Issue 214
October 18 - 24, 2004
Volume 4
page 2
 

Century Casinos to Submit Application for Casino in Franklin County, Iowa

COLORADO SPRINGS, Colorado -- Century Casinos, Inc. announced today that it has signed an agreement with the owners of Landmark Gaming LLC of Franklin County, Iowa, to jointly submit as co-applicant with the Franklin County Development Association (FCDA) an application to the Iowa Racing and Gaming Commission (IRGC) to develop and operate a moored barge casino, hotel and entertainment facility in Franklin County, Iowa. The proposed project includes a casino with approximately 40,000 square feet of total space, 120 hotel rooms and 300 covered parking spaces.

A study completed by independent casino and lodging industry consultants Gaming & Resort Development, Inc. estimates total development costs to be $67.0 million and projected first year net revenue of $72.0 million. The Company's contribution to the project at closing will include an initial cash capital contribution of $1.25 million in return for a 40% interest. The current owners of Landmark Gaming will contribute the land and land options in return for 60% ownership. Additionally, an affiliate of the Company will enter into a Casino Services Agreement to manage the property in return for a share in gross revenues plus a share in EBITDA. The Company's cash contribution and the beginning of construction are subject to various conditions and approvals, including, but not limited to awarding of a license by the IRGC, securing acceptable financing and other due diligence.

There are currently ten river boats, three racetrack slot machine operations, and three Class III Indian gaming venues in the state of Iowa. The ten river boat casinos have generated approximately $715 million in gross gaming revenues in fiscal year 2004 (from July 2003 to June 2004; as per information available on the website of the IRGC). Licensing in the state requires approval by the residents of the county to authorize gaming and requires sponsorship by an approved charitable organization that receives a percentage of the gaming revenues. Franklin County is one of six counties in the state that received voter approval to proceed with the gaming application process. FCDA is the sponsoring charitable organization for this project. Casino licenses are awarded based on the merit of the project. The number of licenses awarded is determined by the IRGC. The site of the proposed project is located approximately 80 miles north of Des Moines, Iowa and 52 miles south of the Iowa-Minnesota border. The proposed project will be located on a manmade body of water adjacent to Interstate 35, Iowa's primary north-south link between Minneapolis and Des Moines, along Iowa Highway 3. The Company believes that the proposed casino's proximity to major roadways could give the county an edge over others competing for a license.

 

 

 

Clinton casino wins initial OK
As reported by The Quad-City Times

CLINTON, Iowa - Mississippi Belle II casino owners hope to break ground on a new $20 million casino, hotel and restaurant project in Clinton by spring.

Casino officials went before the Iowa Racing and Gaming Commission on Thursday, seeking preliminary approval for a design concept allowing them to build the casino 1,000 feet away from the high-water mark of the Mississippi River on a non-navigable barge.

A recent change in state law allows casinos to move off navigable waters as long as the floor of the casino is over water and "as nearly as practicable, recreates boats or moored barges that resemble Iowa's riverboat history."

The five-member gaming commission unanimously approved Mississippi Belle II Employee Ownership Co.'s conceptual designs during the commission meeting at the Isle of Capri Isle Center in Bettendorf.

Casino company president Ken Bonnet said a site has not yet been selected, but the casino complex likely will move from its current location on the riverfront in downtown Clinton.


UK's Stanley Leisure plans casino with 1,000 jobs
As reported by Reuters

LONDON, England - Britain's biggest casino operator, Stanley Leisure Plc, said on October 18, 2004 it planned to build a new casino in the northern city of Leeds, creating more than 1,000 jobs.

Stanley Chief Executive Bob Wiper said the complex, next to Leeds United's soccer stadium, would cost 125 million pounds ($225.5 million) and include a hotel, restaurants and shops.

The casino would capitalise on Britain's planned reform of its 40-year-old gambling laws, due before parliament this week.

Under the proposed deregulation, the government would allow bigger casinos to operate Las Vegas-style slot machines, which pay jackpots of more than 1 million pounds.

A Stanley Leisure spokeswoman said the Leeds site would be similar to its Star City casino in the central city of Birmingham. It will have 40 gaming tables, more than 300 slot machines and a cabaret, restaurants and bars.

Leeds, the third biggest city in England after London and Birmingham, is attempting to shed its image as a declining former industrial centre by marketing itself as the financial capital of northern England.

Paul Anka

MGM Grand: Paul Anka, one of the most successful songwriters in history and a teen idol of the late '50s, performs at the MGM Grand.

Date: November 4 - 10, 2004

Price: $70.00

Time: 9:00pm

 

For more information please call: (800) 929-1111

 
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