of the most authoritative voices in music. With 11.6 million unique monthly visitors, Billboard.com is one of the premier online music destinations worldwide, while its business-specific site Billboard.biz features all the latest breaking music business news.

Billboard is already synonymous with music all around the globe, but the reach of the brands content will now be increased exponentially thanks to the AP, said Billboard editorial director Bill Werde. AP is truly the top news agency in the world when it comes to distributing entertainment stories, and were pleased and excited to contribute to that effort.

Billboards co-partner in the AP content-distribution deal, The Hollywood Reporter, is a leading source for breaking news and in-depth reporting on the entertainment industry. Its website, which draws 10.4 million unique monthly visitors, now receives more web traffic than its three biggest competitors combined.

Being part of APs massive distribution network will open THR to huge new audiences from around the world, said The Hollywood Reporter editorial director Janice Min.

Said Michael Dutton, global director of AP entertainment products: In-depth coverage from two leading entertainment media brands offers APs distribution partners a whole new layer of vibrant and rich content for their readers.

The AP has covered the entertainment industry since the early days of Broadway, the London stage and Hollywood. Today, it covers entertainment worldwide in video, photos, text and audio for all platforms and devices and is one of the top outlets for breaking entertainment news.

The Infamous Boom Boom, left, and adult film star Brittany Andrews pose Jan. 9, 2011, at the AVN Awards at the Palms. This years AVN Awards will run Jan. 21 at the Hard Rock Hotel. The Adult Entertainment Expo and Adult Novelty Expo will also run at the Hard Rock starting Jan. 18, changing venues after years at the Sands Expo and Convention Center. John Locher/Las Vegas Review-Journal File Photo #187;Buythisphoto

Most of the 150,000 or so people who will attend the Consumer Electronics Show in Las Vegas next week are executives and other staffers from companies in the tech industry: hardware makers, service providers, and retailers. Several thousand other attendees are mediafolk like me: reporters, bloggers, and analysts.

And the third most-represented group? It may well be celebrities. Theyre one of the most surefire ways to attract attention to a booth or a party, and so the companies exhibiting at the show bring them to Vegas by the truckload.

Some of the well-known people in attendance actually are into tech stuff: LeVar Burton, who I once had a pleasant chat with at a Monster party, is as much of a gearhead as you and me. Others are presumably there purely because theyre being handsomely compensated, (Not that thats necessarily bad: The best thing that ever happened to me at a Las Vegas trade show was seeing Ray Charles perform, brilliantly, at an otherwise mundane WordPerfect party at a mid-1990s COMDEX.)

The Consumer Electronics Association, which organizes CES, has released a list of celebrity guests wholl be at this years event. And here they are. (If the names dont all sound familiar, dont feel badI didnt know who some of them were until just now, either.)

50 Cent

Who is he? The acclaimed rapper.

Whats he doing at CES? Fitty will sign autographs from 3-4 pm on Tuesday, January 10, Wednesday, January 11 and Thursday, January 12 for his new audio company, SMS Audio, which combines technology, function and style to bring the highest caliber of sound, comfort and fashion to every product, at their booth (LVCC, South Hall, #20818). Hell also be on hand to discuss his new line of wireless headphones with the editors of TechCrunch at the AOL Studio (LVCC, Grand Lobby) on Wednesday, January 11 from 12-12:30 pm

Justin Bieber

Who is he? A Grammy-nominated platinum pop megastar, apparently.

Whats he doing at CES? The Biebll be appearing with TOSY Robotics at this years CES. Justin Bieber is helping TOSY unveil their new innovative entertainment robot at the their booth which is located in the Robotics TechZone of the LVCC South Hall ground level (#21964, 21968, 22064, 22066 and 22068) on Wednesday, January 11 from 1-3 pm

Wayne Brady and Greg Grunberg

Who are they?Wayne is an Emmy winner and Grammy nominated actor, singerknown for his work as a regular on the American version of comedy television series Whose Line Is It Anyway? Greg is best known for his starring role on the NBC television series Heroes.

What are they doing at CES? Theyll join OnStar for their Tweet House sessions, the official social media track for CES, on Wednesday, January 11 from 1-5 pm in N254, North Hall. Greg and Wayne will also attend OnStars “It Wont Stay in Vegas” party on Wednesday from 6-8 pm at the Stirling Club.

Chicago

Who are they? All the CEA says is that theyre legendary and play real music.

What are they doing at CES?Theyll perform at Monsters annual Retailer Awards and Concerton Wednesday, January 11 at the Paris Hotel. (Hey, does anybody know what time it is?)

Jose Hyde Cotto

Who is he? An urban music pioneer.

Whats he doing at CES? Hell perform at iHips celebration on Tuesday evening along with with Mas Flow, El Verdadero Quimico, Luny Tunes, and DJ Nelson,and will be signing autographs at the booth on Thursday, January 12.

