The President Casino, operated in St. Louis by Pinnacle Entertainment, finally got its doors reopened after every week of being closed because of Mississippi flood waters. However the constant interruptions in service, combined with increased competition, have resulted in a choice by Pinnacle to relinquish the casino's gambling license.Pinnacle acquired the President out of bankruptcy in December 2006, and had high hopes for the gaming riverboat. But bigger land -based casinos similar to Pinnacle's other local operations at Lumiere Place and Lemay have drained patrons from the ship, and seasonal flooding has caused a chain of shutdowns over the past couple years.
The casino has already closed twice this year, for a complete of fourteen days, as a result of rising rivers. The site seemed doomed to repeats of the closures, and customers bored with never knowing when the casino would operate.
The Missouri Gaming Commission had made an official motion to strip the casino of its license, because of its poor performance as a revenue-generator. Pinnacle officials conferred with the commission, and feature agreed to release the casino's license back to the state of Missouri.
Next week, after the Memorial Day holiday, the commission will begin accepting applications to figure out a brand new operator for the license. The method which requires an application fee of $50,000, will run until the primary day of September.
Published on May 29, 2010 by JulieWong
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