ADMIRAL RIVERBOAT HEADS TO ACTION BLOCK

#1
Admiral riverboat heads to auction block | St. Louis Business Journal




Admiral riverboat heads to auction block

St. Louis Business Journal - by Kelsey Volkmann

Date: Monday, November 1, 2010, 4:00pm CDT - Last Modified: Monday, November 1, 2010, 4:19pm CDT


Read more: Admiral riverboat heads to auction block | St. Louis Business Journal

The Admiral riverboat, once home to the President Casino in Laclede?s Landing, will be auctioned off at noon Nov. 10.
Las Vegas-based Pinnacle Entertainment (NYSE: PNK) closed the President in June after receiving pressure from gaming regulators about the property?s poor financial performance.
Auction Associates of Highland, Ill., is the auctioneer.
The SS Admiral also appears on eBay with an asking price of $1.5 million.
The riverboat was built in 1907 as a Mississippi ferry. The diesel engines and drive were removed 20 years ago, according to its eBay description. The hull is approximately 365 feet long.
Three groups are now vying for the gaming license that was one the President?s:
  • Casino Celebration LLC, led by developer Jim Koman, proposed building a $157 million casino near the Chain of Rocks bridge in St. Louis.
  • Isle of Capri-Cape Girardeau LLC, part of St. Louis-based gaming company Isle of Capri Casinos Inc. (Nasdaq: ISLE), wants to open a $125 million casino in Cape Girardeau.
  • Las Vegas-based Paragon Gaming proposed a $407 million casino in Sugar Creek.

Read more: Admiral riverboat heads to auction block | St. Louis Business Journal
 
Top