Cape's casino flourishing as it celebrates fifth year

The 7-foot-tall birthday cake in the Isle Casino Cape Girardeau lobby celebrates the casino’s fifth anniversary. But Lyle Randolph, the casino’s vice president and general manager, said they have more to celebrate than just years in operation.

The casino’s revenue — for itself and the city — has grown consistently since its opening Oct. 30, 2012.

“I still remember that day at the end of October,” Cape Girardeau Mayor Harry Rediger said. “Cut that ribbon and said, ‘Well, what’s going to happen?’”

What happened, Rediger said, exceeded expectations.

The casino saw more than 1.8 million visitors during the most recent fiscal year that ended in June, according to figures published by the Missouri Gaming Commission.

A view of outside of the Isle Casino Cape Girardeau on Friday.Andrew J. Whitaker

And while the number of admissions has stayed relatively constant, the casino’s revenue — measured in adjusted gross receipts — has jumped from $45.7 million in its first year to $65.8 million this past year.

Randolph said the growth is partly because of an increased focus on the parts of the casino’s business that aren’t gambling-related, such as the restaurants, bar and banquet space.

“One of the adjustments we made is on the food and beverage and events side of the operation,” he said. “We’re still seeing growth in our special events in our banquet area.”

As the revenue grows, so does the tax revenue to the city.

As of June, the casino has generated more than $15.2 million in gaming and admissions taxes for the city of Cape Girardeau, Randolph said.

A view Friday of the casino floor of the Isle Casino Cape Girardeau.Andrew J. Whitaker

Rediger said the casino funds have allowed the city to complete projects that otherwise might not have happened.

“A major part of our police station has been funded through casino funds,” he said. “A number of smaller projects that were very well-received in the city. ... We funded a dog park with casino funds. With regular capital funds, that could not have been achieved.”

“In my opinion, the reason the casino is here is for the betterment of the area,” Randolph said, “to provide economic stimulation.”

In addition to bringing more visitors to Cape Girardeau, Rediger pointed out how the casino’s presence has turned around an area he said once was blighted.

This year, the Casino’s parent company, Isle of Capri, was purchased by Eldorado Resorts. Randolph said the change won’t affect the casino’s operations or its relationship with the city.

Construction work of the Isle Casino Cape Girardeau before it opened in October 2012.Submitted by Amy Ankerson

“We have a great working relationship with the city,” he said, adding, “I think Eldorado is a great fit for us.”

Rediger expressed a similar outlook.

“We wondered [after the sale,] ‘Are they going to change their name? Change their personnel?’” he said. “But they’ve stayed the course. They’re dedicated with their current personnel.”

The casino employs 411 people, Randolph said, placing it among the largest employers in Cape Girardeau County.

Its total payroll with benefits is $12.6 million, Randolph said.

“And, I’m proud to say, 115 of those [411 employees] have been here since Day One,” he added.

The future, Randolph said, looks bright considering the growing momentum in downtown development, especially with a hotel slated to open on Broadway.

Rediger said the casino’s traffic has played an integral part in the growth of Cape Girardeau’s downtown.

“People say [some casino visitors] don’t benefit us because they come in and then they just leave, but they do (benefit us),” Rediger said. “Even if they don’t stop in to visit, if they’ve been here, we can get them back.”

To celebrate the anniversary, the casino will hold a ribbon-cutting at 4 p.m. Oct. 30 at the casino, as well as a party Oct. 28. Dr. Zhivegas, the same band that performed at its grand opening, will perform on the 28th.

“The casino has been a great addition to our city. We had some naysayers when we had the vote,” Rediger said. “But I know we made the right choice, and like the old quote, the rest is history.”

tgraef@semissourian.com

(573) 388-3627

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Cape casino’s revenue

Cape casino's revenue

Annual totals in adjusted gross receipts (listed by fiscal year):

FY 2017: $65,874,536 (2 percent increase)

FY 2016: $64,806,511 (3 percent increase)

FY 2015: $62,993,768 (10 percent increase)

FY 2014: $57,301,272 (27 percent increase)

FY 2013: $45,739,238

Source: Missouri Gaming Commission