St. Louis casinos boost Pinnacle revenue

2013-07-25T09:47:00Z 2014-04-04T16:28:43Z St. Louis casinos boost Pinnacle revenueBy Tim Bryant 314-340-8206

Strong showings by its local casinos — Lumière and River City — helped Pinnacle boost revenue, though its cost related to its proposed Ameristar acquisition put the Las Vegas-based company in the red. The company reported a loss of $5.1 million, or 9 cents a share, compared with a profit of $12 million, or 19 cents a share. Revenue rose 6 percent to $315.3 million.

Pinnacle is close to a deal to sell Lumiere Place to eliminate federal antitrust concerns over the Ameristar purchase. The company said Thursday it has an agreement sell the Ameristar casino project in Lake Charles, La., to Golden Nugget, which is owned by Houston-based Landry’s Inc. Golden Nugget will pay the development costs spent on the Lake Charles and assume outstanding costs owed on the development at that time. The deal includes a $37 million credit to Golden Nugget. Ameristar said it spent $213.9 million on the project as of June 30. Sale of the Lake Charles property is a condition of the Pinnacle takeover of Ameristar.

EDITOR'S NOTE: This story was updatd at 7 p.m. to clarify the loss figure.

Tim Bryant covers commercial real estate, development and other business stories for the Post-Dispatch. He blogs at Building Blocks, the Post-Dispatch development blog. 

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