Marcil: Clairvest to add $5 million to casino mix
UPDATE: Investment bankers working with the Clairvest group say they are willing to give the city of Davenport $5 million more to move the Rhythm City Casino. That is only if the city transfers its lease of the Rhythm City property over to Clairvest and not another casino developer.
Investment banker Peter Marcil confirmed the news Wednesday morning. He is on his way to the Quad Cities for the city council meeting Wednesday night.
ORIGINAL STORY: The Davenport City Council will vote on two casino proposals Wednesday, September 25th, 2013.
There has been controversy in the past week over developer Dan Kehl’s agreement with the Riverboat Development Authority (RDA). The RDA is the group who controls the gaming license for Davenport’s new casino.
On Monday, September 16, the RDA approved an operator’s contract with Kehl to move forward with his casino plan. The next day, word got out that the Riverboat Development Authority cut the net gaming revenue percentage from the city of Davenport. The city was supposed to make 4% of the net gaming revenue from the new casino. Under the September 16th contract, that net gaming revenue number was cut to just 1.75 %.
Davenport city leaders vote on the original development agreement Wednesday. It calls for 4% of the net gaming revenue, according to city council documents. They’ll also vote on Rodney Blackwell’s plan.
City leaders will likely negotiate their own revenue amount with Kehl. Wednesday’s meeting starts at 5:30 p.m. at Davenport’s City Hall.