Associated Press - November 25, 2009 7:04 AM ET

BATON ROUGE, La. (AP) - Pinnacle Entertainment Inc. has slashed its projected spending for the Sugarcane Bay casino project in Lake Charles, lowering the projected cost by roughly $100 million to $305 million.

The company said in a news release Tuesday the Louisiana Gaming Control Board is expected to consider the new plans at a meeting Dec. 15.

Pinnacle also said it is proceeding with plans for its casino project in Baton Rouge, which represents an investment of approximately $260 million. The Baton Rouge project will include a new single-level riverboat casino; a 100-room hotel; a mix of restaurants and lounges; and an entertainment venue.

Pinnacle has delayed the Baton Rouge complex three times because of credit market conditions, most recently last month when the Louisiana Gaming Control Board gave the firm until the end of April to let construction contracts.

Information from: The Advocate, http://www.2theadvocate.com

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