Pinnacle Entertainment Could Lose Gaming License In Missouri

Pinnacle Entertainment is in a precarious situation when it comes to their aging riverboat casino in St. Louis, Missouri. The company needs to renovate the casino, but cannot do so unless they seek a new gaming license.

The Missouri Gaming Commission, perhaps seizing the moment to open up a casino license in the state, decided on Wednesday that as of July 2010, the Admiral boat will no longer be certified to carry passengers. That leaves Pinnacle having to apply for a new license.

Last year, voters in the state capped the number of gaming licenses that can be given out at thirteen. If Pinnacle was not awarded a new license, it would free a license up for the state to give to another developer. If that is the case, the state could put the licensed casino in a different area.

"The state would be better off not giving the license to Pinnacle, this way they could maximize the money they are receiving in revenue from that license," said observer Darren Brawls, "It would open up a bidding war for the open license, and the state would stand to make millions."

Pinnacle wants to get rid of the Admiral and replace it with a new barge. Even with a new boat, however, Pinnacle will continue to have a tough time competing in the St. Louis casino market. Their own new casino, Lumiere Place, has drained business from all surrounding casinos, including the President Casino.

Pinnacle's President Casino has also had financial difficulties over the past year. They have had to lay off workers, and have cut their operating hours in an attempt to deal with the current economic crisis.

August 26, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
Submit News!

One More Step For Casino Proposal In Sumner County, Kansas
Moving Casino Site Causing Controversy In Baltimore
Indiana Track Owners Request Lower Taxes On Casino Gambling
Kansas Casino Fiasco Takes Another Turn, Developers Partner Up
Las Vegas Sands Stock Soars With News Of Hong Kong Listing