Our story today outlines the pressures facing the venerable President Casino, the gaming palace-on-a-boat that’s been downtown for years. It’s been shuttered several times this year because of high water (including right now). It’s facing stiff competition from Lumiere Place (owned by the same company, Pinnacle Entertainment). There’s more competition across the river from the newly renovated and expanded Casino Queen.

According to our story:

So far this year, business is down 54 percent at the President, according to figures from the Missouri Gaming Commission. Through August, gamblers spent $20.6 million there, or a little more than three weeks’ take at the region’s biggest casinos.

There’s industry speculation and comments from the President’s owners that outline some of the options for the casino.

It could close down. Pinnacle Entertainment is “pouring another $375 million into a new casino in Lemay in south St. Louis County, to open in 2010.”

It could move. The casino’s fate may be “tied to a measure on the November ballot that would end Missouri’s $500 casino loss limit and cap the number of gaming licenses in the state at 13.” If that happens, the President’s license is a valuable commodity.

Staying put doesn’t sound like an option, based on the story. The location is “challenging,” according to the general manager.

What do you make of the landmark’s future? Have you been there? Can you relate your experience? And have you formed an opinion yet on the ballot initiative that Missourians will decide in November?