Pinnacle Entertainment Inc. (NASDAQ:PNK) Q2 2015 Earnings Conference Call - Final Transcript

Jul 30, 2015 • 10:00 am ET

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Pinnacle Entertainment Inc. (NASDAQ:PNK) Q2 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Good morning, my name is Kimberly and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarterly Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you Mr. Vince Zahn, you may begin your conference.

Executive
Vincent Zahn

Thank you, Kimberly. Good morning, everyone. My name is Vincent Zahn, Vice President of Finance and Investor Relations for Pinnacle Entertainment. Thank you for joining Pinnacle Entertainment 2015 second quarter earnings conference call. Earlier this morning, we released our 2015 second quarter financial results. If you don't have a copy of the announcement and would like one sent to you, please contact us by emailing investors@pnkmail.com.

On the call with us today are Pinnacle Entertainment's CEO, Anthony Sanfilippo; our CAO, Ginny Shanks; and our President and CFO, Carlos Ruisanchez. We'll begin the call today with prepared remarks from Anthony, Ginny and Carlos and then we'll open up the call for your questions-and-answers.

(Forward-Looking Cautionary Statements) In addition, today's call may include non-GAAP financial measures within the meaning of Regulation G. A reconciliation of all such non-GAAP measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, can be found in today's release.

With that, it's my pleasure to turn the call over to Pinnacle's CEO, Anthony Sanfilippo.

Executive
Anthony Sanfilippo

Thank you, Vincent. Good morning everyone and welcome to the Pinnacle Entertainment 2015 second quarter earnings discussion. We continue to broadly see improved financial performance as we benefit from our expanded portfolio of properties. We are approaching the 2nd anniversary and that's in mid-August of the doubling of our Company with the acquisition of Ameristar. While we were pleased with results we're seeing from our efforts, we believe there are still many more opportunities in front of us with both operating efficiencies and profitable revenue growth.

We announced last week that we have reached an agreement with Gaming & Leisure Properties to acquire the majority of our real estate assets. We believe this is a positive outcome for our shareholders and team members. We are very bullish on the future of our Company and we have a terrific team that leads and operates all aspects of our business. Two of those talented team members will now provide details of the results of the second quarter. Carlos will also provide additional comments on the agreement with GLPI.

Ginny, good morning. We had many bright spots in our performance for the second quarter and very good momentum as we start the first month of the current quarter.

Executive
Ginny Shanks

We experienced another strong quarter with similar trends to those seen in the first quarter, with broad based improvements in both trip and spend across all customer segments. These trends have continued into July, which is encouraging with 11 properties showing year-over-year net revenue and EBITDA growth. I'll spend the next few minutes providing some specific commentary around what we're