Lumière Place numbers slip
ST. LOUIS, Missouri -- As reported by the St. Louis Business Journal: "Pinnacle Entertainment's Lumière Place casino and luxury hotel complex in downtown St. Louis lost $760,000 during the company's first quarter primarily due to significant initial marketing and overstaffing.
"For the quarter ended March 31, Lumière Place took in $47.2 million in revenue. The $760,000 loss includes the Lumière Place Casino, HoteLumière, Four Seasons Hotel St. Louis and The Admiral Riverboat Casino.
"Pinnacle said it overstaffed Lumière Place to compensate for the inexperience of the staff and marketed to a broad audience to build regional name recognition.
"...Despite the loss incurred by Lumière Place, Pinnacle's first-quarter earnings were up 73.7 percent to $5.1 million, or 8 cents per share, compared to earnings of $2.9 million, or 5 cents per share, during the fiscal 2007 first quarter..."
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