President Casino Temporarily Stops Operation Due to Flooding
For those individuals who believed that Pinnacle Entertainment made the wrong move when they agreed to shutdown the President Casino in St. Louis, what happened on May 16th, 2010 proved to be a good reminder of why Pinnacle had to make that decision.
The President Casino needed to close its premises on Sunday because of flooding. The closure of the casino is just one of the numerous closures over the past few years because of flooding.
When the riverfront of St. Louis floods, the entrance ramp to the President Casino is flooded with water and customers are not able to go through the facility. The frequent flooding has led to dropping gaming revenues for the President Casino facility. Aside from that, other new casino facilities that have been constructed in St. Louis have taken customers away from the riverboat casino.
The dropping revenue and the condition of the riverboat on which the casino facility is located, has caused the Gaming Commission of Missouri to step in. The Missouri Gaming Commission has started the process of stripping the President Casino and Pinnacle Entertainment of their gaming license. Originally, Pinnacle intended to fight for the gaming license.
But after talks with the Gaming Board, Pinnacle decided to voluntarily relinquish their gaming license and close the facility on July 1st, 2010. Meanwhile, the gaming license has become a sought after commodity. 13 gaming organizations have expressed interest in the gaming license to the Missouri Gaming Board.
The board hopes to review the proposals within the next few months, at which time they will give the license to the winning bidder. Pinnacle stated that they may go after the license. Pinnacle has the brand new Lumiere Place and other casino facilities in the city.
City officials said that they would like to keep the license in St. Louis. But the Gaming Board is accepting applications from casino developers who would like to construct a casino in other parts of Missouri.
Date: 07/26/2010 14:27 PM
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