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One Backs Out as Race for MO Casino License Heats Up

Posted on October 22nd, 2010

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Missouri, along with the many other states across the US, have recently started gearing up for a new casino coduncting hearings to determine where the new casino should be constructed. In the middle of the week, three communities joined in the hearings, each presenting themselves as the best host for a planned casino. St. Louis and two other communities made use of awe-inspiring presentations and optimistic projections for their pitches. At stake is the last casino license of the state. The Missouri Gaming Commission did declare by the end of the hearing that no decision has been made on which community has the edge. It is even unclear whether the 13th license will be awarded in the first place. The only sure thing that transpired is that the three communities showed overenthusiastic interest, while one of the original four candidates did not show up.

The plans of North County Development LLC, which included the construction of a casino in Spanish Lake north of St. Louis County with a $350 million price tag, has taken itself out of the running Tuesday night, the eve of the hearing. The attorney for the project, Ed Griesedieck, claimed that their intended site was bigger than the other three. North County claims it had a more expensive proposal and it needed more time to look for an industry partner and financing options. Thus, the company decided to pull out. With that statement, there will be no more extension, according to Jim Mathewson, chairman of the commission. He explained, “They’re out, and I think they clearly understand that. They pulled out. We had a timeline.” He added further that the law of Missouri, while allowing for the awarding of the 13th license, does not actually require for it to be awarded. North County has the option to try again in the future should the commission rule that the awarding of the license will be put on hold.

The development was met with satisfaction among some groups in opposition to the license awarding, including local environmental groups. These groups are bent on protecting the county site North County was eyeing, which is a mile away of the Chain of Rocks Bridge. Dora Gianoulakis, president of the Spanish Lake Community Association, said, “It just goes to show what we’ve been saying all along, which is that the market in St. Louis is saturated.” The three remaining contenders attempted to convince the board that their proposals will not hurt the current casinos of the state that are already in operation. They claim that their facility will get its market from the neighboring states. John Loudon, who represents Save the Confluence.org, claimed that they are also in opposition to the site being pushed by the city of St. Louis, which is located south of the Chain of Rocks Bridge. The site is being championed by no less than the mayor of the city, Francis Slay. Slay said that a study confirmed that a casino in the Chain of Rocks – St. Louis area would be the bigger state revenue drawer, compared to the other locations.

The St. Louis site measuring 20 acres is backed by Casino Celebration LLC, which is proposing a complex costing $131 million. Another proponent of the St. Louis site is the Koman family, who is responsible for the Casino Queen in East St. Louis. Slay commented, “We have an investor and operator who has the financial wherewithal and a great reputation.” The environmental groups did not have a say on the locations of the two other candidates, Cape Girardeau and Sugar Creek. Officials of Cape Girardeau have secured a partnership with Isle of Capri Casinos, a firm based in St. Louis County. They claim that their casino will get its clientele from the nearby states of Arkansas, Illinois, Tennessee, Kentucky and Indiana, which will not only position them as a non-threatening party to the current Missouri facilities, but also encourage tourism in the area. Meanwhile, Paragon Gaming LLC is the company behind the planned casino in Sugar Creek. The company claims that its main source of business will be the state of Kansas. The company did admit though that it may also shift close to $50 million of its existing Missouri casino to this new facility, should it be given the license.