LAKE CHARLES, LA (KPLC-TV) – The decision by Pinnacle Entertainment to cancel its Sugarcane Bay project is a major blow for the local economy.
On Tuesday, Pinnacle executives will meet with local lawmakers in Baton Rouge.
"We just want to know obviously the reason for the cancellation of the project," said State Representative Charles Kleckley (R-Dist. 36). "This was a big project for Southwest Louisiana. This is something [Pinnacle Entertainment has] spent a lot of money on in the last several years."
On the same day they plan on meeting with area lawmakers, Pinnacle executives, including the C.E.O, Anthony Sanfilippo, will also appear before the state gaming control board, where they will formally surrender the riverboat license.
No exact time has been announced for the meeting with local lawmakers.
Most financial analysts call the Las Vegas-based company's decision to cancel the Sugarcane Bay project a good move. Indeed, before the SEC announced fraud charges against Goldman Sachs, Pinnacle Entertainment was up more than 6 percent on Friday. After the SEC's announcement, Pinnacle, like most stocks, fell considerably. However, Pinnacle Entertainment still finished 8 cents higher than the previous trading day.