— John A. Godfrey, Executive Vice President, General Counsel and Secretary, to retire effective June 30, 2016 —
— Donna Negrotto named Executive Vice President, General Counsel and Secretary, effective July 1, 2016 —
LAS VEGAS, May 26, 2016 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NASDAQ:PNK) ("Pinnacle" or the "Company") announced today that John A. ("Jack") Godfrey, Executive Vice President, General Counsel and Secretary, will retire from the Company effective June 30, 2016. Donna Negrotto, currently Vice President and Legal Counsel, will assume the role of Pinnacle's Executive Vice President, General Counsel and Secretary, effective July 1, 2016.
Jack is a gaming industry veteran and has spent almost 14 years of distinguished service at Pinnacle, joining the company in August 2002. Prior to joining Pinnacle, Jack was a partner of the Las Vegas-based law firm Schreck Brignone Godfrey. His practice was devoted to gaming law with an emphasis on publicly traded corporations, financing, compliance, and licensing investigations for numerous gaming clients, including service as an outside gaming counsel to Pinnacle. Prior to entering private practice in 1984, he served as Chief Deputy Attorney General for the Nevada Attorney General's Office, Gaming Division, from 1983-1984, Deputy Attorney General for the Nevada Attorney General's Office, Gaming Division, from 1980-1983, and Deputy State Industrial Attorney for the State of Nevada from 1977-1980.
Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, commented, "On behalf of the many who have benefited from his outstanding service to Pinnacle Entertainment, we thank Jack for his incredible leadership. Jack has provided strategic counsel, along with wise business judgement, to our senior management team and Board of Directors. He has led an exceptional legal organization, which oversaw the legal and regulatory aspects of multiple strategic transactions, including our acquisition of Ameristar Casinos in 2013 and the recent sale of our real estate to Gaming and Leisure Properties. We wish Jack a long, healthy and fulfilling retirement.
Donna Negrotto has 20 years of experience as in-house counsel in the gaming industry. She joined Casino Magic Corp in 1996 as Associate General Counsel, a position she held through the acquisition of that company by Pinnacle's predecessor Hollywood Park in 1998. Over her tenure at Pinnacle and predecessor entities, she has added responsibility and oversight of legal matters related to the strategic development and governmental affairs aspects of the business, most recently focused on key items related to the Gaming and Leisure Properties transaction. Prior to her role as in-house counsel in the gaming industry, she spent six years in private practice, where she primarily focused on gaming, commercial and environmental law.
"Donna is a terrific and talented leader who is well qualified to oversee our legal and regulatory operations. Donna grew up in Gulfport, Mississippi and obtained her undergraduate and law degrees from the University of Mississippi. Her long career in the gaming industry provides a solid base of experience for her new position as our Company's general counsel. She provides measured and sensible advice, and is well respected within our organization. Donna has been instrumental in the openings of many of our properties over her tenure, and played a key role with our acquisition of Ameristar Casinos in 2013 and our recent transaction with Gaming and Leisure Properties. Her knowledge of our Company and the industry will make her a valuable addition to our senior management team," concluded Mr. Sanfilippo.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates 15 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
On March 29, 2016, the Company entered into a definitive agreement with a subsidiary of Gaming and Leisure Properties, Inc. to acquire the operations of The Meadows Racetrack and Casino for total consideration of $138.0 million. The transaction is subject to the approvals of the Pennsylvania Gaming Control Board and Pennsylvania Harness Racing Commission, and other customary closing conditions. The transaction is expected to close by the end of the 2016 third quarter.
Cautionary Language Regarding Forward-Looking Statements
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 ability to close the transaction for The Meadows Racetrack and Casino and ability to obtain the approvals of the Pennsylvania Gaming Control Board and Pennsylvania Harness Racing Commission are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. There is no assurance that the transaction regarding the Meadows will be completed on any particular timeframe or at all. Accordingly, Pinnacle cautions that the forward-looking statements contained herein are qualified by important factors and uncertainties that could cause actual results to differ materially from those reflected by such statements. Such factors and uncertainties include, but are not limited to 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 Information Statement on Form 10, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
Investor Relations & Financial Media Vincent J. Zahn, CFA Vice President & Treasurer email@example.com (702) 541-7777