Pinnacle Is Most Recent Company To Drop Out of Kansas Casino Race

The state of Kansas had better hope that the economy takes a turn for the better awfully soon. If not, they might not have any proposals left on the table for their new casinos.

Last week, Penn National pulled out of their agreement to build a casino in Cherokee County. This week, the state lost another bid when Pinnacle Entertainment pulled their proposal from consideration.

The stock market coming crashing down in the past three days is a major reason Pinnacle has pulled their bid. The current state of the economy does not lend itself to the type of extra money that is needed for people to visit casinos.

While the Kansas move is somewhat surprising, it is the company's next potential move that could really send shock waves through the industry. "It's not a good sign if they're backing out of things elsewhere, but hopefully the two are not related and they'll take that $263 million and put it here (Atlantic City)," said Councilman Marty Small.

The company claims that pulling out of the Atlantic City project is not yet an option, but after their latest move in Kansas, nothing can be certain. They said that they are not sure of the time frame when they would move forward on the Atlantic City project.

September 17, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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