BATON ROUGE, La. (

TheStreet

) --

Pinnacle Entertainment

(PNK) - Get Report

is scaling back its riverboat casino-hotel project in Louisiana by $50 million.

The Louisiana Gaming Control Board agreed to let Pinnacle spend a minimum of $300 million on its Sugarcane Bay project, its second riverboat casino-hotel. That figure is down from the original $350 million.

Pinnacle also agreed to complete the project by the end of June 2011, although it is possible that gaming could begin earlier.

As the casino sector slowly emerges from one of the worst consumer cutbacks, Pinnacle is looking to get the most return for its investment.

In November, Louisiana gaming revenue tanked 16.7% to $178.9 million, the biggest decline in the state since September 2008. The Lake Charles region -- the area in which Pinnacle operates, along with

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-- posted a 21.9% plunge during the month.

-- Reported by Jeanine Poggi in New York.

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