Pinnacle Entertainment will be giving back their casino license for the President Casino in St. Louis, Missouri, and already there has been major interest in obtaining the license. Over a dozen developers or cities have already expressed interest in obtaining the license.
The President Casino has been watching their revenue decrease over the past several years. New casinos have opened in St. Louis, and the competition, combined with an aging riverboat, have caused attendance to drop off drastically recently.
Pinnacle had planned to battle the Missouri Gaming Commission in court for the right to keep the President open, but changed their minds earlier this month. The company agreed to give the license back and close the casino in exchange for the Commission dropping fees associated with fines accumulated from the President Casino.
The city of St. Louis has already expressed that they would like to keep the license in the city. The state will give St. Louis the opportunity to do so, but they also will seek applications from other cities in the state.
Pinnacle has other casino interests in St. Louis, namely the new Lumiere Place that has recently opened. The company has said that they may seek the license that comes open from the President Casino closure, but they have made no definitive plans to do so.
Missouri currently has thirteen gaming licenses that are allowed under state law. Twelve of the thirteen are in use, and the President license will come open after July 1st. The Gaming Commission has asked all interested parties to submit letters stating their interest, and thirteen groups have already replied.
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