Pinnacle agrees to settle President Casino licensing issue
Under the terms of the settlement, the company will voluntarily surrender The President's Class B gaming license and cease operations at that property no later than July 1, 2010. The commission, in turn, has agreed to withdraw and dismiss its preliminary order issued January 27, 2010.
"We are deeply grateful for the support our company and our employees have received throughout this process from many public officials from the City of St. Louis and at the state level," said John V. Giovenco, Pinnacle Entertainment's interim chief executive officer. "However, we have determined that it is in the best interests of our shareholders and our company to settle this issue. We intend to focus on maximizing shareholder value at Lumiere Place and our new River City Casino, which opened on March 4, 2010."
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