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City of St. Louis to Bid for Missouri Gaming License as First Step in
Replacing Lost Revenue and Jobs from President Casino's Closure

By Tim Bryant, St. Louis Post-DispatchMcClatchy-Tribune Regional News

Mar. 30, 2010--ST. LOUIS -- City officials announced Monday that they will make a bid for the President Casino's state gambling license.

The city lost one of its two gambling licenses this month when Pinnacle Entertainment, developer of Lumière Place and the Four Seasons Hotel, surrendered its President Casino license to the Missouri Gaming Commission. Pinnacle plans to close the President Casino by July 1.

Pinnacle acted after the commission said it would revoke the license over what it said was the President's poor performance.

Last week the Missouri Gaming Commission set a deadline of May 1 for letters of interest from casino companies, developers and communities that may want to build the state's 13th casino.

The city's Land Clearance for Redevelopment Authority and Port Commission said Monday that it plans to seek a letter of interest from developers for a "gaming facility adjacent to the Mississippi River" within the city limits.

"This is the first step we need to take to get the city's second gaming license back," said Rodney Crim, executive director of St. Louis Development Corp. "We need to replace the $2 million in taxes and jobs we'll lose when the President Casino closes in July.

"We are totally open to ideas and proposals for a world-class gaming facility in the city."

Executive Director Gene McNary said commissioners have yet to seek applications but merely statements of interest and short descriptions of what the projects might entail.

The commission will later begin a public bidding and could award a license by the end of the year.

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To see more of the St. Louis Post-Dispatch, or to subscribe to the newspaper, go to http://www.stltoday.com.

Copyright (c) 2010, St. Louis Post-Dispatch

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