Pinnacle Entertainment Inc. has purchased this week the President Casino in St. Louis for $46 million as part of the company's plans to develop its new $430 million casino, Lumiere Place. The President Casino in within a walking distance of the casino-hotel.
According to Mack Bradley, Pinnacle's Spokesman, all 521 employees at the President will become Pinnacle employees, and no layoffs are anticipated. However, Pinnacle has not yet announced its long-term plan for the riverboat casino, since the boat, which was built in 1907, is not expected to last many years.
The President Casino has about 800 slot machines and 30 table games. In order to obtain the President, Pinnacle bought President Riverboat Casino-Missouri Inc., which is part of President Casinos Inc. President has been operating under bankruptcy protection since 2002.
Pinnacle Entertainment Inc., a Las-Vegas-based gaming company, was established in 1938. It owns and operates casinos and hotels in the United States, Argentina and the Bahamas.
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