By Theresa Krebs - // Editor //
Published: Tuesday, July 24, 2007 12:42 PM CDT
An St. Louis attorney representing the Isle of Capri Casino attended the Monday, July 16 Boonville City Council meeting, seeking the council's consent for the casino's plan to refinance its loans with the Cayman Island branch of Credit Suisse. The council unanimously approved the request. The city, as the owner of the property that the Boonville casino is located on, leases the site to the casino based on the July 1997 master lease agreement between the city and the Isle.
“Credit Suisse, Cayman Island branch is active in over 50 countries with a net income of $2.7 billion Swiss francs. They manage $1.5 trillion in assets,” said David Harris, the lawyer representing the Isle. “We're asking your consent to enter into a lending agreement with them. The document is very similar to the current document with the Canadian finance group.”
City Counselor Megan McGuire told the council that the “document speaks for itself,” saying the city's prior attorneys did “a very good job of protecting the the city.” She said if a disaster or default would occur, Credit Suisse would step in to take over the operation of the casino.
“I believe with the sophistication of the company we're dealing with and the oversight of the State of Missouri, our assets are protected,” said McGuire. |
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