^ Not quite. $2 million per year, not $20 million. At that rate it would be over 15 years before Pinnacle met it's $50 million obligation.
So Pinnacle is being penalized for their stalled projects. Why not the Cardinals for BPV?
I don't really see the downside to holding them to the agreement. They are doing very well (>$170 million income last year), and it's not like they can just move somewhere else. Probably they wouldn't even want to, being downtown gives them access to a different demographic than they get other locations, and if they move they would have to give up their license with no guarantee of getting another one.
If they wanted to amend the agreement to ride out the economic downturn, something like agreeing to invest a larger sum in exchange for a 5-year delay, that might be worth considering. Otherwise, pay up, which it sounds like might be the option they choose: Pinnacle considers options in redevelopment agreement
If they wanted to amend the agreement to ride out the economic downturn, something like agreeing to invest a larger sum in exchange for a 5-year delay, that might be worth considering. Otherwise, pay up, which it sounds like might be the option they choose: Pinnacle considers options in redevelopment agreement
The head of Pinnacle Entertainment's operations in St. Louis said Thursday the company might simply pay an annual penalty to satisfy the remainder of its obligation to participate in $50 million in redevelopment projects near its Lumiere Place casino.
I can't believe the incredible lack of imagination Pinnacle is exhibiting. They would rather shell out almost $50 million in cash to the City than invest in Laclede's Landing and at least have some sort of upside. It's obviously good for the city to have some extra revenue for the next 20+ years. It's just unfortunate Pinnacle can't find a more thoughtful and constructive use for the money.
The city seems willing to negotiate the terms/use of the money as they just allowed some of it to go to an aquaponics project that is outside the original development area. Can Pinnacle really not think of a single project: retail, apartment, entertainment, etc... that would complement their existing development. How about a riverboat museum, the formerly proposed ferris wheel, retrofitting the six story brick warehouse at Ashley & N 2nd into office space or artist studios, building retail on N 2nd & Laclede's Landing Blvd. and N 2nd & Lucas (the only two empty lots between the Metrolink station and the entrance to the casino), or putting a beer garden on the roof of the Hotel Lumiere, or pay from improvements to the Laclede's Landing Metrolink Station with sculpture, murals, lighting, etc... or pay to light the Eads Bridge and/or the new Mississippi River Bridge. I can't believe St. Louis would turn down that offer, and what could be a more appropriate contribution to the city by a casino named Lumiere? That's 5 minutes of brainstorming. They should do better with 20 years and an intimate understanding of their clientele's wants, needs, demographics and spending habits.
The city seems willing to negotiate the terms/use of the money as they just allowed some of it to go to an aquaponics project that is outside the original development area. Can Pinnacle really not think of a single project: retail, apartment, entertainment, etc... that would complement their existing development. How about a riverboat museum, the formerly proposed ferris wheel, retrofitting the six story brick warehouse at Ashley & N 2nd into office space or artist studios, building retail on N 2nd & Laclede's Landing Blvd. and N 2nd & Lucas (the only two empty lots between the Metrolink station and the entrance to the casino), or putting a beer garden on the roof of the Hotel Lumiere, or pay from improvements to the Laclede's Landing Metrolink Station with sculpture, murals, lighting, etc... or pay to light the Eads Bridge and/or the new Mississippi River Bridge. I can't believe St. Louis would turn down that offer, and what could be a more appropriate contribution to the city by a casino named Lumiere? That's 5 minutes of brainstorming. They should do better with 20 years and an intimate understanding of their clientele's wants, needs, demographics and spending habits.
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Pinnacle doesn't want people out and about. They make money by keeping people inside the casino. They aren't in the restaurant game or the bar game. Easiest way to make money is to just have people give it to you, which is what they have going for them now. At best another hotel would be something they would be interested in, but is that good for the area/STL?wabash wrote: Can Pinnacle really not think of a single project: retail, apartment, entertainment, etc... that would complement their existing development. How about a riverboat museum, the formerly proposed ferris wheel, retrofitting the six story brick warehouse at Ashley & N 2nd into office space or artist studios, building retail on N 2nd & Laclede's Landing Blvd. and N 2nd & Lucas (the only two empty lots between the Metrolink station and the entrance to the casino), or putting a beer garden on the roof of the Hotel Lumiere, or pay from improvements to the Laclede's Landing Metrolink Station with sculpture, murals, lighting, etc... or pay to light the Eads Bridge and/or the new Mississippi River Bridge. I can't believe St. Louis would turn down that offer, and what could be a more appropriate contribution to the city by a casino named Lumiere? That's 5 minutes of brainstorming. They should do better with 20 years and an intimate understanding of their clientele's wants, needs, demographics and spending habits.
