Golden shovels will hit the ground Thursday as Isle of Capri marks the official start of construction on its $125 million Cape Girardeau casino complex.
The groundbreaking ceremony will begin at 2 p.m. at the corner of North Main and Mill Streets.
The new entertainment complex is expected to have 1,000 slot machines, 28 table games, three restaurants, a lounge and terrace overlooking the Mississippi River and a 750-seat event center.
The project is scheduled to be completed in late 2012.
Isle of Capri has been shoring up its financial position in recent months as construction on its new Cape Girardeau casino begins.
Yesterday, the casino company announced it has entered into a New Credit Facility, expanding its line of credit.
Its New Credit Facility includes a $300 million revolving credit facility, maturing in 2016, and a $500 million term loan facility, maturing in 2017.
The company also raised $51.7 million in new equity with a common stock offering in January, followed by the issuance of $300 million principal amount of 7.75 Senior Notes due in 2019 earlier this month.
"We are successfully executing our strategy for improving the strength of our balance sheet and our overall capital position," said Isle chairman and chief executive James B. Perry. "Through our bond and equity offerings and now a new bank facility, we continue to bolster our financial flexibility as we construct our new casino in Missouri, benefit from our streamlined cost structure and pursue new and organic growth opportunities."
In addition to its Cape Girardeau expansion, Isle of Capri is also seeking a new gaming license in Pennsylvania. Isle intends to take over the operation of Nemacolin Woodlands Resort in Farmington, Penn., if granted a license by the Pennsylvania gaming commission.
The company currently operates 15 casinos across the U.S.
For more information on Isle's latest financial announcement, visit http://phx.corporate-ir.net/phoenix.zhtm...