hese updated plans are subject to the approval of the Louisiana Gaming Control Board, which is expected to consider such plans at its December 15 meeting.
The Sugarcane Bay project will include a new single-level riverboat casino; 400 high-quality guestrooms and suites; exciting new dining and lounge outlets; a multipurpose venue for entertainment and group meetings; and an expanded spa. The project's budget has been updated to approximately us$ 305 million, excluding capitalized interest, and includes approximately us$ 54 million spent to date.
The updated Sugarcane Bay design will retain the quality look and feel that distinguish L'Auberge du Lac, and will more fully integrate Sugarcane Bay with L'Auberge du Lac to provide guests with the best in gaming, entertainment, dining and resort amenities. Accordingly, the new project has been renamed Sugarcane Bay at L'Auberge du Lac.
Sugarcane Bay is expected to generate approximately 700 construction-phase jobs and approximately 1,000 permanent jobs, as well as millions of dollars in state and local tax revenues. Pinnacle expects to complete the Sugarcane Bay casino in late 2010 and open the hotel and related amenities in the first half of 2011.
"Sugarcane Bay at L'Auberge du Lac is an important part of Pinnacle's development plans, and we're pleased to reaffirm the board of directors' commitment to the state of Louisiana and the Lake Charles market," said John Giovenco, Pinnacle's interim chief executive officer. "We believe the updated design can generate ongoing value for our shareholders while creating quality jobs, generating tax revenues and providing the superior guest experience that has made L'Auberge du Lac a success."
Giovenco also said that the company is proceeding with plans for its casino project in Baton Rouge, Louisiana, which represents an investment of approximately us$ 260 million, excluding capitalized interest. As announced previously, the Baton Rouge project will include a new, single-level riverboat with an expansive casino; a 100-room hotel; an exciting mix of restaurants and lounges and an entertainment venue.