Gaming regulators in Missouri are voting tomorrow on whether or not to force the President Casino to close, but the casino has at least one supporter in Mayor Francis Slay.
>Gaming regulators in the state of Missouri and Pinnacle Entertainment have been in an ongoing battle over the President Casino. The latest chapter was written on Monday when regulators decided they would vote Wednesday on whether to force the casino closed.
On Tuesday, the President Casino received support from St. Louis Mayor Francis Slay. The mayor reiterated what Pinnacle has been preaching, that the jobs that would be lost would have a devastating affect on the local economy.
"To put this in perspective, $2 million is equal to the salaries and benefits of approximately forty police officers," wrote Slay, in a letter that was sent to members of the Missouri Gaming Commission on Monday.
The $2 million that Slay wrote about is equal to the amount of tax revenue annually that would be lost if the casino was forced to close. There would also be 241 people who would lose their employment as a result of the closure.
Pinnacle Entertainment is in a precarious situation when it comes to the President Casino. They have asked regulators for the right to replace the old riverboat where the casino is located, but have been turned away. The company also has another casino in the area, Lumiere Place, that opened in 2007.
The gaming company has plans on opening its third St. Louis area casino in March, adding to the drama of the President Casino outcome. The casino has lost millions of dollars in revenue as attendance has dropped.
Regulators believe that Pinnacle is simply keeping President Casino open in order to not lose the gaming license, which other developers covet. Regulators feel that if they were to close the facility, that license may become available for another casino to be built in the city.
Source: Casinogamblingweb.com - News added: 2010-01-28 at: 00:00:08
