Business: CEO of Pinnacle Entertainment quits

Dan Lee, the Chief Executive Officer of Pinnacle Entertainment, announced his resignation last week “to pursue other business interests.” The longtime casino executive stated that he would leave his post effective immediately after he became the target of investigation by the Missouri Gaming Commission. Missouri officials sought to look into Mr. Lee’s discussions with St. Louis County board members revolving around competition for a new casino south of St. Louis.

Mr. Lee directed the efforts to expand gambling in both the city of St. Louis and the state of Missouri when he helped promote the recently-passed law that removed loss limits from local casinos. Pinnacle Entertainment was also the driving force behind the luxurious Lumiere Place Casino near downtown St. Louis, a project that cost over 500 million (US$) and brought thousands of jobs to a city suffering from high unemployment and a dwindling tax base.

Under Mr. Lee’s leadership, Pinnacle grew from a modest casino operating company to a firm that owns resorts in several states, including the Belterra Casino Resort in Indiana, the L’Auberge du Lac Casino Resort in Lake Charles, Louisiana, and the Boomtown casino chain in Nevada. He moved from the high-finance world of Wall Street stock analysis to the high-roller arenas of Las Vegas casinos.

Although Mr. Lee and Pinnacle saw a great deal of success with the opening of Lumiere Place in 2007 and expected an enthusiastic response for the new River City Casino due to open next spring, the company and the county government have had issues with each other since Pinnacle purchased the dilapidated President Casino riverboat near the city’s downtown riverfront district.

The political battle stems from a disagreement between Mr. Lee and St. Louis County Council Member Steve Stenger. With a limit on the number of state gaming licenses available, Mr. Lee urged Mr. Stenger to vote “no” on a proposal to allow a new casino in the northern part of the county. When Mr. Stenger voted “yes”, Mr. Lee told the councilman’s assistant that he had “made the worst mistake of his political career”.

Mr. Lee’s remarks spared the investigation by state officials into his attempts at political influence. Mr. Lee has not only upset many powerful politicians during his time in the state; he has also denigrated much of his competition. He compared the Isle of Capri casino chain to “Motel 6” and said that the Casino Queen riverboat in East St. Louis, Illinois, is “surrounded by razor wire.”

17-Nov-2009, 13:02

Discuss this article below or on our Facebook Fan page.

PrintSend to friend

Related News

• Tournament: Hellmuth makes WPT Shooting Stars Final Table2010-Mar-14
• Tournament: 2010 Aruba Poker Classic cancelled2010-Mar-13
• Tournament: Annie Duke wins National Heads-Up Poker Championship2010-Mar-10
• Blotter: Robbers raid German poker tournament2010-Mar-09
• Tournament: Andras Koroknai wins WPT LA Poker Classic2010-Mar-07
• Blotter: Sands to restart construction of Pennsylvania casino2010-Mar-05
• Tournament: Andras Koroknai leads WPT LAPC Final Table2010-Mar-05
• Tournament: Mortensen leads Day 4 of LA Poker Classic2010-Mar-03
• Tournament: Newhouse leads Day 3 of LA Poker Classic2010-Mar-02
• Blotter: NBA star Tony Parker signs with BetClic Poker2010-Feb-28
• Blotter: Missouri may force casino closure2010-Feb-26
• Tournament: Sam Stein leads NAPT Venetian Final Table2010-Feb-23
• Tournament: Blair leads NAPT Venetian Day 32010-Feb-23
• Tournament: Lichtenberger leads NAPT Venetian Day 22010-Feb-23
• Blotter: Visa blocks gaming transactions for US players2010-Feb-23
• Blotter: Singapore casino opening draws big crowds2010-Feb-16
• Tournament: Paul Wasicka wins at Tunica2010-Feb-14
• Blotter: St. Louis casino revenues down2010-Feb-14
• Blotter: Super Bowl XLIV sets betting records2010-Feb-11
• Blotter: Singapore opens first legal casino2010-Feb-10
• Business: PartyGaming shares rise, beat expectations2010-Feb-06
• Blotter: Harrah’s ready to take over Planet Hollywood2010-Feb-06
• Blotter: “Blindfolded” bingo in ‘Bama2010-Feb-05
• Business: Macau casino stocks on the rise2010-Feb-04
• Blotter: First new legal casino opens in Russia2010-Feb-03
• Blotter: Three men banned from Pennsylvania casinos2010-Feb-02
• Business: Harrah’s takes over Planet Hollywood Hotel2010-Jan-24
• Blotter: Poker community helps with Haiti relief2010-Jan-23
• Blotter: Delaware commission rejects gambling expansion study findings2010-Jan-22
• Blotter: Titan Poker begets Titan Bet2010-Jan-17
• Business: Casino stocks on the rise2010-Jan-16
• Blotter: Pennsylvania legalizes table games2010-Jan-15
• Tournament: Revenge of the Nerds at 5th MBA Poker Championship2010-Jan-15
• Tournament: Teenager wins PokerStars Caribbean adventure2010-Jan-14
• NBA struggles with gambling after Arenas incident2010-Jan-10
• Tournament: Major poker site making a big splash2010-Jan-10
• Blotter: Carruthers gets 33 months in BetOnSports case2010-Jan-09

Related Editorials

• Editorial: Guide to Biggest Pots in Poker History
• Editorial: Learn about backgammon variations
• Editorial: GamblingPlanet Guide to Bingo Card Game
• Editorial: Ken Uston - GamblingPlanet Guide
• Editorial: Labouchere Roulette System
• Editorial: Famous gambling cheats
• Editorial: GamblingPlanet Guide - Baccarat History
• Editorial: Learning to play Sic Bo
• Editorial: Illegal Gambling: Hope for the future
• Editorial: Blackjack Switch: A quick intro to an exciting new game
• Editorial: Less common gambling glossary terms
• Editorial: Most common poker mistakes
• Editorial: Pro tennis gambling scandals: will they continue in 2010?

More RelatedHide

Comments

Did you enjoy this article? Perhaps you thought it was complete rubbish! Either way, be the first person to leave a comment below. The team at Gambling Planet is looking forward to hearing your thoughts.

Post new comment

Your name: *

E-mail: *

The content of this field is kept private and will not be shown publicly.

Subject:

Comment: *