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Pinnacle Postpones Sugarcane Bay Riverboat Casino Project in Louisiana

Pinnacle Entertainment is fresh from solving their differences with state regulators in Missouri and is expected to move on a brand new riverboat casino in Louisiana. But the company announced on April 16th, 2010 that they will be canceling their plans for a Louisiana casino.

The $305 million casino project would have installed a riverboat casino next to the L'Auberge du Lac Casino Resort. The Sugarcane Bay project would have included not only the casino facility, but also a hotel. The group claims that they are stopping the casino resort project to focus on other existing casino properties in Louisiana.

Many casino gaming operators have stopped plans for new casino facilities around the United States in recent years. The economic crisis, together with growing gaming competition, has turned casino developers. Groups like Las Vegas Sands and MGM Mirage have focused their casino developing efforts in other parts of the world.

Gambling Analyst Steve Schwartz said that the Asian gaming industry has always been one that appeals to gaming companies in the US. Schwartz said that with the growth of the Macau gambling market, there has been less need for Asian players to travel to the United States and that has caused a slide in revenue for players like Las Vegas and Atlantic City.

Pinnacle officials said that they are still interested to a Baton Rouge casino project that will bring more than one thousand slot machines, fifty casino table games and hotel rooms to the city. The group already employs thousands of individuals from Louisiana.

Pinnacle recently agreed to voluntarily give up the license for the President Casino in St. Louis. That leaves Missouri with one open license and Pinnacle has not ruled out bidding for the gaming license that it had agreed to give up.

04/29/2010 13:04 PM

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