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Isle of Capri Casinos Inc. favored for casino proposals in Cape Girardeau

Posted on July 11th, 2010

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Cape Girardeau, Missouri officials are choosing between Isle of Capri Casinos Inc. executives and former executives of Argosy Casino in their proposals in opening a casino complex in the city. Officials are leaning more in favor of Isle of Capri Casinos Inc. Officials say that the Isle report presents a more concrete and detailed proposal for the project. Cape Girardeau City Manager Scott Meyer explain why the Isle proposal appeals more to city officials. “When you look at the two proposals, you would probably lean more toward something that has more detail, it doesn’t eliminate anybody. But it’s a natural inclination to desire more information and be more comfortable with something you know more about. The unknown is always kind of scary.”

Cape Girardeau Mayor Harry Rediger shares the same sentiments. “My initial reaction is that I am very enthusiastic with what Isle of Capri proposes, It is a solid plan, and they have been open with us. I am taken aback some at the lack of detail of St. Louis Capital Partners. If we are going to get involved with them, we need to see what the total package is.” Council members also think the same. Officials of the city unanimously expressed their displeasure with the proposal made by St. Louis Capital Partners. According to the officials, details are not properly laid out with their proposal.

James Perry, Chairman and Chief Executive of Isle of Capri Casinos Inc. envisions a casino with an event center able to house 750 people to be constructed on the 15 acre undeveloped land along Main Street north of downtown. The property is owned by Riley and David Knight, both local business owners. Riley is the CEO and owner of Red Letter Communications, which is a marketing and advertising company. Knight, on the other hand, heads the David Knight and Associates Inc. Knight is highly involved as a judge in the competitive barbecue circuit. David Knight and Associates Inc. owns companies like Ole Hickory Pits, a company that sells barbecue sauces, spices, seasonings and manufactures commercia barbecue smoker ovens . Furthermore, Isle estimates the creation of 450 jobs related to the construction of the casino project. A million new visitors are also estimated to tour the city when the casino becomes operational according Perry. He also assured city officials that Isle has enough funds available to finance the project.

Isle of Capri Casinos Inc. is a Creve Coeur, Missouri based company that currently makes around $1.1 billion in yearly revenues. Among the company’s assets are a riverboat, a dock side and a land-based casino in numerous locations in Mississippi, Louisiana, Missouri, Colorado, Florida and Iowa. St. Louis Capital Partners is an Alton based company started by Joe Uram as the chief financial officer and Argosy Founder Tom Long together with Argosy General Counsel Jeff Roberts. The team of 3 first opened the Argosy Riverside Casino in 1994 in Kansas City. The company also opened casinos in Cincinnati and Baton Rouge. Cape Casino CO, operating name of the partners were planning on building a casino in either of the 2 choice spots; one is on a property in South Sprigg Street owned by Brenda Kay Construction Inc., the other in on a property on south of Highway 74 owned by the Standley Batch Systems Inc.

Uram refused to disclose any more details on the company’s plans saying that it would be unwise if they shared any sensitive information that are competitive in nature. “Horse races are not won at the end of the first furlong. Horse races are won at the end of the race … Cape Casino would like to maximize its chances to win the license. Releasing information in advance of the Sept. 1 reporting deadline we believe would significantly diminish Cape Girardeau’s chance to be the host city for a casino.” he said. Gaming in the city has been voted favorably way back in 1993. If a casino project will push thru again in Cape, the competition will be between Harrah’s Metropolis and Isle of Capri’s Lady Luck casinos.

St. Louis Capital Partners and Isle of Capri will be competing among other companies to grab the state’s 13th and last license for gaming, which will be available this month.