Pinnacle buys St. Louis riverboat casino

ST. LOUIS -- Patrons at the gambling boat on the St. Louis riverfront won't see any changes for now, but the President casino has a new owner.

Las Vegas-based casino operator Pinnacle Entertainment, Inc., completed its purchase Thursday of the distinctive President Casino-St. Louis for about $46 million.

The gaming boat floats in the Mississippi River near the Gateway Arch, and remains open but has seen some hard times in recent years.

The move comes as Pinnacle is building its new $430 million Lumiere Place casino and hotel within walking distance of the riverboat, with the desire to develop up to 20 blocks.

"It's part of creating a complete entertainment district down there," said Pinnacle spokesman Mack Bradley.

All 521 employees at the President will become Pinnacle employees, and no layoffs are anticipated, Bradley said.

The casino operator has not announced its long-term plans for the boat. Bradley said a naval engineer has determined that the boat itself "doesn't have that many years of life left in it."

The boat was built in 1907, and has been known as the Admiral since 1940, according to the President's Web site. President officials did not return phone calls seeking comment.

The purchase of the casino, which has about 800 slot machines and 30 table games, allows Pinnacle to gain experience running a casino in the area, Bradley said.

Meanwhile, construction is underway on the Lumiere Place casino complex that includes a 200-room hotel, a spa, two restaurants and a pool.

Pinnacle has also purchased an existing Embassy Suites hotel for about $38 million and is spending an additional $10 million to refurbish it.

The company owns or has an option on 20 acres near Laclede's Landing.

A master plan calls for significantly more development at Lumiere Place, with 220,000 square feet of commercial space, 375 condominium units and parking for more than 2,000 cars.

Pinnacle also is working on a $375 million River City casino and hotel in south St. Louis County. That project is planned to include a bowling alley, movie theater and indoor ice rink.

To acquire the President, Pinnacle bought President Riverboat Casino-Missouri Inc., which is part of President Casinos Inc. President has been operating under bankruptcy protection since 2002.

Pinnacle Entertainment shares fell 38 cents, or 1.1 percent, to $34.17 in trading on the New York Stock Exchange.