President sells casino
Pinnacle Entertainment has confirmed a deal to purchase President Riverboat Casino-Missouri Inc for a value in the region of $45.7 million. The riverboat casino, which is in downtown St. Louis, holds approximately 800 slot machines and 30 gaming tables and has been in operation since 1994.
"We are excited to welcome the employees of the President Casino into the Pinnacle family," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment.
“We look forward to beginning casino operations in the state of Missouri."
However, the proceeds of the sale will be put in a distribution trust put in place to disperse funds in line with a bankruptcy restructuring plan detailed for President Riverboat Casino-Missouri Inc, a wholly-owned subsidiary of President Casinos Inc. The bankruptcy proceedings have been specified under Chapter 11 of the United States Bankruptcy Code. President Casinos Inc are unsure as yet if they will proceed with liquidation, continue operating in some form or another or whether a sale of assets to stockholders will occur.
Following the sale, President Casinos’ left over assists comprise of mainly cash and pending legal claims.
Las Vegas-based Pinnacle Entertainment’s $1 billion development of Lumiere Palace is set to be open in 2007 and is within walking distance of the location of their new purchase. The resort will include a casino, a 200-room luxury hotel, spa, business centre, restaurants and a convention centre.
Editor, Jackpot.co.uk - 2006-12-22 12:09:46