Pinnacle announces provisions of Missouri Gaming Referendum are in immediate effect
Pinnacle believes that its slot machine area was prepared to operate under the new provisions from last weekend. Also effective immediately, patrons are no longer required to sign up for a players’ card prior to entering the casino floor.
Additionally, Proposition A placed a limit on the number of casino licenses available in the state and increased the tax on casino revenues from 20% to 21%. The tax increase, which became effective on November 5, is expected to increase funding for Missouri schools by more than us$ 100 million in new net revenue each year.
Pinnacle believes that the approval will be beneficial to the company, as it will allow Lumiere Place to expand its marketing from a local customers’ complex to a regional entertainment destination.
The Lumiere Place entertainment complex currently features two casinos (Lumiere Place and The Admiral Riverboat Casino); the Pinnacle-owned 200-guestroom Four Seasons Hotel St. Louis; the 294-suite HoteLumiere; approximately 22,000 square feet of meeting and convention space; several restaurants and retail outlets; and a luxury spa.
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