NO GAMBLING: BOYD GAMING CORP. CLOSES UP SHOP IN CAPE GIRARDEAU

The date, June 7, 1993, was a crucial one for Boyd Gaming Corp., and its efforts to bring a $50 million-plus gambling operation to downtown Cape Girardeau.

On that day, the city's voters rejected riverboat gambling, by a 53-47 percent vote. In another city, about 85 miles to the south, Caruthersville voters approved riverboat gambling by a 67-33 percent margin.

The stage was set for riverboat gambling in the Bootheel area.

Five months later, in November 1993, Cape Girardeans returned to the polls for a second vote on the issue. This time around, the issue passed, by 425 votes.

But, by then, Aztar Corp. was on a fast track toward its $40 million project at Caruthersville. The company had already applied for a permit from the Missouri Gaming Commission, and construction was under way on a two-level, 40,000-square-foot pavilion.

Aztar received its approval from the commission in mid-1994, and in April 1995, it opened its operation.

Boyd and the city of Cape Girardeau signed a contract to allow Boyd to establish a riverboat gambling operation along the Mississippi River in downtown Cape Girardeau. The $52 million project called for a riverboat, docking facilities, parking garages and restaurants.

But new sites and operations were scarce on the riverboat gambling scene in Missouri. The Missouri Gaming Commission was not issuing new licenses on the Mississippi River south of St. Louis.

They still aren't. Gaming corporations still have options and plans for riverboat casinos at Scott City and Wyatt.

But after a four-year flirtation with gambling in Cape Girardeau, Boyd closed its downtown office, and put up for sale properties it had acquired over the past four years.

Ten parcels of land were offered for sale. Ivan L. Irvin of Century 21 Key Realty, who handled most of the purchases for the Las Vegas-based gambling company over the past few years, was to handle the sales of property.

Boyd officials closed its downtown office in February 1997.

At that time Maunty C. Collins, senior vice president and director of Boyd's central-region operations, said the company had not given up on Cape Girardeau but was at standstill on the proposed operation. Boyd officials said an apparent moratorium on new gambling licenses in Missouri forced Boyd to reassess Cape Girardeau.

"It could be another five years before the commission considers any new casino operations in the state," said one Boyd official in the Las Vegas office.

The state has 11 casino sites scattered from St. Joseph to Caruthersville and Kansas City to St. Louis.

Boyd paid the city $250,000 upon entering the contract with the city. Other terms of the contract were not to become effective unless a casino license is granted.

"Boyd has certainly lived up to everything in the development contract," said Cape Girardeau Mayor Al Spradling III.

Boyd initiated its quest for a Cape Girardeau gambling operation in January 1993, when the company announced a proposal for a $38.5 million development for the downtown area. That was almost two months after Missouri voters approved riverboat gambling.

The Boyd project was delayed when city voters turned down riverboat gambling in April 1993. It wasn't until seven months later, in November 1993, that voters approved a casino riverboat project during a second election. In January 1994, Lady Luck Gaming Corp. tossed its hat in the Cape Girardeau ring. But two months later the city selected Boyd to develop a $52.1 million facility in downtown Cape Girardeau.

After the Boyd Group had been selected as developer, it started acquiring property along the river floodwall, from Broadway to and including the old shoe factory building property. The company owns the bulk of that property.

BOYD GAMING'S CAPE

GIRARDEAU PRESENCE

-- November 1992: Missouri voters approve riverboat gambling.

-- January 1993: Boyd Gaming Corp. of Las Vegas announces plan for $37.5 million riverboat gambling operation in downtown Cape Girardeau.

-- June 1993: Cape Girardeau voters reject riverboat gambling for city by 53-to-47 percent vote. Caruthersville voters approve riverboat gambling by 67-to-33 percent margin.

-- November 1993: In another vote, Cape Girardeau voters approve riverboat gambling by 425 votes. Boyd Gaming makes new proposal to City Council for downtown development.

-- January 1994: Lady Luck proposes $58.2 million riverboat project for Cape Girardeau. Boyd's proposal is now at $52.1 million.

-- February 1994: Boyd Gaming opens temporary office at 118 Themis.

-- March 1994: Cape Girardeau City Council selects Boyd Gaming for development contract.

-- January 1995: Missouri Gaming Commission conducts market study on riverboat gambling. Twenty-five companies have applied for permits. Commission wants to avoid oversaturation.

-- April 1995: Lady Luck remains committed to Scott City as a riverboat site, with $66 million proposal.

-- April 1995: Aztar's riverboat casino opens at Caruthersville.

-- February 1996: Another gaming corporation expresses interest in Cape Girardeau but submits no proposal.

-- March 1996: Cape Girardeau City Council approves gambling agreement with Boyd. Boyd officials present check of $250,000 to the city after the vote.

-- February 1997: Boyd closes office at 118 Themis. Reassesses project here.

-- September 1997: No further action by Missouri Gaming Commission on new casinos for Southeast Missouri. Boyd to start selling its downtown Cape Girardeau properties.