Gaming company Pinnacle Entertainment is planning to build a casino in St. Louis, in South County. The money for this venture comes from insurance payments from Biloxi. This Lemay casino-resort will include a nightclub, a movie theater, a bowling alley, and an ice skating ring. The complex will cost in all 800 million dollars. The complex will be called the River City Casino and Hotel and will be located on the former National Lead site. Its architecture will be inspired in the city of St. Louis and 1904 Worlds Fair, giving the casino a historic touch. The casino will include 3,000 slot machines, a 100-room hotel, and a shopping center. There will also be a community park. The construction is expected to be completed in 2008. Pinnacle is also interested in the President Casino, in Admiral and if there were an auction, they will be interested in acquiring it.
Pinnacle might fund this construction by replacing its Biloxi casino by the casino in St. Louis, because the company prefers to invest in a new casino than re-building the one destroyed by the hurricane. The Chief Executive of Pinnacle Entertainment said that the company gives priority to St. Louis project over Biloxis reconstruction. The Missouri Gaming Commission set a financial requirement which has met by Pinnacle. Pinnacle was chosen by the Gaming Commission to build the Lemay casino and another one in downtown St. Louis. The latter is worth 400 million dollars. When both casinos will be built the area will count with seven casinos.
Pinnacles establishments had been hit by hurricanes this year. Both Katrina and Rita destroyed their casinos in Lake Charles, New Orleans, and Biloxi, making the company lose over 3.5 million dollars. The money obtained from insurances of these casinos will be used to fund the South County casino-resort. Only when this casino begins to work, Pinnacle might think about re-building the ones destroyed by the hurricanes. The Missouri Gaming Commission sets a minimum debt ratio to gaming companies that many doubt Pinnacle might meet. The company though assures they will meet those requirements. The Missouri Gaming Commission will not say anything about this matter till they do not see the data, said Kevin Mullally, Executive Director for the Commission.
