Pinnacle Entertainment (PNK) Announces $50M Stock Buyback
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Pinnacle Entertainment, Inc. (NASDAQ: PNK) (“Pinnacle” or the “Company”) announced today that its Board of Directors has authorized a new $50 million stock repurchase program. The Company intends to fund any share repurchases under the new program without increasing its debt leverage profile.
In May 2016, the Company’s Board of Directors approved an initial $50 million stock repurchase program. As previously disclosed, the Company completed buybacks under this prior authorization by repurchasing 4.53 million shares of its common stock for $50 million or $11.05 per share through July 2016. The Company's shares of common stock outstanding as of August 8, 2016 were approximately 57.1 million, a reduction of approximately 7.4% as a result of the share repurchases under the initial program.
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