St. Louis Business Journal,
Thursday, June 24, 2010 at 8:48:24 PM
After decades along the Mississippi Riverfront, the President Casino aboard the Admiral riverboat has closed for good.
The owner of the Laclede's Landing casino, Las Vegas-based Pinnacle Entertainment, has planned to close the President this Tuesday after receiving pressure from gaming regulators about the property's poor financial performance.
But the casino was shut down June 17 due to floodwaters, and operators announced Thursday that they would not reopen it. More than 200 people are out of work, and St. Louis will lose about $2 million in tax revenue generated by the President Casino.
President Casino to surrender license to state gaming commission
St. Louis Globe-Democrat,
Wednesday, March 10, 2010 at 4:52:38 PM
Pinnacle Entertainment has agreed to surrender its license for the President Casino in downtown St. Louis. It will close by July 1.
The gaming company, based in Las Vegas, reached a settlement agreement with the Missouri Gaming Commission that was announced Wednesday. Pinnacle officials met with the Gaming Commission at its meeting in St. Louis.
LeAnn McCarthy, a spokesperson for the commission, said the agreement calls for the Pinnacle to turn over the license and the commission to rescind its revocation order in approved in January. Pinnacle, which manages a number of casinos in the St. Louis area, will close the casino by July 1.
Pinnacle seeks hearing on plan to close President Casino
St. Louis Business Journal,
Tuesday, February 23, 2010 at 1:39:26 PM
Pinnacle Entertainment has filed a request for a hearing to dispute Missouri gaming regulators' plans to close the financially ailing President Casino in downtown St. Louis.
The Las Vegas-based casino operator made the request Friday, said Mack Bradley, a Pinnacle spokesman.
President Casino cut its hours and operations amid losses from repeated flooding-related closures and increased competition from its sister casino nearby, Pinnacle's Lumiere Place. Pinnacle had wanted to repair or replace the President's Admiral riverboat in order to keep the gaming license, which became even more valuable in 2008, when voters capped the numbers of licenses statewide to 13.
Casino operator Pinnacle Entertainment Inc said it has been notified that Missouri regulators plan to recommend that the license for the company's President Casino be revoked and the business stop operating on July 1.
In a filing with the Securities and Exchange Commission on Monday, Pinnacle said it received a letter from the executive director of the Missouri Gaming Commission on Jan. 21, that said the agency's staff will recommend the revocation of the casino's license at a meeting on Jan. 27.
"The letter stated that the (commission) is no longer able to allow licensure of what it believes to be an obsolete and underachieving gaming facility," the Pinnacle filing said.
Gambling Factoid #22: the word 'casino' comes directly from Italian, where it originally meant 'little house' or 'cottage.' It was first used in English to describe a gambling establishment in the 1800s.
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