Eliza Dushku

Who is she? Dushku rose to fame with her role in Buffy the Vampire Slayer and its spinoff series Angel. She is also known for her starring role in the network series, Tru Calling and Dollhouse, as well as roles in True Lies, Bring it On, This Boys Life, Wrong Turn and Jay and Silent Bob Strike Back.

Whats she doing at CES? Shes CESs Entertainment Matters AmbassadorAs part of her ambassadorship, Dushku will contribute to Spike TVs CES All Access Live broadcast coverage from 12:30-1:45 pm on Tuesday, January 10, and she will also host the networks exclusive VIP CES party that evening at Tryst Nightclub in the Wynn Las Vegas.

Andy Fisenden, Simon Fisenden, and Dane Alderton

Who are they? Top Australian musicians. (Disclaimer: An Australian friend of mine whos a fan of Eliza Dushku and Alistair Overeem isnt familiar with these guys.)

What are they doing at CES? Playing at Audioflys booth (LVCC, South Hall, #26728) at 11 am, 2 pm and 4 pm each day.

Allison Fishman

Who is she? A cookbook author and creator of The Wooden Spoon cooking school.

Whats she doing at CES? She will give a cooking demo and make daily appearances at Haiers booth from 10 am-5 pm on Tuesday, January 10 and 9 am-5 pm on both Wednesday, January 11 and Thursday, January 12.

Robert Horry and John Salley

Who are they? Horry is a seven-time NBA Champion and current sports commentator and one of only two players to have won NBA championships with three different teams. Salley is the first NBA player to win four championships with three different teams.

What are they doing at CES? They will be appearing at Haier Americas booth from 11 am-2 pm on Wednesday, January 11.

Jabbawockeez

Who are they? The all-male, hip-hop dance crew best known for winning season one of MTVs Americas Best Dance Crew and headliner at the Monte Carlo Resort and Casino, making them the first and only dance crew to headline their own show in Las Vegas.

What are they doing at CES? Theyll be opening Qualcomms keynote address, scheduled for 8:30 am on Tuesday, January 10 in the Venetians Palazzo Ballroom.

John Glen, Martin Campbell, Michael Apted, Olga Kurylenko, and Caterina Muterino

Who are they? Glen, Campbell, and Apted are critically acclaimed directors who have helmed from one to five James Bond movies apiece; Kurylenko and Caterina Muterino are former Bond girls.

What are they doing at CES?The directors are there for a panel to kick off the 50th anniversary of MGMs James Bond on Tuesday, January 10 at 1:30 pm at Panasonics booth (LVCC, Central Hall, #9806). Kurylenko and Muterino will be on hand for a special presentation that will include props from the legendary film franchise.

LL Cool J

Who is he? Star of the hit CBS drama NCIS.

Whats he doing at CES?Hes introducing exciting new technology from Boomdizzle on the CNET stage (LVCC, South Hall Lobby) on Tuesday, January 10 at approximately 2 pm In addition, LL COOL J will make a public appearance at the Dolby Booth (Central Hall #8153) on Tuesday, January 10th at 4 pm to demo a track he created using Boomdizzle, playing it back on a Dolby technology-enabled laptop to a full home-theater surround sound system.

Jillian Michaels

Who is she? An inspirational television personality and fitness guru.

Whats she doing at CES? From 10:30-11 am on Tuesday, January 10, Michaels will discuss the impact of digital innovation and her recent partnership with BodyMedia, an on-body monitor company.

Jamie Michelle

Who is she? Jamie is one of southern Californias most requested models whos been modeling for the past nine years for online and commercial print work, calendars and swimsuit fashion shows, and has worked with famous photographers such as Ladi Van Jansky and Mike Prado.

Whats she doing at CES? She will berepresenting automotive audio company Powerbass USA, Inc.

Alistair Overeem

Who is he? The famous three-time World Champion Mixed Martial Arts (MMA) fighter and winner of the recent Ultimate Fighting Championship (UFC) Heavyweight bout.

Whats he doing at CES? Overeem will battle against Qualcomm executives and media in mobile MMA fight games, including “Fight Game Heroes” at Qualcomms booth (LVCC, South Hall, #30313) at 2 pm on Tuesday, January 10, 2 pm on Wednesday, January 11 and 12 pm on Thursday, January 12.

Dennis Rodman

Who is he? The NBA Hall of Fame player.

Whats he doing at CES? Hes representing Paltalk, a service that allows users to explore the online world of chat sites with community chat rooms and cool webcam technology that lets you see and be seen. Dennis will make an appearance at Paltalks booth (LVCC, South Hall, #26915) from 2-3:30 pm on Thursday, January 12.

Jordan Rudess

Who is he? A recording artist, composer, producer and performer.

