Gambling operator Isle of Capri Casinos Inc. broke ground on Wednesday on its land-based casino, which is to be located in Bettendorf, Iowa. Company officials announced that they are planning to build a $55-million to $60-million venue between the two existing hotel towers managed by Isle of Capri.
According to initial estimates, the project would take up to 14 months to be completed. Isle of Capri has also commenced renovating the southern tower of its hotel venue. About $8.5 million are to be spent on the process and the renovation is to be completed before the launch of the land-based gambling facility.
Virginia McDowell, President and Chief Executive Officer of Isle of Capri, noted that the single-level casino would spread over a 35,000-square-foot site. Apart from various gaming options, the venue would also feature dining and live entertainment ones.
As mentioned above, Isle of Capri officials revealed that the construction is expected to be completed no later than July 2016. The company is planning to finance the project by means of cash flows from operations.
Formerly, it has been announced that Minnesota-based contractor Kraus-Anderson would be in charge of the project. In addition, the so-called IMPACT agreements (Increasing Markets, Productivity, and Construction Teamwork) have been signed with contractors and building trades locals from the Quad Cities (that is, Iowa’s Davenport and Bettendorf and Illinois’ Rock Island, Moline, and East Moline).
Jerry Lack, Executive Director of the Illowa Construction Labor and Management Council, based in Moline, said that the project is expected to create a lot of new jobs. He predicted that about 100 people will be involved in the construction process solely. Mr. Lack also pointed out that representatives of different trades will be working on the project.
Joe Taylor, President of the Convention and Visitors Bureau of the Quad Cities, noted that the construction of the casino is a good thing for the area, as it would attract visitors from other parts of the country. Mr. Taylor also revealed that tourism industry in the Quad Cities generates more than $800 million.
Gary Mohr, a Bettendorf City council and former Chairman of the state Riverboat Development Authority, said that land-based casinos are exactly what the Iowa gambling industry needs now. According to Mr. Mohr, all three casinos in the Quad Cities can be profitable, in spite of the competition.
Apart from Bettendorf, Davenport, too, is about to have its land-based casino in 2016. Kehl Management Corp., which operates as Scott County Casino LLC, is in charge of the construction of a $110-million hotel and casino venue.
