Business briefs for August 7, 2008
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Pinnacle’s profits plunge $18.1 million
Pinnacle Entertainment Inc., of Las Vegas, which is developing a south Baton Rouge casino, saw its profits plunge in the second quarter to an $18.1 million loss, but its L’Auberge du Lac property in Lake Charles continued to outperform other casinos in Louisiana with a record quarter.
For the three months ending in June, Pinnacle raked in $267 million — an increase of nearly 15 percent over the second quarter 2007. But the company went from a $10 million profit (16 cents a share) in the same quarter last year to losing $18 million this year (30 cents per share.)
In Lake Charles, L’Auberge du Lac recorded revenue of $90.2 million, up 10 percent from a year ago, and its hotel occupancy rate was 92 percent for the quarter, 95 percent in June. Boomtown Casino in New Orleans saw its second-quarter revenue drop from $41 million a year ago to $39 million.
Companies to work on pipeline project
MANSFIELD — Two companies have agreed to pursue the development of a large pipeline to move natural gas from the Haynesville shale in northwest Louisiana, considered potentially to be one of the largest domestic gas finds in years.
The pipeline — to be known as the Haynesville Connector — would extend about 150 miles from western DeSoto Parish to several major pipelines that cross in the Delhi area.
The deal was announced by Denver-based DCP Midstream Partners LP and Houston-based M2 Midstream LLC, both of which are involved in the transportation of petroleum. A price was not disclosed.
Pinnacle Entertainment Inc., of Las Vegas, which is developing a south Baton Rouge casino, saw its profits plunge in the second quarter to an $18.1 million loss, but its L’Auberge du Lac property in Lake Charles continued to outperform other casinos in Louisiana with a record quarter.
For the three months ending in June, Pinnacle raked in $267 million — an increase of nearly 15 percent over the second quarter 2007. But the company went from a $10 million profit (16 cents a share) in the same quarter last year to losing $18 million this year (30 cents per share.)
In Lake Charles, L’Auberge du Lac recorded revenue of $90.2 million, up 10 percent from a year ago, and its hotel occupancy rate was 92 percent for the quarter, 95 percent in June. Boomtown Casino in New Orleans saw its second-quarter revenue drop from $41 million a year ago to $39 million.
Companies to work on pipeline project
MANSFIELD — Two companies have agreed to pursue the development of a large pipeline to move natural gas from the Haynesville shale in northwest Louisiana, considered potentially to be one of the largest domestic gas finds in years.
The pipeline — to be known as the Haynesville Connector — would extend about 150 miles from western DeSoto Parish to several major pipelines that cross in the Delhi area.
The deal was announced by Denver-based DCP Midstream Partners LP and Houston-based M2 Midstream LLC, both of which are involved in the transportation of petroleum. A price was not disclosed.
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