A proposed $407 million casino in Sugar Creek would produce the least amount of new casino revenue and the fewest new jobs of three casino projects competing for Missouri’s remaining gaming license, a new study says.
The Missouri Gaming Commission released the study, done in cooperation with the Missouri Economic Research and Information Center, late last
Researchers said Paragon Gaming’s Sugar Creek project would suffer from cannibalizing customers and revenue from other Kansas City-area casinos as well as a casino slated to open in 2012 at Kansas Speedway.
In total, the study estimated that the Sugar Creek casino would produce a net of $21.7 million in new annual casino revenue and $5.8 million in new gaming taxes. It also would produce an estimated 280 new jobs and $20.2 million in state gross domestic product.
By comparison, the researchers said a proposed Isle of Capri casino in Cape Girardeau would experience minimal cannibalization, being more than 80 miles from the nearest casino. It was expected to produce an estimated $76.2 million in net new casino revenue and $20.7 million in gaming taxes. It also would create an estimated 726 jobs and $55 million in gross domestic product.
The other competitor, Casino Celebration in St. Louis, was expected to generate $56.8 million in net new casino revenue, $15.7 million in new gaming taxes, 476 new jobs and $45.2 million in gross domestic product.
The gaming commission is expected to choose a finalist by the end of the year and begin negotiating a final contract with the developer.
Missouri’s 13th and final gaming license opened up in the summer when Las Vegas-based Pinnacle Entertainment closed the President Casino in downtown St. Louis.
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