Whats he doing at CES? He will be representing iConnectivity at CES, demonstrating software applications from Wizdom Music including their innovative Sample Wiz and Geo Synth applications, and connecting his iPad to his musical gear with iConnectMIDI, the ultimate MIDI interface.

Teresa Scanlan

Who is she? Miss America!

Whats she doing at CES? She will walk the CES show floor from 10-11 am on Tuesday, January 10, for unspecified reasons. (Side note: Shes only Miss America until the Saturday after the show, when her successor will be crowned at Planet Hollywood on the Strip.)

Snooki

Who is she? Why, shes best known for her role on the most talked about reality TV show Jersey Shore.

Whats she doing at CES? Shell make a guest appearance and sign autographs at iHips booth (LVCC, South Hall, #21920) from 2-4 pm on Tuesday, January 10 and will also host iHips new line and 2012 collaboration celebration on Tuesday evening from 9:30 pm-1:30 am at the Gallery at Planet Hollywood Resort and Casino.

The Yok

Who is he? A world-reknowned graffiti artist.

Whats he doing at CES? Hell be at Audioflys booth creating some of his artwork.

Thats the official roster. Im sure its incomplete, and it doesnt include notable names from the tech industry, such as Steve Ballmerwhos more famous than most of the people here.

Theres nobody on the CEAs list that Im going to go out of my way to meet. But if I happen to get on an elevator and find Justin Bieber or Snooki there, Ill let you know

January 8

People Entertainment
MSNBC chief mum on Buchanan

PASADENA, Calif. – MSNBCs top executive said Saturday he hasnt decided whether conservative commentator and author Pat Buchanan will be allowed back on the network.

LOS ANGELES — Lions Gate Entertainment is putting the finishing touches on a deal to acquire rival independent studio Summit Entertainment in a deal worth about $700 million, according to several people with knowledge of the matter who were not authorized to speak publicly.

The agreement, expected to be announced within days, would bring together the studio behind Saw, Mad Men and the upcoming The Hunger Games with the maker of the hugely successful Twilight films. The two companies are blocks apart in Santa Monica.

Lions Gate will pay a little more than $350 million in cash and issue about $50 million in new stock to the owners of Summit, sources said. It would also assume between $200 million and $300 million in debt.

The deal is expected to immediately add to Lions Gates bottom line, as Summit is profitable, based primarily on the cash generated by Twilight sequels.

The expectation of a deal comes after about two months of heated negotiations that included rival bidder Colony Capital, a private equity company that is a partial owner of independent film studio Miramax, which Colony wanted to merge with Summit.

One person close to the talks said that Colony, controlled by billionaire real estate investor Tom Barrack, made an all-cash offer of the same value as Lions Gates. However, Summit investors preferred taking some of Lions Gates equity, which would give them ownership of about 5 percent of the combined company.

The people with knowledge said its still possible, though, that Colony could come in with a higher offer at the last second, a bid that Summit would have to consider.

Should the deal close, it would be a victory for Lions Gate Chief Executive Jon Feltheimer and Vice Chairman Michael Burns, who have long eyed Summit and held on-and-off talks to acquire it since 2008.

The two would remain in charge of Lions Gate after the acquisition, while Summit chiefs Rob Friedman and Patrick Wachsberger would take charge of the combined studios motion picture group. Layoffs are expected once the acquisition is complete.

Kristy McNichol outs self to support teens

LOS ANGELES, Jan. 7 (UPI) — US actress Kristy McNichol says she is coming out of the closet to help kids who may be bullied for their own sexual preferences.

McNichol, 49, released of a photo of herself and her longtime partner, Martie Allen, as a gesture of solidarity with the younger generation.

She hopes that coming out can help kids who need support, McNichols publicist, Jeff Ballard, told People magazine. She would like to help others who feel different.

Ballard added McNichol also wanted to be open about who she is as her 50th birthday approaches.

McNichol won an Emmy in the 1970s television series Family and also starred in Empty Nest. She left show business for health reasons two decades ago and has been living what Ballard calls a very private life of tennis, yoga, traveling and raising miniature dachshunds.

Nick Cannon undergoes kidney operation

LOS ANGELES, Jan. 7 (UPI) — Nick Cannon said he successfully underwent a minor kidney operation in Los Angeles this week and is on the road to recovery.

Cannon, an actor and husband of singing star Mariah Carey, assured his fans via Twitter all was well following the procedure, which did not require anesthesia.

Just left the operating table and I was awake during the whole procedure. #OUCH, tweeted Cannon.

Carey posted a photo of the relieved couple on the Internet and thanked fans for their support.

The Los Angeles Times said Cannon was hospitalized with kidney failure in Aspen, Colo., earlier this week and flew home to Los Angeles for treatment. Details of his ailment were not released; however, doctors say kidney failure can result from infections, diabetes, kidney stones and simple dehydration.

