Sunday, February 28, 2010

St. Louis County to Collect $4 Mil in Rent From Pinnacle's River City Casino

Pinnacle Entertainment, which plans to open its $380 million River City Casino in Lemay this week, will pay $2.5 million in rent to St. Louis County for the past year and $4 million in annual rent in the future.The St. Louis County Port Authority owns the land where River City Casino sits.

The $2.5 million in rent covers May 1, 2009, to March 31, 2010, according to an amended development agreement with the county port authority. Starting April 1, 2010, Pinnacle has agreed to pay $4 million in annual rent or 2.5 percent of annual adjusted gross receipts, according to the filing.

Las Vegas-based Pinnacle plans to open the St. Louis area’s seventh casino at 2 p.m. March 4. The casino is expected to employ more than 1,200 workers.

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