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twitterTexas gambling lets Pinnacle default
Wednesday, Sept. 24, 2003 | 9:41 a.m.
LAKE CHARLES, La. -- Although Pinnacle Entertainment Inc. has agreed to pay $10 million if it defaults on a casino lease with the Port of Lake Charles, the company would not have to make the payment if Texas approves casino gambling.
The company signed a 10-year lease with the port last month for a $325 million casino resort that is expected to open in early 2005. The project is located on 227 acres of port-owned land.
The lease calls for annual payments of $835,600, which start upon opening of the casino resort, with a maximum annual increase of 5 percent.
The lease will have initial terms of 10 years with six renewal options of 10 years each. There are also three outs for Pinnacle if it wants to terminate its lease without paying the $10 million penalty, according to The American-Press of Lake Charles, which said it obtained a copy of the lease.
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