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President Casino Temporarily Closes Down Due to Mississippi River Flooding

Pinnacle Entertainment reached a deal to permanently shutdown the President Casino. However, on March 28th, 2010, the facility was closed because of the Mississippi River. The gaming facility will re-open once the flooding recedes.

The General Manager of the President Casino, Chris Strobbe, said that they have been keeping a close look at the Mississippi River everyday, which has reached 32 feet on March 27th, 2010. Strobbe said that they felt that it was necessary to temporarily stop their operations in order to ensure the safety of their players and employees until the flood waters goes down.

Once the Mississippi River recedes, President Casino employees will start removing the debris from the flooding. The casino will re-open once the debris is cleared but there is no announcement yet when that will happen. The President Casino only has a few months left before it is permanently shutdown.

Pinnacle had first fought to keep the facility open and retain its gaming license, but they had reached a deal with Missouri gambling regulators regarding the issue earlier this month.

As part of the deal, Pinnacle agreed to shutdown the facility by July 31st, 2010. In exchange, the Missouri gambling regulators will not pursue any penalties against the group. Pinnacle has two other casino properties in St. Louis and may go after the license that they are giving up in the future.

Missouri only permits a certain number of casino gaming licenses and with all of them already taken; the President Casino license becomes even more valuable. Missouri regulators have given casino developers until May 1st, 2010 to express interest in the license.

04/12/2010 12:40 PM

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