A highly-prized state license soon will be open for competition…and it might be years before there’s another one.
Pinnacle Entertainment will give up its license to the President Casino in St. Louis by July first.The state gaming commission had told Pinnacle in January it would take away the license because the casino’s income has been dropping for months since the opening of the new Lumiere Place a few blocks away. Lumiere Place also is owned by Pinnacle. Pinnacle, however, has negotiated the surrender of its license, in return for which the commission would withdraw its resolution.
State law adopted in 2008 limits Missouri to 13 casinos. Interests in Sugar Creek and Cape Girardeau have been interested in a license. And Pinnacle can apply for a license at a new place. Gaming Commission Chairman Jim Mathewson doesn’t know what to expect. He says the 2008 law has created a new world for casino licensing.
The commission will decide when applications will be filed. Applicants will go through a lengthy investigation–companies and their officers.It could be quite a while before a new casino is built and allowed by the commission to open.
Pinnacle hopes to sell the closed President and the Admiral excursion boat it’s on, with the new owner moving it out of the area.