Pinnacle receives continuances on casino projects
The gaming operator was given 150 days of reprieve, following a ninety-day delay granted in February.
Pinnacle officials asserted that interest rates remain far too high to make starting construction a sensible move. The company expects to wait until financial turbulence has quieted, but wants to retain its rights to eventually bring the two new riverboats to the state.
Pinnacle's anticipated casinos would include a us$ 250 million gambling boat for Baton Rouge, and a us$ 350 million operation in Lake Charles, near the Texas border. Texas currently outlaws casino gaming.
Carlos Ruisanchez, the company's executive vice president for strategic planning and development, said even though Pinnacle is paying far less for bonds than many other gaming operators, the rate needs to drop before the projects become viable. "This is not because of the credit quality of this company," Ruisanchez said. "It's because of the reluctance of investors to invest in the sector."
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