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The long running battle between casino operator Pinnacle Entertainment and Missouri gaming regulators ended this week, with the announcement that the President Casino will close July 1, 2010.
Gaming regulators suggested that Pinnacle had allowed the regions only riverboat casino to slip because of shifting business interest to the company’s larger land based casinos and voted to revoke the casinos gaming license for financial underperformance.
However, Pinnacle stated that their desire to invest in repairing the vessel signified their commitment to keep the casino and appealed the commissions ruling that Pinnacle could neither repair nor replace the riverboat.
Last week, the appeals court ruled that the commission acted improperly and returned the issue of repairs to regulators to readdress, sparking talks of a settlement.
Under the agreement, Pinnacle will voluntarily surrender its gaming license without being deemed “unsuitable”, leaving the door open to make future bids on another casino in the state. In return the Commission has agreed to drop disciplinary actions against the operator.
“It’s cleaner for everybody,” Jim Mathewson, chairman of the Gaming Commission said. “They’re a good corporate citizen for the state of Missouri.”
John V. Giovenco, interim CEO for Pinnacle, said in a statement that it was “in the best interests of our shareholders and our company to settle this issue. We intend to focus on maximizing shareholder value at Lumiere Place and our new River City Casino.”
Pinnacle’s downtown casino, Lumiere Place, is only a few hundred yards from the riverboat site and the new River City Casino in south St. Louis County just opened on March 4.
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