Out of three proposals for a new casino in Missouri, Isle of Capri Corp.'s bid in Cape Girardeau would likely generate the best return for the state, according to an economic impact study released by state gaming regulators Friday morning.
It's a big win for the Creve Coeur-based gaming company, one of three
While economic impact is not the only factor the Missouri Gaming Commission will consider when it picks a winner - likely on Wednesday - it is a major factor. And with Isle's deep experience in Missouri and other gaming companies - concerned about competition in the crowded St. Louis and Kansas City markets - supporting its bid, Cape Girardeau increasingly looks like the favorite.
The study, compiled by the Missouri Dept. of Economic Development, weighed "best," "average" and "worst" case scenarios for all three proposals: Isle's in Cape, the Koman family's proposal in north St. Louis, and Paragon Gaming's project in Sugar Creek, near Kansas City.
While Isle's $125 million project is a bit smaller than the Koman's, and would generate significantly less gaming revenue than either of the other two, more of that revenue would be "new" to the state - as opposed to business siphoned off from other Missouri casinos - and thus would generate $20.7 million in new taxes under the "average scenario - compared to $15.7 million for the St. Louis project and $5.8 million in Sugar Creek. The Cape casino would also create more jobs and contribute more to Missouri's Gross Domestic Product, the study predicted.
The study, said Isle spokeswoman Jill Haynes, "confirms our belief that Cape Girardeau is the ideal location for the 13th license. We look forward to hearing the decision on Wednesday."
An attorney for the Komans had no immediate comment Friday morning.
What's not clear, though, is whether the state will consider the projected impact big enough to be worth awarding the license at all. Gaming Commission Chairman Jim Mathewson has said several times in recent months that the state does not have to award the license; it could pocket it in the hopes of drawing a bigger project in the future.
That would be a costly decision, said Haynes.
"As their study indicates, by not awarding the license, the state would be missing out on $20 million in new revenue and 726 people would not have jobs," she said.
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