President Casino Closing In St. Louis After Deal Is Reached

The legal battle between Pinnacle Entertainment and gaming regulators in Missouri over the President Casino is now over. After months of posturing, both sides agreed to a deal on Wednesday that would close the President forever.

Gaming regulators voted to start proceedings to close the casino this summer. Pinnacle filed a legal challenge, hoping to gain the right to keep the casino open. Before the case could be heard in court, however, cooler heads prevailed.

For Pinnacle, the math became simple as the days went on. They no longer wanted to ruffle the feathers of a gaming commission that has to oversee two other Pinnacle properties in Missouri. Pinnacle owns Lumiere Place and the River City Casino.

For regulators, they had to drop their disciplinary measures that they were taking against Pinnacle. The deal, now complete, has both sides ready to move on. For Pinnacle that means focusing on their other properties, and for regulators, it means a new license has opened up.

One of the main reasons that Pinnacle did not want to shut down the President Casino was because of the value of the gaming license. Only thirteen are available in Missouri. Now, however, Pinnacle has given up the license, although the company claims it may once again pursue the license when it comes up for bidding.

Before that happens, studies will be done on where the best place for a new casino in the state would be. The social affects will be weighed, as well as what area of the state will provide the best financial opportunity for a casino to succeed.

March 11, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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