Pinnacle Cancels Plan For New Riverboat Casino In Louisiana

Pinnacle Entertainment is fresh off of settling some differences with regulators in Missouri, and was expected to move on a new riverboat casino in Louisiana. Instead, the company announced on Thursday that they will be scrapping plans for the Louisiana casino project.

The $305 million project would have placed a riverboat casino next to L'Auberge du Lac Casino Resort. The Sugarcane Bay project would have included not only the casino, but also a hotel. The company claims they are stopping the project to focus on other existing properties in Louisiana.

Many casino operators have cancelled plans for new casinos around the US in recent years. The economy, coupled with growing competition, has turned developers away. Companies such as MGM Mirage and Las Vegas Sands have focused their development efforts in other areas of the world.

"The Asian gambling market has always been one that appeals to US gaming companies," said Gaming Analyst Steve Schwartz. "With the emergence of the Macau gaming industry, there has been less need for Asian gamblers to travel to the US, and that has caused a drop-off in revenue for places such as Atlantic City and Las Vegas."

Pinnacle said Thursday they are still committed to a Baton Rouge project that will bring over 1,000 slot machines, fifty table games, and hotel rooms to the city. The company already employs thousands of Louisiana residents.

Pinnacle recently agreed to give up the gaming license for the President Casino in St. Louis. That leaves Missouri with one open license, and Pinnacle has not ruled out applying to win the license that they have agreed to forfeit.

April 15, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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