President Casino Revenue Increases While Shut Down Looms

Regulators in the state of Missouri are on the verge of forcing the President Casino to close. Their main concern is that the riverboat the President Casino is located on is not up to date, and the casino itself is in financial ruins.

The latter may become a hard theory to prove after the Missouri Gaming Commission and Illinois Gaming Board released revenue figures for the month of January. While other casinos in the state had revenue decreases, President Casino had an increase of three percent.

Pinnacle Entertainment owns the President Casino and also Lumiere Place in downtown St. Louis. Lumiere Place opened in December of 2007 and has had a revenue increase every month since then, until now. Revenue was down one percent in January from the same period in 2009.

All of the casinos in the St. Louis area combined for a four percent decrease in revenue in January. That was not the figures that state regulators were hoping for, but they are not as bad as some areas of the country.

In Atlantic City, casino revenue continued to tumble. In the past couple of years, neighboring states have gained ground on New Jersey in the casino industry, and Pennsylvania actually had higher slot revenue in the month of December than Atlantic City casinos.

The President Casino having an increase in revenue came as somewhat of a surprise to regulators. The casino has not had an increase in revenue since September, so the news of a January increase was met with excitement by Pinnacle officials.

February 10, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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