Missouri To Pick Up Revenue With Gaming Applications In June

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The Missouri Gaming Commission stripped the President Casino of its gaming license, and come July 1st, that license will be free for other developers to bid on. The Missouri Gaming Commission, however, is starting the process of finding a new developer before the President even closes.

On Wednesday, the Commission laid out the plan for awarding the gaming license. Beginning on June 1st, applications will be accepted from those interested in the license. The application process will run through September 1st.

In order to have their application considered, developers will need to provide a $50,000 filing fee that is due by September 1st. By August 1st, the Commission will begin reviewing applications they have received and will give developers feedback on their bids.

The President Casino is owned by Pinnacle Entertainment. Pinnacle owns several other properties in St. Louis, but agreed to give up the President license instead of fighting the Commission in court. A legal battle would have been costly, and as part of the agreement to relinquish the license, Pinnacle was relieved of any penalties accrued by the President.

The casino has been losing customers for several years, leading to low revenue. The casino is located on a riverboat that was not expected to pass a Coast Guard inspection this summer. Pinnacle had asked for the right to replace The Admiral, but their request was rejected.

Missouri has thirteen casino licenses and the President license will be the only one open in the state. Developers can apply to operate a casino anywhere in the state, but St. Louis officials have said they hope that the Commission keeps the license in the city.

May 27, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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