While Pinnacle Entertainment revenue is holding steady in the United States, its Exuma resort in the Bahamas has been bleeding cash for several years. As a result, Pinnacle wrote off some .3 million in the last quarter at the Casino at Emerald Bay because of the financial hardship.
The company requested and received permission to close the casino, which it did on January 2, instead of the previously announced closing date of August 31.
The financial distress in Exuma isn’t just limited to the casino. The owner of the hotel where the casino is located, the Four Seasons, is currently in receivership.
“In July 2008, the company decided to sell or otherwise discontinue operations of the Casino at Emerald Bay,” the company announced last fall. “This small casino is distant from Pinnacle’s other operations and its success is heavily reliant on the neighboring Four Seasons hotel.”