So the Commission has a valid point in wanting the license to go to a property that produce more tax revenue for the state. Revenues at The President Casino have declined steadily since 2005, with a significant drop in 2008. And to be fair, his statement is correct. McNary cited a “decline in performance” as justification for the decision. I’m concerned about the potential conflict of interest in this conflict. Or to put it in gamblers’ terms, the President Casino may be drawing dead. The process to revoke the license is relatively simple and brief, so the decision may already be a fait accomplis. Pinnacle Entertainment’s legal counsel has stated that the company will “pursue all legal remedies to protect our license,” and has already asked a state appeals court to postpone Wednesday’s proceeding (a request which has already been denied). This meeting is scheduled for Wednesday, January 27, 2010. According to Executive Director Gene McNary of the Missouri Gaming Commission, the commission staff will recommend that the casino’s license be revoked, with operations to discontinue as of July 1. Several news sources have now reported that the Missouri Gaming Commission has filed documents with the Securities and Exchange Commission (SEC) announcing the intent to revoke Pinnacle Entertainment’s (NYSE:PNK) gaming license for the President Casino.
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