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"The addition of the Meadows will complement our existing portfolio and provide increased operational scale, geographic diversification, and a new destination, the greater Pittsburgh area, for our guests to visit. We are working diligently to obtain the regulatory approvals needed to complete this transaction, and look forward to welcoming the team members and guests of the Meadows into the Pinnacle Entertainment family. "We are pleased with the operational progress made throughout our portfolio of businesses and the Las Vegas Service Center, which drove record first quarter financial results. We are excited about the future prospects of Pinnacle Entertainment," concluded Mr. Sanfilippo. 2016 First Quarter Operational Overview Midwest Segment In the Midwest segment, net revenues increased by $14.7 million or 4.7% year over year to $328.6 million in the 2016 first quarter. Adjusted EBITDA increased by $6.7 million or 6.6% to $107.5 million in the 2016 first quarter. Adjusted EBITDA margin was 32.7%, an increase of 60 basis points year over year. In the prior year period, the Midwest segment Adjusted EBITDA results benefited by $1.7 million from the refund of disputed vendor payments. Midwest segment operating results were driven by strong year over year net revenue, Adjusted EBITDA and Adjusted EBITDA margin performance at East Chicago, Belterra Park and River City. Belterra Park generated all-time record Adjusted EBITDA and Adjusted EBITDA margin of $2.7 million and 12.8%, respectively, in the 2016 first quarter, while continuing to profitably grow its market share and awareness of the property and its quality gaming and non-gaming amenities. South Segment In the South segment, net revenues decreased by $10.0 million or 4.9% year over year to $193.7 million in the 2016 first quarter. Adjusted EBITDA decreased by $2.9 million or 4.3% to $64.6 million. Adjusted EBITDA margin was 33.4%, an increase of 20 basis points year over year. The 2016 first quarter was negatively impacted by regional flooding that closed the I-10 corridor between Texas and Louisiana for four days in mid-March and significantly reduced visitation to the Company's Lake Charles property. In the prior year period, the South segment Adjusted EBITDA results benefited by $1.3 million from the refund of disputed vendor payments and were negatively impacted by $0.8 million of cost associated with the Lake Charles team member retention program. South segment results benefited from the year over year increase in Adjusted EBITDA at Baton Rouge. Baton Rouge recorded its all-time best quarterly Adjusted EBITDA and Adjusted EBITDA margin performance, while driving its market share up 40 basis points year over year to approximately 55.0%. Lake Charles experienced a high single digit decrease in its net revenues and a low single digit decrease in its Adjusted EBITDA in the 2016 first quarter, which related principally to the closure of the I-10 corridor due to flooding in mid-March. West Segment West segment net revenues were $56.5 million in the 2016 first quarter, an increase of $2.8 million or 5.2% year over year. Adjusted EBITDA was $20.9 million, an increase of $0.2 million or 1.0% year over year. Adjusted EBITDA margin was 37.0%, a decrease of 140 basis points year over year. In the prior year period, the West segment Adjusted EBITDA benefited by $0.4 million from the refund of disputed vendor payments.
For the original version including any supplementary images or video, visit Pinnacle Entertainment Reports Record 2016 First Quarter Financial Results - Yahoo Finance
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