Report: Brand moves out of Perrys pad

HOLLYWOOD, Jan. 7 (UPI) — Russell Brand has moved out as his divorce from pop singer Katy Perry picks up steam in Los Angeles, sources tell TMZ.com.

The actor has gotten most of his stuff out of the Hollywood Hills mansion, leaving the place to Perry.

The Web site said it appeared Perry will, however, have to compensate Brand if she wants to remain in the $6.5 million home they purchased together less than a year ago.

Still, the estranged couple are said by TMZ to be on reasonably good terms as they retire to their separate quarters.

NBC wants to keep Lauer and Seacrest

PASADENA, Calif., Jan. 7 (UPI) — The head of NBC Entertainment said in California the network was trying to keep both Matt Lauer and Ryan Seacrest in the fold.

Bob Greenblatt told a meeting of the Television Critics Association his No. 1 priority was keeping Lauer in his current role as co-host of Today and signing Seacrest to a new contract once his current gig on E! expires.

The Hollywood Reporter said Greenblatt outlined the NBC strategy amid rumors the network was ready to move Seacrest into the Today roster should Lauer leave the show.

Greenblatt said in addition to keeping Lauer, the network did not want to let Seacrest get away either.

He has become an incredible star, Greenblatt said. Hes a great asset for the company at large.

Greenblatt told the critics one possibility would be developing an interview show for Seacrest along the same lines as the specials Barbara Walters currently hosts on ABC.

Kuwait: Entertainment Galore with Shreya Ghoshal at ICS Silsila Ye Chahat Ka

Reportamp; pics: Wilson and Priya Saldanha Shirthady/Kuwait
Daijiworld Media Network – Kuwait

Kuwait, Dec 11: Indian Cultural Society (ICS) presented Silsila Ye Chahat Ka with playback singer Shreya Ghoshal and Shivprasad Mallya on Friday December 9, at Al Jeel Al Jadeed Auditorium Hawalli from 7 pm onwards. The chief guest of the day was the Indian ambassador to Kuwait Satish Chand Mehta.

The programme started with the formal welcome address delivered by the ICS president and anchor of the day, Ashfaque Ahmed Khan, along with singing of the National Anthems of Kuwait and India. Satish Chand Mehta, along with the sponsors of the event, then released the souvenir, and spoke a few words. The entertainment part started with a dance by Dancing Divas and a song sung by Baby Safa Khan.

ICS has, in the past, hosted a number of memorable events like Parda Hai Parda with Munawwar Masoom, Surinder Singh and Poonam Bhatia, Mahakte Lamhe with Udit Narayan, Neha Chauhan andTrishna Mukharjee, Dil Ki Awaaz with Kavita Krishnamurti and Bharti Singh, Jashn e Baharan with Talat Aziz and famous poets, Nazar Ke Samne with Kumar Sanu and Bali Taal se Taal with ALKA Yagnik, Shaam e Sangeet with Hema Sardesai, Shaam e Shibani with Shibani Kashyap Suroon- Ki-Shaam, Shaam- e-Ghazal, Geet and Ghazal Nite, Shab- e-Meraj, Jhoomte Sitare, Shaam e Ghalib with Kader Khan and many more.

Shivprasad Mallya, famous Bollywood Singer of Sa re ga ma fame and the male singer accompanying Sherya did his best to liven up the dampened spirit with a couple of high energy songs just before the star of the night came on stage. He is a full time vocalist, Playback singer for regional language films in India, having sung in Hindi, Marathi, Gujarati, Punjabi, Haryanvi,Bengali, Chattisgarhi, Bhojpuri and Oriya. He is a live show performer having performed over 1000 shows worldwide.

The audience had lot of expectations from female singer and star of the day Shreya Ghoshal, who was performing for the first time in Kuwait. Shreya Ghoshals career began when she won the Sa Re Ga Ma Pa contest. Her Bollywood playback singing career began with Devdas, for which she received National Film Award for Best Female Playback Singer along with film fare Award for Best Female Playback Singer and Filmfare RD Burman Award for New Music Talent. Since then, she has worked in more than 200 films and received four National Film Awards, five Filmfare Awards and four Filmfare Awards from South. She has been performing all over the world and captivating audience with her charming personality, ability to connect to audience instantly and above all her musical ability.

As the evening progressed she slowly captured the audience with the range of moods her songs rendered, from being sensuous to rocking, clapping and tapping. Apart from her honeyed and silken voice, Shreya?s strength in capturing the audience, is her on-stage manner filled with modesty, friendliness and a down-to-earth quality. She presents herself as one of yours in a very humble way which makes her an exceptional performer, someone not only wonderful to hear, but charming to watch as well. She also sung few duets with Shivprasad Mallya. In between songs she ceaselessly engaged with the audience, prodding them to sing with her, making every effort to make the evening truly memorable.

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