Pinnacle Plans to Ask For Extension O...

Pinnacle Plans to Ask For Extension On All La. Projects

Since: Feb 08

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#1 Feb 10, 2009
Pinnacle plans to ask for extension on all La. projects

Posted: Feb 10, 2009 08:45 AM

Updated: Feb 10, 2009 08:58 AM

By Donna Britt - bio | email

BATON ROUGE, LA (WAFB)- A massive project in the works for the Gardere-River Road area could take longer than expected to get off the ground. After a two-hour meeting, Pinnacle Gaming executives made a surprise announcement.

Pinnacle's chief executive officer Daniel Lee and general counsel Jack Godfrey met with some members of the Louisiana Gaming Control Board. Afterwards, Pinnacle said it will ask for an extension on all Louisiana projects.

"We intend to file a petition by Wednesday and will appear at the gaming control board to grant us a 90-day extension of time in all the existing deadlines in the order, both pertaining to Baton Rouge and Lake Charles," Godfrey said. "So we can see when this credit crisis is heading. In the meantime, we'll continue to move forward."

Lee says the Louisiana project will eventually happen. He says the company scrapped $600 million worth of projects in Atlantic City and Kansas to make sure the Louisiana boats are built. "We look forward to coming to Baton Rouge, but we're in an unprecedented situation and the national and world economy," said Godfrey. "We need to take a step back and see how this sorts itself out, but we need to be honest and realistic with the board. But we need a 90-day extension and see what we come back and see where we're at then."
The Pinnacle project is supposed to include a riverboat, 1500 slot machines, and a 100-room hotel in just the first phase. As of Monday, the Pinnacle site was nothing more than an open field.
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