President Casinos St. Louis is on the Verge of Closing the Admiral

The chairman of President Casinos Inc. is launching a late hour attempt to save the company, and to retain its downtown casino, the Admiral or President Casino and the casino location as well as prevent the riverboat from closing, his representatives declared Monday afternoon.

Missouri gambling laws include that no land based casino may operate in the state, however casinos contained within a boat, or floating object on the water, can operate casinos within the boundaries of the state.

The plan calls for Terrence Wirginis to step down from his post as a board member, immediately. Wirginis could then lead a shareholder group in taking control of the bankrupt company and casino and trying to turn it around.

The plan has surfaced to try and jump start the riverboat casino just as Pinnacle Entertainment Inc. seemed about to acquire the boat for $31.5 million. This may put a hamper on Pinnacle Entertainments plans to continue building their casino and to make space by demolishing or closing the President Casino on the river.

Pinnacle, which is building a rival casino only a few blocks away, hinted that it would likely shut down the older casino; because the Admiral riverboat is President Casinos' lone remaining major property, the deal would probably also signal an end to the company.