Citi Preview PNK 1Q11

Citi reports that it expects Pinnacle Entertainment Inc.'s PNK 1Q11 casino revenues to total about $264.4 million, “incorporating a 12.3% gain over last year.” “We are currently projecting net revenues of $299.7 million for the quarter, which represents growth of about 12.1% over the prior year and compares favorably to the consensus expectation of $288.4 million,” Citi writes. “We are also forecasting a modest 6.5% increase in total expenses, largely driven by 14.1% higher G&A and a 10.5% increase in D&A. We believe adjusted EBITDA for the period will be $65.0 million, reflecting an 18.3% improvement over last year, as EPS grows 175.0% to $0.11. Consensus EBITDA and EPS is $59.7 million and $0.04, respectively.” Pinnacle Entertainment closed Thursday at $13.98.