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Pinnacle Commitment to Louisiana Casino Dwindles
BATON ROUGE, LOUISIANA --
After months of delays toward the beginning of construction of a new Lake Charles casino, Pinnacle Entertainment has now sought and received Louisiana state approval to lower its investment in the gambling project. In return, Pinnacle officials agreed to complete the casino on a faster timeline, giving the gambling venue a closer opening date.
The project on Sugarcane Bay, originally set at $350 million, now must by funded by Pinnacle up to a minimum of $300 million. The opening for the new casino is currently slated for June 2011.
Pinnacle authorities had asked and received several extensions on deadlines to begin construction, citing the onset of the economic recession. Without state approval for both the delays and the change in spending, Pinnacle could be forced to forfeit the gambling license it is reserving for the new casino.
Declining revenues played a part in the refiguring of the casino plans, which include mixing functions of the new 400-room hotel with the existing 1000-room hotel.
"People are tightening their belts and not coming as often," said Pinnacle Executive Vice-President Cliff Kortman.
Still, Pinnacle spin artists tried to make the decision sound advantageous.
"What we think we are bringing you is a stronger project than before," said Pinnacle general counsel Jack Godfrey.
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