The Quad Cities could be just weeks away from having a new casino.
On Thursday, October 10th, 2013, Developer Dan Kehl updated the Iowa Racing and Gaming Commission in Dubuque, Iowa… telling them they are “at the goal line.”
“We’re 99% there.”
That 1% is up to the city of Davenport and the Riverboat Development Authority, which holds the gaming license. The two parties need to decide who is getting what from the 8.5% of the net adjusted gross revenue the R.D.A. will receive from Kehl.
“Effectively, it all goes back to the community in one form or another so I think everybody realizes that and they’re just trying to figure that piece out,” Kehl told News 8 after the meeting.
That “piece” needs to be in place by October 15th, which is the deadline for Kehl to purchase Rhythm City Casino from the Isle of Capri Corporation. From there, Kehl plans to operate the riverfront facility while building a $110-million land-based development on Veteran’s Memorial Parkway near Brady Street.
“I think we’re going to make that deadline,” says Kehl. “It’s always been our intent to make that deadline. This process has taken seven years. Nobody wants to push the deadline back any further. We want to get this done, get it on the agenda so we can get moving and get a new property in the Quad Cities.”
“Both sides — all the sides — want this to happen,” says Alderman-at-Large Gene Meeker, who was present at the meeting. “There’s no reason why they can’t meet that deadline and resolve whatever little differences there are.”
Some of those differences between the city and the R.D.A. have concerned the Commission in the past, but Chairman Jeff Lamberti says he’s confident the Commission will be signing off on Iowa’s newest casino soon.
“We were getting a little frustrated over the 10-year wait, because we are losing market share to Illinois,” he told News 8 after the meeting. “While we’re focused on the communities where we have facilities, our job is to look out for the state of Iowa as a whole and so when we lose that market share across the river – and also future threats potentially – we need to act and it’s just gone on for too long. We just want to get it done.”
Kehl and Lamberti both tell News 8 they expect a presentation and a vote at the Commission’s next meeting on November 21st.