Pinnacle Casino Losing License After Tough Luck
The President Casino, operated in St. Louis by Pinnacle Entertainment, finally got its doors reopened after a week of being closed due to Mississippi flood waters. But the constant interruptions in service, combined with increased competition, have led to a decision by Pinnacle to relinquish the casino's gambling license.
Pinnacle acquired the President out of bankruptcy in December 2006, and had high hopes for the gaming riverboat. But bigger land -based casinos such as Pinnacle's other local operations at Lumiere Place and Lemay have drained patrons from the ship, and seasonal flooding has caused a series of shutdowns over the last couple years.
The casino has already closed twice this year, for a total of fourteen days, due to rising rivers. The location seemed doomed to repeats of the closures, and customers tired of never knowing when the casino would operate.
The Missouri Gaming Commission had made an official motion to strip the casino of its license, due to its poor performance as a revenue-generator. Pinnacle officials conferred with the commission, and have agreed to release the casino's license back to the state of Missouri.
Next week, after the Memorial Day holiday, the commission will begin accepting applications to determine a new operator for the license. The process which requires an application fee of $50,000, will run until the first day of September.
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