Topic starter
21/12/2006 3:42 pm
It is announced today that the purchase of the Admiral, sometimes known as President Casino St. Louis, was completed today by Pinnacle Entertainment. As you know, Pinnacle is involved with two large projects in the St. Louis area. Downtown St. Louis will welcome Lumiere Place in 2007, and River City Casino & Hotel will open in St. Louis County in 2008. There is no word on how long they will continue to operate the Admiral, after the grand opening of the nearby Lumiere Place.
Here is the press release.
21/12/2006 4:10 pm
So basically they are using the ADMIRAL to get their foot in the door and a customer base established, and then when the resort opens, the ADMIRAL is gone?????
Topic starter
21/12/2006 4:26 pm
Yes, that's part of the thinking. Pinnacle was already in the door, but now they have taken the door off the hinges, or so to speak. They "helped out" a failing property by purchasing it, but they will benefit from the established customer base and a trained gaming staff. Of course, they are not new to the gaming industry, but are new to the Missouri gaming market.
This purchase was a long time in coming. As you may remember, Columbia Sussex had originally been tagged to purchase the property from the bankruptcy proceedings. But, a squabble over land and parking, plus an unnamed problem between the Missouri Gaming Commission and Columbia Sussex caused them to pull out.
I would say that the Admiral's days are numbered. I can't envision Pinnacle operating three properties, with two of them practically being neighbors. So, that means the Admiral will probably close and rot away before our eyes, unless it is moved or sold again.