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Pinnacle Entertainment Announces Major Donations In St. Louis Designed To Boost Downtown Tourism

Stocks in this article: PNK

Great Rivers Greenway will receive the donation of a parcel of real estate currently owned by Pinnacle Entertainment, which is a key link in GRG's plans for a continuous River Ring greenway system to more fully connect the St. Louis region. The land is located east of Lumiere Place, bounded by Carr Street, Lenore K. Sullivan Boulevard, Dr. Martin Luther King Drive and North Commercial Street.  The donation of this land will also help with GRG's plans to raise the grade level of Lenore K. Sullivan Boulevard, designed to alleviate flooding of the street during most high water incidents common to this part of the Mississippi River and provide opportunities to enjoy the river on a promenade and a dedicated trail.  The connection of the Confluence and Mississippi River Greenways at the Arch will provide the backbone of the River Ring, allowing people to ride, walk and enjoy the river.

"The Pinnacle Entertainment land is a key link in our plans to build out the River Ring; it will allow development of a public park north of Eads Bridge and adjacent to the trail." said Susan Trautman, executive director of Great Rivers Greenway. "Thanks to Pinnacle Entertainment and Lumiere Place, people will have an opportunity to not only ride the trail, but will be able to spend time with friends and family in a vibrant public park adjacent to the Mississippi. We are deeply appreciative of their generosity."

The City of St. Louis will receive an additional $500,000 to fund supplemental police activities in the area, the nature of which will be determined by the City and the St. Louis Police. This donation will be paid in $100,000 increments over a period of five years.

In total, these donations fulfill a portion of the Redevelopment Agreement between Pinnacle Entertainment and the City of St. Louis, which called for the company to make additional investments and spur development in the area around Lumiere Place within five years of the property's opening. Lumiere opened on December 19, 2007.

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