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2016 Annual Report

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2016 ANNUAL REPORT PINNAC LE ENT ERT AINMEN2016T ANNU AL REPO R T T WENT Y-S IXT EEN Net Revenues(1) Consolidated Adjusted EBITDAR(1)(2) Dollars in Millions Dollars in Millions $2,500 $700 $2,400 $650 $2,300 $600 $2,200 $550 $2,100 $500 $2,000 $450 2014 2015 2016 2014 2015 2016 RECONCILIATIONS OF CONSOLIDATED ADJUSTED EBITDAR TO INCOME (LOSS) FROM CONTINUING OPERATIONS AND CONSOLIDATED ADJUSTED EBITDAR MARGIN TO INCOME (LOSS) FROM CONTINUING OPERATIONS MARGIN Dollars in Millions 2014 2015 2016 Consolidated Adjusted EBITDAR(2) $ 584.8 $ 617.0 $ 654.5 Rent expense under the Meadows Lease - - (5.1) Depreciation and amortization (241.1) (242.5) (218.3) Pre-opening, development and other costs (13.0) (14.2) (56.0) Non-cash share-based compensation (13.9) (17.8) (35.5) Impairment of goodwill - (4.7) (322.5) Impairment of other intangible assets - (33.9) (146.5) Write-downs, reserves and recoveries, net (6.4) (2.7) (16.9) Interest expense, net (252.6) (244.4) (334.3) Loss from equity method investment (0.2) (0.1) (0.1) Loss on early extinguishment of debt (8.2) - (5.2) Income tax benefit (expense) (11.1) (14.6) 28.0 Income (loss) from continuing operations $ 38.3 $ 42.1 $ (457.9) Consolidated Adjusted EBITDAR margin %(2) 26.5% 26.9% 27.5% Income (loss) from continuing operations margin % 1.7% 1.8% (19.2)% (1)Excluding discontinued operations. (2) We define Consolidated Adjusted EBITDAR as earnings before interest income and expense, income taxes, depreciation, amortization, rent expense under the Meadows Lease, pre-opening, development and other costs, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, income (loss) from equity method investments, non-controlling interest and discontinued operations. We define Consolidated Adjusted EBITDAR margin as Consolidated Adjusted EBITDAR divided by revenues on a consolidated basis. We believe that Consolidated Adjusted EBITDAR and Consolidated Adjusted EBITDAR margin are useful measuresfor investors because they are indicators of the performance of ongoing business 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, Consolidated Adjusted EBITDAR approximates the measures used in the debt covenants within the Company’s debt agreements. Consolidated Adjusted EBITDAR does not include depreciation or interest expense and, therefore, does not reflect current or future capital expenditures orthe cost ofcapital. Consolidated Adjusted EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of performance, or as an alternative to anyother measure provided in accordance with GAAP. Our calculation of Consolidated Adjusted EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited. TWENTY-SIXTEEN LETTER TO SHAREHOLDERS PINNACLE ENT ERT AINMENT ANNUAL REPORT T WENT Y-SIXT EEN 2016ANNUALREPORT Anthony Sanfilippo Chief Executive Officer Dear Fellow Shareholders: 2016 was a tremendous year for our at our Las Vegas Service Center. Additionally, Company and its shareholders. Looking we made significant progress advancing our back, there is so much to be proud of, strategic and financial objectives during the from the outstanding contributions of our year. The shares of our Company closed dedicated team members, to the strong 2016 having recorded an increase of 32.5% financial results we continue to deliver, the since the completion of our transaction with strategic transactions we have completed, Gaming & Leisure Properties, Inc. (“GLPI”) and the value we were able to create for all on April 28th, which reflects the following of us as shareholders of this great Company. successes during the year: We have pursued a straight-forward strategy • Consolidated net revenues climbed since I joined Pinnacle Entertainment just 3.8% to $2.4 billion in 2016, which over seven years ago: operate our gaming included an $83.9 million contribution entertainment businesses as effectively as from The Meadows Racetrack we possibly can, be excellent stewards of and Casino (“The Meadows”) and our Company’s capital, make thoughtful $3.1 million or 0.1% growth in the strategic decisions, and care very deeply Company’s same-store business about the development of our team portfolio. members and entertainment experiences of • Consolidated Adjusted EBITDAR our guests. This strategy has driven powerful increased by $37.5 million or 6.1% results, and we will remain steadfast in our year-over-year to $654.5 million, pursuit to create long term value for our the highest level ever achieved by shareholders as we progress through 2017. our Company. This growth included a $12.9 million contribution from STRONG FINANCIAL RESULTS, STRATEGIC The Meadows and a $24.6 million EXECUTION & CAPITAL ALLOCATION contribution from the Company’s We produced strong financial results in 2016, same-store portfolio of businesses. driven by our focus on growing profitable • Same-store Consolidated Adjusted revenue streams, eliminating non-value