Pinnacle's South County casino road project moves forward
St. Louis Business Journal - 11:59 AM CDT Wednesday, July 25, 2007The St. Louis County Port Authority bought 39 acres in south St. Louis County that Pinnacle Entertainment Inc. will use to build a road leading to its planned River City Casino and Hotel.
Pinnacle's $375 million casino and hotel project will create about 1,000 jobs during its construction and nearly 2,000 permanent jobs for the community. The casino and hotel development will open in 2008 and will include a casino with 3,000 slot machines and 60 table games.
The St. Louis County Port Authority bought the National Imagery and Mapping Agency (NIMA) site July 3 for $1.25 million from the U.S. Air Force and U. S. General Services Administration, according to Mark Brady, assistant vice president of the St. Louis County Economic Council. The Port Authority has leased the property since Feb. 27, 2006, when it secured site control of the property.
The land, located on South Broadway in Lemay, Mo., will be used by Pinnacle to build a four-lane access road to its River City entertainment and retail development project. The property, previously owned by the U.S. Air Force, was heavily damaged by the 1993 flood and thereafter vacated by the Air Force, according to Nancy Schnoebelen, St. Louis County Economic Council spokeswoman. Environmental remediation is expected to begin immediately.
Pinnacle Entertainment Inc. (NYSE: PNK) is a Las Vegas-based company that owns and operates casinos in Nevada, Louisiana, Indiana and Argentina.
