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Economic Development and Casinos for Cape Girardeau this 2011

Posted on January 10th, 2011

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Business in Cape Girardeau County will be good in 2011. That is the message that Mitch Robinson, President of Cape Girardeau Area MAGNET sent to the public as he addressed his colleagues in their annual meeting. “We hope to have an announcement within the next month or so on a new expansion of one of our companies. And based on that, and the activity level of people looking at the area from outside and the real estate side, the corporate real estate side, we’re seeing some positive results.” Robinson said. Area Magnet is a non profit economic development group which aims to help expand and relocate companies, which consider setting up camp in the area. Cape Girardeau has been one of the applicants for the Missouri’s last casino license. Studies conducted last year have shown that the county has generated the highest net casino revenue and gaming taxes, new jobs and overall gross domestic product for the state.

Cape Girardeau, located Southeast of Missouri, has a highly religious community. It belongs to the Bible Belt, an area where social conservative evangelical Protestantism is a major player. But religion is not expected to be a problem for the economic growth of the county. Late last year, the Missouri Gaming Commission has voted to unanimously award developer status to Isle of Capri. David Kerr, Director of Department of Economic Development in Missouri has voiced the same sentiments as Mr. Robinson, “We have the fourth most diverse economy of all states that pretty much mirrors the federal economy, which allows us not to be too heavily focused and concentrated on any one industry,” he said. Kerr also stated that Missouri will help United States bounce back from its current economic slump by leading the country out of recession. The Cape beat out a strong competition from Koman family, whose plans include a $132 Million casino project to be built North of St. Louis. Girardeau’s proposal is a lot smaller than what the Komans have offered, but their advantage became obvious when studies revealed that it would be the only casino within a 70 mile radius. The Commission could have chosen to vote no action, but in doing so, they would pass up nearly an estimated $20.7 Million in revenue and generating more than 700

The awardees of the state’s last casino license said a month ago that even without the assurance that they will be awarded the casino, they proceeded with the plans. According to Isle Design and Construction Vice President Dick Meister, “During the whole process, even though we did not know we would be the selected applicant, we worked diligently to stay ahead of where we needed to be to get this facility up and operational in 24 months or less.” Businessman David Knight says that the county will greatly benefit from the one million visitors each year and the employment that the casino will generate. Isle of Capri Chairman and CEO, Jim Perry said, “We’re excited about it. We’re on the verge of the construction phase. We’ll start sometime in the spring with the foundation work. There will be a lot of dirt moving. And you’ll start to see the building going up later this year. And we’re looking for completion in December of next year.” Perry also adds that the demolitions on the designated casino site will continue. He also said that there are plans of making the casino nearer the levee to give future casino patrons better view of the river on the second floor. Perry also said that the matter has been brought to the attention of the planning and zoning commission, and at most of their plans are concentrated on the inside of the building “make sure that we can create the fun and excitement that we think is so important to this facility.” he adds.

Plans in the construction of the Isle of Capri casino include 28 table games, three restaurants, 1000 slot machines, a 750 seater event center and a lounge and terrace that overlooks Mississippi River. At this point, Perry says that the waiting game will be tough for everybody. “It’s tough for us as operators because we’re all ready to go and want to start operating. It’s going to be tough for the city because they’re going to want to see the facility get open and operating.” he said.