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CR87-p14-NAmerica2:SJC-Casino Review 23/12/09 15:24 Page 1
Caesar’s could miss out on Singaporean’s gambling debt
A Court of Appeal in Singapore has said that a US court ruling to force Singaporean
businessman Poh Soon Kiat to pay his losses did not have the essential elements of
an enforceable foreign judgment for payment of money. Poh lost US$4.4m while
gambling at Caesar’s Palace in over a six-year period beginning in 1992. The
operator had hoped the Singapore court would enforce the sale of one of Poh’s
properties to finance the payment. Chief Justice Chan Sek Keong, however, said this
NORTH AMERICA could not be enforced in Singapore, saying that there was a limitation period of six
years for foreign judgments on payment of money.
Pinnacle to open in Missouri in March
and Lake Charles by end of 2010
With casinos in Nevada, Atlantic City, Louisiana, Indiana and Missouri, all areas hit hard by the struggling economy, Pinnacle
could have been excused for putting the breaks on its expansion plans. But it is on course to open River City in the St. Louis
area by March 2010, as well as the Sugarcane Bay at L’Auberge du Lac, Lake Charles, Louisiana by the end of next year.
onthemarch tainment, dining and resort ameni-
An artist’s impression of Pinnacle’s River City
casino project in south St. Louis County
ties. Accordingly, the new project has
been renamed Sugarcane Bay at
Pinnacle Entertainment has said L’Auberge du Lac.
that the opening date for its River Pinnacle expects to complete the
City casino project in south St. Louis Sugarcane Bay casino in late 2010 and
County, Missouri has been moved open the hotel and related amenities
up to early March 2010, subject to in the first half of 2011.
final regulatory approval by the Mis- “Sugarcane Bay at L’Auberge du
souri Gaming Commission. Previ- Lac is an important part of Pinnacle’s
ously, the opening had been slated development plans, and we’re
for spring 2010. pleased to reaffirm the board of direc-
Located in the south St. Louis tors’ commitment to the state of
County community of Lemay, River Louisiana and the Lake Charles
City will include a 90,000-square-foot market,” said Giovenco. “We believe
casino with more than 2,000 slot the updated design can generate
machines and approximately 55 table ongoing value for our shareholders
games. This exciting suburban enter- while creating quality jobs, generat-
tainment center also will feature a ing tax revenues and providing the
variety of dining options, including superior guest experience that has
the award-winning Jeff Ruby’s Steak- made L’Auberge du Lac a success.”
house; a buffet with seating for more Giovenco also said that the
than 350; a tavern; a contemporary doors of River City in early March sents a major investment in the future dining and lounge outlets; a multipur- company is proceeding with plans
café; and a classic burger joint. River 2010, less than three months from of the St. Louis area.” pose venue for entertainment and for its casino project in Baton Rouge,
City represents a cash investment of now,” said John Giovenco, Pinnacle’s Pinnacle has also announced group meetings; and an expanded Louisiana, which represents an
approximately US$357m, plus capi- interim chief executive officer. “River updated plans for its Sugarcane Bay spa. The project’s budget has been investment of approximately $260m,
talised interest in the mid-$20m range, City will bring a new level of enter- project in Lake Charles, Louisiana, the updated to approximately $305m. excluding capitalised interest. As
non-cash rent and operating cash. The tainment to south St. Louis County, sister property to the company’s The updated Sugarcane Bay design announced previously, the Baton
project has generated approximately and will now be welcoming guests highly successful L’Auberge du Lac will retain the quality look and feel Rouge project will include a new,
600 construction-phase jobs and is and generating tax revenues sooner casino resort. The Sugarcane Bay that distinguish L’Auberge du Lac, and single-level riverboat with an expan-
expected to create more than 1,000 than originally anticipated. Along with project will include a new single-level will more fully integrate Sugarcane sive casino; a 100-room hotel; an excit-
permanent jobs for the region. Lumiere Place, its sister property in riverboat casino; 400 high-quality gue- Bay with L’Auberge du Lac to provide ing mix of restaurants and lounges;
“We’re pleased to be opening the downtown St. Louis, River City repre- strooms and suites; exciting new guests with the best in gaming, enter- and an entertainment venue.
Banks take over
Boardwalk casino
for West
bankingonnewowners ownership and that both transferred to a lender. In Las
Tables are to follow
the slots into
UNITED STATES parties were ‘anticipating Vegas, the practice is more
Charles Town Races
success at the property.’ common place. Greek Isles
In a deal which the Atlantic City “It’s safe to say that a trans- Casino is already under the
casino sector could be seeing action like this has never taken ownership of its lender, whilst
more of, Resorts Casino Hotel, place, in which you have the the yet to be opened Cosmo-
Atlantic City’s first casino, is lenders becoming equity politan Casino on the Strip was
westside Peter Carlino, chairman construction of a 153-room now owned by its lenders. holders with a management taken over by Deutsche Bank
UNITED STATES and chief executive officer hotel. The voter approval of The Boardwalk casino, team in place to continue to run AG after its developer
of Penn National Gaming, the table games referendum which opened in 1978, had not the casino,” Marcus explained. defaulted on more than $900m.
Penn National Gaming will said: “Penn National and sets the stage for the next made a payment on its $360m “For the employees and cus- Last month, GGR at Resorts
install table games at Charles Town Races & Slots step in the evolution of mortgage for over a year. tomers, it’s basically a seam- dropped 21.4 per cent to about
Charles Town Races and have worked over the past Charles Town and will Having filed a petition with the less transaction. They are not $14m, down from $17.8m a
Slots following voter 12 years to establish a true allow Penn National to state gambling commission to going to see any difference.” year ago, marking the third
approval of the table game destination entertainment further invest in the transfer ownership to its This is the first Atlantic City biggest drop at the city’s 11
referendum on December facility featuring an community by creating 500 lenders back in August, a deal casino to see its ownership casinos.
5, 2009, in Jefferson outstanding thoroughbred new jobs and an important reached last month saw its
County, West Virginia. race track and quality new tax base. We are lenders cancel nearly $381m
Penn National Gaming entertainment center encouraged that the in debt in exchange for equity
plans to have the tables which, in turn, has become residents of Jefferson ownership. The gambling
open for play by the third a significant economic County saw the need to commission has already
quarter of 2010 and contributor to Charles keep Charles Town Races & approved the deal and so a
expects that the addition of Town, Jefferson County and Slots competitive in today’s consortium included Wells
the table games - including the state of West Virginia. marketplace and are Fargo Bank NA will own the
poker, blackjack, craps and Penn National Gaming has grateful for the support venue with the current man-
roulette - should add at invested over $300m to demonstrated by so many agement being offered a six
least 500 new jobs, support live thoroughbred in the community as well month contract to run it.
including 350 dealers, to racing, gaming, live as the endless energy and Alan Marcus, a spokesman
the current 1,200 person entertainment, diverse food commitment of our for Resorts’ co-owner Nick
Charles Town employee and beverage offerings, employees throughout this Ribis, said that Ribis was
base. expanded parking and the campaign.” delighted with the transfer of
14 January 2010 • northamericannews
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