Pinnacle Entertainment cancels Sugarcane Bay project - KPLC 7 News, Lake Charles, Louisiana

Pinnacle Entertainment cancels Sugarcane Bay project

(Source: Pinnacle Entertainment) (Source: Pinnacle Entertainment)

By Drew Dover - email

LAKE CHARLES, LA (KPLC) - Pinnacle Entertainment announced on Thursday its decision to cancel the Sugarcane Bay project planned for Lake Charles. The company has surrendered the related gaming license to the Louisiana Gaming Control Board.  Company officials will still attend a meeting of the board on Tuesday, April 20.

The project would have been located adjacent to their current property, L'Auberge du Lac Casino Resort. The budget for Sugarcane Bay was approximately $305 million.

Pinnacle says they remain committed to the Lake Charles market, and their focus is furthering its operational excellence at L'Auberge du Lac.

According to Anthony Sanfilippo, Pinnacle Entertainment's president and chief executive officer, "Pinnacle is one of Louisiana's most active and successful developers and operators of casino entertainment properties and remains strongly committed to thoughtfully growing our operations in the state."

Sanfilippo continued, "We also remain deeply committed to the community of Lake Charles and the surrounding area and believe our focus on operational excellence at L'Auberge du Lac will result in economic growth in this market. L'Auberge du Lac is a premier resort property in Pinnacle's portfolio and our focus will further the property's reputation as a best-in-region resort with extraordinary customer service."

According to a press release from Pinnacle, they do remain committed to its Baton Rouge casino-hotel development project and recently entered into a contract for its construction.

Watch later editions of 7 News and check kplctv.com for more on this story.

Copyright 2010 KPLC. All rights reserved.

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The following is from a news release from Pinnacle Entertainment:

Pinnacle Entertainment announced today that it has canceled its Sugarcane Bay project and surrendered the related gaming license to the Louisiana Gaming Control Board. Located adjacent to the Company's L'Auberge du Lac Casino Resort ("L'Auberge du Lac"), the Sugarcane Bay project was budgeted at approximately $305 million. Pinnacle remains committed to the Lake Charles market with a focus on furthering its operational excellence at L'Auberge du Lac. In addition, Pinnacle reaffirmed its commitment to its Baton Rouge casino-hotel development project and recently entered into a guaranteed maximum price contract for its construction.

Anthony Sanfilippo, Pinnacle Entertainment's president and chief executive officer, commented, "Pinnacle is one of Louisiana's most active and successful developers and operators of casino entertainment properties and remains strongly committed to thoughtfully growing our operations in the state. We have approximately 3,800 employees throughout the state at our L'Auberge du Lac, Boomtown New Orleans and Boomtown Bossier City properties, have made significant investments in these markets and are moving forward with our plans for a substantial new investment in Baton Rouge. We also remain deeply committed to the community of Lake Charles and the surrounding area and believe our focus on operational excellence at L'Auberge du Lac will result in economic growth in this market. L'Auberge du Lac is a premier resort property in Pinnacle's portfolio and our focus will further the property's reputation as a best-in-region resort with extraordinary customer service.

"Our commitment to the state is also reflected by our development of a new property in Baton Rouge, where we look forward to continuing our work with local and state authorities to develop a premier casino entertainment facility that reflects the rich heritage of Baton Rouge and southern Louisiana. Our Baton Rouge project will feature approximately 1,300 slot machines, 50 table games, a hotel with at least 100 guestrooms and other amenities, and will create approximately 700 construction-phase jobs and approximately 1,000 permanent jobs for the area."

Mr. Sanfilippo concluded, "Pinnacle's updated Louisiana development and growth strategy reflects the Company's focus on disciplined capital spending and expansion and our commitment to focusing on operational excellence throughout our property portfolio. We are confident this strategy will continue to strengthen the Company, providing us with a solid foundation for future growth which will also benefit the markets where we operate."

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