Lumiere Place includes many bars & restaurants, the top ranked spa in St. Louis, the top ranked hotel, and a 500 seat theater. So, while they make their bread & butter on the casino floor, they've already spent heavily to create a multi-faceted entertainment experience that will bring people into and around their casino. I'm surprised they can't think of yet another attraction/amenity to complement their investment.
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^Right, but these are all under the same roof as the casino. If they build a new sushi place a few blocks away, that's not as easy to sweep patrons into the casino. If there wasn't a casino 20 feet away, Pinnacle wouldn't build restaurants & bars.wabash wrote:Lumiere Place includes many bars & restaurants, the top ranked spa in St. Louis, the top ranked hotel, and a 500 seat theater. So, while they make their bread & butter on the casino floor, they've already spent heavily to create a multi-faceted entertainment experience that will bring people into and around their casino. I'm surprised they can't think of yet another attraction/amenity to complement their investment.
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I'm sure the city would rather just have the cash than say, have 2x as much go towards the Trestle, repaving Laclede's Landing or towards I-70 removal, but I wish they would think outside the box a bit here.
I think it would make sense for Lumiere Place to add their next hotel or attraction (with ground floor retail space) at the Southeast corner of Broadway and Convention Plaza on the current surface parking lot. It would be right across the street from Lumiere Link, their underground tunnel, linking directly to the casino.
The StorySTLToday wrote:When Pinnacle Entertainment won the city’s blessing in 2004 to build its glitzy Lumière Place casino on Laclede’s Landing, it pledged to invest in $50 million worth of downtown real estate. City officials and the Las Vegas-based casino company have agreed on a series of investments in downtown projects that will, said development chief Rodney Crim, “extinguish” Pinnacle’s responsibilities to the city. ...But they do not add up to $50 million. And they don’t have to.
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^Certainly better than just paying the 1 million dollar fine to the city!
^ IF I read it correctly, I believe the land/empty lot where Phase II was proposed is going to be given to Great River Greenway District?
Shame that Pinnacle didn't pursue Phase II but then again being a casino company it is probably a good thing for the sake of Laclede's Landing in the long term. Casino real estate will always be focused inward and away from the community fabric in my opinion. So while I like Downtown having a casino it makes more sense that it their footprint is limited.
What I fear is that GRG is slowly and indirectly but surely going into the downtown surface lot parking business with no clear goal to develop or resources to do nothin more than collect parking fees. Just becomes a convenient revenue generator
Shame that Pinnacle didn't pursue Phase II but then again being a casino company it is probably a good thing for the sake of Laclede's Landing in the long term. Casino real estate will always be focused inward and away from the community fabric in my opinion. So while I like Downtown having a casino it makes more sense that it their footprint is limited.
What I fear is that GRG is slowly and indirectly but surely going into the downtown surface lot parking business with no clear goal to develop or resources to do nothin more than collect parking fees. Just becomes a convenient revenue generator
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^ Not quite - Phase II was to be a huge residential/retail development:
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So what do you think our best hope os for the old Phase II area? A bike trail?
Alex, understand what phase II was suppose to be. Loved seeing that mock up when I came home from a business trip on Southwest Airlines.
My question, did I read correctly understand that parcel of land to be given to GRG is the same location as what was original proposed? I still think phase II would be awesome. Just don't know if turning over the parcel to GRG is any better.
Pinnacle didn't see any money in building it out in a down economy and GRG might not see any need to build on it if it is getting parking revenues. Heck, GRG could conceivably cut a parking gargage deal as part of the Arch Grounds Improvement. Splitting the revenues with the NPS
My question, did I read correctly understand that parcel of land to be given to GRG is the same location as what was original proposed? I still think phase II would be awesome. Just don't know if turning over the parcel to GRG is any better.
Pinnacle didn't see any money in building it out in a down economy and GRG might not see any need to build on it if it is getting parking revenues. Heck, GRG could conceivably cut a parking gargage deal as part of the Arch Grounds Improvement. Splitting the revenues with the NPS
According to the Pinnacle Entertainment Press Release the land being donated is, "located east of Lumiere Place, bounded by Carr Street, Lenore K. Sullivan Boulevard, Dr. Martin Luther King Drive and North Commercial Street." So the land they're donating is this plot:
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Here's the view from the MLK Bridge
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Here's the view from the MLK Bridge
Nice summer day, sandy beach and bikini's and one heck of a welcoming for those coming into St. Louis on the right Amtrak train 
Thanks for Wabash, I think Phase II with a beach maybe is even a better idea.
another thought, this would get Pinnacle out of the flood zone if not mistaken
Thanks for Wabash, I think Phase II with a beach maybe is even a better idea.
another thought, this would get Pinnacle out of the flood zone if not mistaken
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The plages would be cool. Have a nice, clean sandy beach right near the Arch? Small things like blocking off a section of the river to swim in and keeping foreign objects out. Anther really good idea!