Missouri Shuts Down Pinnacle’s President Casino
Despite written reprimand from the Mayor, the Missouri Gaming Commission voted yesterday to revoke the gaming license for Pinnacle Entertainment’s (PNK: 9.30 +2.09%) President Casino.
The group unanimously voted to pull the license, with the commission’s Executive Director Gene McNary saying the gambling facility has operated at unacceptable levels with revenue falling off 50%.
Pinnacle will appeal the decision and has not ruled out legal action.
They are not alone with that thought, St. Louis Mayor Francis Slay said the city’s lawyers were reviewing their options and were also considering filing a lawsuit to save the boat.
The President casino is located on the ailing St. Louis Admiral riverboat, which is set for a Coast Guard hull inspection in July.
Pinnacle has made several requests to move or repair the vessel, all of which were denied by the commission.
With the license revoked, the commission can now approve one of three other groups who have applied to open casinos elsewhere in the state.
Revenues at the President have dropped since Pinnacle opened Lumiere Place nearby.
Pinnacle is expected to open the River City casino in April.
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