Issue 295
May 8 - May 12, 2006
Volume 6
page 2

Nemacolin Proposal Receives Positive Response
As Reported by Pennsylvania Union Standard

PENNSYLVANIA – "People had a chance to comment on the proposed casino to be established at Nemacolin Woodlands Resort & Spa in Farmington during a public input hearing Tuesday, and all but one of the comments were positive.

"Officials from Nemacolin Woodlands presented their plans for a $40 million casino that will house 500 slot machines before public comments were heard. The proposed casino would be located in the former Woodlands World building located on resort property.

"…Elected officials, representatives of community groups and members of the general public addressed the members of the gaming control board, giving the casino their full support.

"…Muriel J. Nuttal, executive director of the Fayette County Chamber of Commerce, said 80 percent of all business that belong to the Chamber of Commerce support a casino and said 87 percent of those who support it said they believe it will bring more economic development to the region…"




Pinnacle Amends Merger Agreement with Aztar
Press Release

LAS VEGAS – Pinnacle Entertainment, Inc. (NYSE: PNK) today announced that its board of directors has unanimously approved an increase in the per-share price under the Company's merger agreement with Aztar Corporation (NYSE: AZR) to $51.00 per share in cash and stock, subject to adjustment. The consideration consists of $47.00 per share in cash and $4.00 per share of Pinnacle common stock, subject to a collar provision. The purchase price for each share of Aztar Series B preferred stock has been increased to $497.09 in cash and $42.31 in Pinnacle common stock, subject to a collar provision. The fully financed transaction is valued at $2.58 billion, including approximately $1.97 billion in equity on a fully diluted basis and approximately $677 million of indebtedness.

All other aspects of the merger agreement remain unchanged, except for the termination fee, which has been increased to $52.16 million, plus reimbursement of expenses up to $25.84 million.

As announced on March 13, 2006, Pinnacle and Aztar entered into a definitive merger agreement under which Pinnacle would acquire all of the outstanding common shares of Aztar for $38.00 per share in cash. In raising the proposed merger price to $51.00 per share, Pinnacle exercised its right under the merger agreement to respond to a third-party proposal.

Oregon Tribe Applies for Casino
As Reported by KBCI News

OREGON – "The Treasure Valley could become home to casino-style gambling--possibly bringing hundreds of jobs to Ontario, Oregon.

"The Burns Peiute tribe has applied to the Bureau of Indian Affairs (BIA) to build a casino off the reservation.

"…The tribe hasn't purchased the land yet, but the casino could be located just outside Ontario city limits where survey crews are already working on plans to build a cloverleaf near a new Interstate 84 exchange. As a county judge, a position similar to a county commission seat in Idaho, Russ Hursh says he started talking to tribal members from three tribes about the plans more than three years ago…"

JuJPhil Vassar

The Railhead: 2002 ACM winner for Top New Male Vocalist, Phil Vassar, will be performing at Boulder Station's The Railhead on May 19.

Date: Friday May 19, 2006

Time: 8:00 pm

Ticket Price: $25.75 - $42.25

For more information: (866) 80-SHOWS

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