Friday, January 16, 2004
Copyright © Las Vegas Review-Journal
Pinnacle picked to run St. Louis casino
THE ASSOCIATED PRESS
ST. LOUIS -- Two St. Louis city development commissions on Thursday tapped Las Vegas-based Pinnacle Entertainment. to operate a downtown casino complex, nudging out a rival proposal by Isle of Capri Casinos.
They acted on a recommendation by a selection panel. The votes were unanimous.
The move comes a day after a St. Louis County selection panel deferred until Feb. 10 deciding between the two companies to operate a companion casino in the county.
The Missouri Gaming Commission ultimately has final say about any new casino licenses.
St. Louis and St. Louis County decided to pursue casinos together to help each other get better proposals, believing state gaming regulators were more likely to approve a two-boat, city-county project from the same company than a single, county-only casino. Gaming officials had voiced worry that a new casino in south St. Louis County would hurt revenues at a downtown one.
Pinnacle's downtown proposal is a $250 million project that would include a hotel, meeting center, health club, spa and salon, restaurants, bars, nightclubs and condominiums. Isle of Capri pitched a $151 million downtown project.
Pending city approval of a final development agreement, Pinnacle would seek licensure from the Missouri Gaming Commission. Construction could begin next year and take 18-20 months to complete.
