Davenport has released a draft of what officials believe are proposed revenue figures for each of its three casino proposals.
According to the draft, the city believes it could make more than $220 million over 25 years in its proposal with Ingenus Management. As previously reported, Ingenus has proposed to build a casino on the I-80 and I-280 interchange.
The city believes this proposal would make it more than $8 million a year and the Riverboat Development Authority more than $4 million a year. The local group Financial District Properties and developer Rodney Blackwell would enter into a 25 year lease agreement with the city in this proposal.
The city has many questions about the plan from Peninsula Pacific out of California. The city document shows that the company would buy Rhythm City and build a new casino on I-80, but the document does not specify where. City Administrator Craig Malin says that the city would “give [Peninsula Pacific] the casino business after two years.”
The city believes that the proposal from Peninsula Pacific would result in nearly $10 million in losses to the city over 25 years. It also believes it could lose about $350,000 a year in this proposal.
RDA Treasurer Don Decker did tell us he has talked to Peninsula Pacific about their proposal. He also has said numerous times he does not want the city to be involved in the ownership process.
Decker has not commented specifically on the city’s draft. The city has not put the draft on its website.