Court Approves Presidents 31.5M Sale to Pinnacle
Pinnacle Entertainment Inc. said the other day that the 31.5 million dollar purchase of the President Casino St. Louis Riverfront was approved by the U.S. Bankruptcy Court for the Eastern District of Missouri in St. Louis.
President Casinos announced the deal Feb. 24 with Pinnacle Entertainment, President Casinos filed its bankruptcy claim in June of 2002.
According to the terms of their agreement, the stock of President Casinos St. Louis subsidiary, President Riverboat Casino-Missouri Inc., will be sold for around 31.5 million dollars, will be subject to capital adjustments, according to a press release.
The casino that is located on the west side of Mississippi River in St. Louis, President Casino St. Louis Riverfront houses nearly 1,025 slot machines and 30 table games. It is within walking distance of the historic district Lacledes Landing and Pinnacles under construction 400 million dollar casino project just down the river in downtown St. Louis.
Approval of the purchase by the U.S. Bankruptcy Court will also require licensing approval from the Missouri Gaming Commission and a final approval of the debtors bankruptcy plan by the courts. The agreement between Pinnacle and President Casinos is expected to close in the end of 2006.
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana and Argentina from their Las Vegas based company.
