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Despite the concerns raised by Mayor Francis Slay, the Missouri Gaming Commission voted yesterday to revoke the gaming license for the President Casino.
When Pinnacle Entertainment received notice that the commission was looking to pull their license because the aging riverboat was an “obsolete and underachieving gaming facility”, the mayor sent a written plea to save the casino.
His letter pointed out that the casino’s closure would cost the residents of St. Louis 241 jobs and $2 million in annual gaming-related taxes.
However that wasn’t enough to prevent the group from unanimously voting to pull the license.
Commission Executive Director Gene McNary said the gambling facility has operated at unacceptable levels with revenue falling off 50%.
Pinnacle plans to appeal the decision and is considering legal action, along with Mayor Slay who 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 was set for a Coast Guard hull inspection in July, however the commission has ordered the facility to be closed by July 1.
With the license revoked, the commission can now approve one of three other groups who have applied to open casinos elsewhere in the state.
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