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March 17, 2010
ST. LOUIS - Pinnacle Entertainment announced Wednesday it will close the
aging President Casino riverboat by July 1. The decision follows a long battle
to keep from closing it.
John V. Giovenco, interim CEO of Pinnacle, said in a statement "It is in the
best interests of our shareholders and our company to settle this issue. We
intend to focus on maximizing shareholder value at Lumiere Place and our new
River City Casino."
Lumiere Place is Pinnacle's huge downtown casino located within a few hundred
yards of the President. Lumiere Place revenues in 2009 were $181.1 million
compared to $23.3 million for the President.
River City opened earlier this month and is the seventh casino in the greater
St. Louis area.
The closure of the President leaves one of Missouri's 13 gambling licenses
available for another casino. Missouri voters capped the total number of
licenses in the 2008 election. The relinquished license can now be issued to any
site on the Missouri or Mississippi rivers.
Jim Mathewson, chairman of the Gaming Commission, said "We will be accepting
applications for wherever from the state of Missouri, and will be evaluating
those, and that includes Pinnacle. We're not prohibiting them; in fact, we'd
encourage them to do it".
Return to Missouri Casinos.
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