Casino news source: WCF Courier - http://www.wcfcourier.com
Friday, April 20, 2007 12:11 PM CDT
Waterloo casino will likely open July 1, Isle official says
By CHARLOTTE EBY, Courier Des Moines Bureau
COUNCIL BLUFFS --- Officials with the Isle of Capri casino under construction in Waterloo told state regulators Thursday they were likely to open July 1 after a months-long-delay but promised a bigger and better casino than originally planned.
Isle of Capri President Tim Hinkley appeared at the commission's meeting Thursday to explain the hold-up, which is largely due to a design overhaul that will mean more amenities for gamblers.
He called the Waterloo casino the largest project the company has ever undertaken and said it will be a place the entire state can be proud of.
"No one wants to get this open sooner than we do," Hinkley said.
Company officials also blamed weather conditions and the late delivery of materials for construction hold-ups.
Last month, members of the Iowa Racing and Gaming Commission blasted a casino official for the delay, citing a loss of close to $50,000 a day to the state in gaming taxes for each day the doors remained closed.
The commission had hoped the casino would be operating in April.
Plans for the Waterloo casino were revamped after the opening of the plush Riverside Casino & Golf Resort near Iowa City raised the stakes for Iowa's gaming industry.
"They did a super job, and we said 'holy smokes,' you know, we want to be able to compete and exceed people's expectations. So we took our time to do that when we added on the extra amenities," Hinkley said.
The company bumped up their investment in the Waterloo casino about 40 percent and made design changes as well as adding a larger gaming floor, a night club, spa and pool to the plans.
Commissioner Gerald Bair of Ankeny, a former director of the Iowa Department of Revenue, said the commission likely will be satisfied if the casino opens July 1.
"Ultimately, I think the reasons are good, and I think the presence of the company showing up today was an indication to us that there was a valid concern. They want to get it up and running just as much as we do," Bair said.
Bair noted the commission recently has approved a number of upgrades and expansions to Iowa casinos after the Riverside casino's debut.
"There seems to be an ongoing competition for the market to make sure that they have a facility that people want to come to," Bair said.
The casino in Waterloo will be the last of four new casinos approved by the commission in 2005 to open.
Regulators had hoped the Waterloo casino would open earlier this year so they could study the impact of the new casinos on the industry in Iowa and begin discussions on whether to allow more casinos. Talks now likely have been pushed off until next year. |
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