Pinnacle ups investment in St. Louis-area casinos

Tuesday, Aug. 30, 2005 | 9:17 a.m.

ST. LOUIS -- Pinnacle Entertainment Inc. plans to substantially increase its investment in two casinos planned for St. Louis and St. Louis County, the company said Monday.

The Missouri Gaming Commission in September approved plans for Pinnacle casinos along the Mississippi River in downtown St. Louis and in Lemay in south St. Louis County. At the time, Pinnacle said it planned to spend at least $208 million on the downtown casino and $300 million on the one in Lemay.

Now the Las Vegas-based company plans to spend about $400 million downtown and $375 million in the county.

The downtown casino will be on 18 acres in the Laclede's Landing area north of the Gateway Arch. Pinnacle's plans for the casino, scheduled to open in 2007, include 2,000 slot machines, about 40 table games and 200 luxury hotel rooms.

The additional commitment includes $45 million to purchase and refurbish the Embasssy Suites hotel. An additional $15 million is being spent to acquire more land around the casino site.

Pinnacle also has agreed to spend $50 million on residential development in the city, perhaps in the form of a condominium tower at Laclede's Landing. Pinnacle will pay a fine if it does not build the project within five years of opening the downtown casino.