Missouri gambling regulators postponed any further action on September 30th, 2009 on the future of the President Casino located in downtown St. Louis. The agenda for the meeting of the Missouri Gaming Commission in St. Charles included an item to evaluate the future of the President Casino.
But commission Executive Director Gene McNary stated at the start of the meeting that no action was planned on the President Casino. The gaming commissioners decided last month that Pinnacle Entertainment from Las Vegas, Nevada would have to apply for a new gambling license in order to replace the sixty year-old President Casino, which is located on the former Admiral riverboat.
Last week, Pinnacle Entertainment challenged the decision, arguing that the gaming commission “has in effect” cancelled the gaming licensed and forfeited Pinnacle Entertainment’s $45 million investment. The decision effectively closes down the President Casino because the boat cannot pass the criteria of the US Coast Guard inspection.
The decision also essentially places a gaming license up for grabs. State voters limited the number of gaming licenses statewide to thirteen in a referendum in 2008.