UPDATE 1-Pinnacle Entertainment posts quarterly loss

Published: 29 Oct 2009 19:15:32 PST

*Q3 GAAP loss 37 cents/shr

*Revenue rose 1 pct

ATLANTA, Oct 29 - Casino operator Pinnacle Entertainment Inc reported a quarterly loss after charges on Thursday and said improvement at some of its properties was partly offset by competition and the soft economy.

Pinnacle reported a third-quarter net loss of $21.9 million, or 37 cents a share, compared with a loss of $11.8 million, or 20 cents per share, for the same period last year.

Adjusted for pre-opening and development expenses, non-cash share-based pay, impairment costs and other items, the company said it had a loss of 2 cents a share.

Revenue rose 1 percent to $265.4 million, compared with about $267 million expected by analysts, according to Thomson Reuters I/B/E/S.

The Las Vegas-based company operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and the Bahamas.