EBITDAR margin increased by added costs, ensuring efficient marketing 103 basis points to 28%, reflecting reinvestment, and leveraging the capabilities broad-based progress streamlining TWENTY-SIXTEEN LETTER TO SHAREHOLDERS ANNUAL REPORT T WENT Y-SIXT EEN our cost structure and implementing to welcome The Meadows into the Pinnacle efficiency and operationalEntertainment family. The Meadows is a improvement initiatives. beautiful and dynamic gaming entertainment • We completed the spin-off of the destination situated in a stunning location Company’s operating businesses, in Washington, PA, approximately 25 miles Belterra Park and other developable outside of Pittsburgh, PA. As a result of the real estate parcels into a new publicly transaction, we own The Meadows gaming traded entity. The spin-off was entertainment and harness racing business followed by the sale of substantially and operate it through a triple-net lease of all of our real estate assets, for which the underlying real property with GLPI. our shareholders received significant value in the form of shares of GLPI The Meadows has a broad base of operations, stock. that encompasses high quality gaming and • On September 9, 2016, we other guest entertainment amenities, as completed the acquisition of The well as talented team members who deliver Meadows gaming and entertainment memorable service experiences to their business for total consideration of guests. Specifically, The Meadows features a $134 million, after giving effect to casino and pari-mutuel gaming experience purchase price adjustments. We that includes approximately 3,170 gaming now own and operate this fantastic devices, 74 table games, 11 poker tables, and a business in Pittsburgh, Pennsylvania. 5/8 mile harness horse racetrack with a 500- • We repurchased approximately 6.2 seat grandstand. Additionally, The Meadows million shares for $70 million or $11.32 features a full complement of non-gaming per share. This action has reduced amenities, including 11 casual and fine dining our share count by approximately restaurants, bars and lounge outlets, 7,500 9.7% and has resulted in significant sq. ft. of banquet space, a 24-lane bowling accretion for our remaining center, and hotel accommodations provided shareholders. by an attached, but separately owned and • Since the completion of our managed, Hyatt Place hotel with 155 guest transaction with GLPI, we repaid $42 rooms. million of debt, adjusted for the debt we incurred to finance the purchase Strategically and financially, The Meadows of The Meadows, and reduced our will complement our existing collection of total conventional leverage ratio to terrific properties and provide additional approximately 3.3x. operational scale, geographic diversification, and another location for the guests of SPIN-OFF & GLPI TRANSACTION Pinnacle’s 15 other gaming entertainment On April 28, 2016, we completed the sale businesses to visit. Additionally, we believe of substantially all of our real estate assets we can create substantial value for our to GLPI in a transaction valued at that time shareholders by leveraging Pinnacle’s at over $4.7 billion. This was an important broader scale and central service center moment for our shareholders, as it was a capabilities to improve its expense efficiency. compelling transaction that unlocked the Through the integration of The Meadows, we value of Pinnacle’s real estate assets and anticipate generating meaningful synergies delivered substantial value. As consideration over the next few years, primarily driven by for our real estate assets, PNK shareholders enhancing The Meadows’ profitable revenue received $27.49 per share of value for streams, such as growing its table gaming the real estate in the form of GLPI stock. business, leveraging our other locations to Additionally, GLPI assumed $2.8 billion of generate cross market visitation, heightened our debt and other transaction related costs, marketing effectiveness, improved database which paved the way for the spin-off of our management and targeted operating operating business to our shareholders into a efficiencies. well-capitalized company that is positioned for significant growth. LOOKING AHEAD TO 2017 As we look to 2017, we will maintain our focus ACQUISITION OF THE MEADOWS on driving profitable growth, streamlining BUSINESS our cost structure, disciplined capital On September 9, 2016, we were fortunate allocation and strategic decision making, T WENTY-SIXTEEN LETTER TO SHAREHOLDERS PINNACLE ENT ERT AINMENT ANNUAL REPORT T WENT Y-SIXT EEN developing team members and enhancing the guest experience. On the back of the strategic decisions we made in 2016, our balance sheet is in excellent shape to support our growth aspirations and we are always looking across the landscape of the gaming industry for potential opportunities, while remaining focused on the core business that has been the engine that has gotten us to where we are today.
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