

	For the three months ended March 31,
	2013			2012
	(in millions)
Revenues:
L'Auberge Lake Charles	$	90.3		$	96.9
St. Louis (a)	96.2			100.4
Boomtown New Orleans	30.9			32.9
Belterra Casino Resort	34.9			38.3
Boomtown Bossier City	21.0			22.6
L'Auberge Baton Rouge	36.7			—
Racetrack (b)	2.4			1.9
Other	0.2			—
Total Revenue	$	312.6		$	293.0
Adjusted EBITDA (c):
L'Auberge Lake Charles	$	26.9		$	29.7
St. Louis (a)	25.0			25.7
Boomtown New Orleans	10.3			11.0
Belterra Casino Resort	6.4			8.0
Boomtown Bossier City	5.4			5.9
L'Auberge Baton Rouge	5.1			—
Racetrack (b)	(0.2		)	(0.4		)
Other	—			—
	78.9			79.9
Corporate expenses (d)	(5.0		)	(5.4		)
Consolidated Adjusted EBITDA (c)	73.9			74.5
Other benefits (costs):
Depreciation and amortization	(28.0		)	(26.2		)
Pre-opening and development costs	(7.6		)	(2.8		)
Non-cash share-based compensation expense	(1.8		)	(2.0		)
Write-downs, reserves and recoveries, net	(0.3		)	—
Net interest expense, net of capitalized interest	(28.7		)	(21.9		)
Loss from equity method investment	(92.2		)	(1.6		)
Loss on early extinguishment of debt	—			(20.7		)
Income tax (expense) benefit	(0.6		)	0.4
Loss from continuing operations	$	(85.3	)	$	(0.3	)



	For the three months ended March 31,
	2013		2012
	(in millions)
Capital expenditures:
L'Auberge Lake Charles	$	9.7	$	2.8
St. Louis (a)	16.5		4.2
Boomtown New Orleans	0.8		1.1
Belterra Casino Resort	2.7		0.1
Boomtown Bossier City	1.2		0.8
L'Auberge Baton Rouge	1.2		54.5
Racetrack (b)	4.4		0.1
Corporate and other, including development projects and discontinued operations	2.5		2.4
	$	39.0	$	66.0



	March 31, 2013		December 31, 2012
	(in millions)
Assets
L'Auberge Lake Charles	$	320.3	$	319.6
St. Louis (a)	769.1		748.0
Boomtown New Orleans	74.2		73.8
Belterra Casino Resort	167.6		173.0
Boomtown Bossier City	83.4		83.2
L'Auberge Baton Rouge	398.2		404.0
Racetrack (b)	48.5		42.7
Corporate and other, including development projects and discontinued operations	185.9		264.7
	$	2,047.2	$	2,109.0


(a)	Our St. Louis segment consists of Lumière Place (which includes the Lumière Place Casino, the Pinnacle-owned Four Seasons Hotel St. Louis and HoteLumière) and River City.


(b)	Our Racetrack segment consists of Retama Park Racetrack (which we manage) and River Downs.

(c)

We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, income (loss) from equity method investments, non-controlling interest and discontinued operations. We define Adjusted EBITDA for each operating segment as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, gain (loss) on sale of discontinued operations, and discontinued operations. We use Consolidated Adjusted EBITDA and Adjusted EBITDA for each segment to compare operating results among our properties and between accounting periods. Consolidated Adjusted EBITDA and Adjusted EBITDA have economic substance because they are used by management as a performance measure to analyze the performance of our business, and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. We eliminate the results from discontinued operations as they are discontinued. We also review pre-opening and development expenses separately, as such expenses are also included in total project costs when assessing budgets and project returns, and because such costs relate to anticipated future revenues and income. We believe that Consolidated Adjusted EBITDA and Adjusted EBITDA are useful measures for investors because it is an indicator of the strength and performance of ongoing business operations, including our ability to service debt and fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value of companies within our industry. In addition, our credit agreement and bond indentures require compliance with financial measures similar to Consolidated Adjusted EBITDA. Consolidated Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Consolidated Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.


(d)	Corporate expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.