Old Town Cape endorses Isle of Capri casino project

Downtown development organization Old Town Cape has endorsed the proposed Isle of Capri casino project. Calling the project "a positive addition to the downtown district," the Old Town Cape board of directors released a statement of support Friday afternoon.

Board members and staff spent more than a month researching other downtowns with casino developments and the Isle of Capri company specifically, said Marla Mills, executive director of Old Town Cape.

Two special meetings were held before the board formally took its position Thursday.

The decision was unanimous among the 11 voting board members present Thursday, Mills said.

The board's statement notes Isle of Capri's reputation for supporting downtown goals and activities beyond its casino boundaries in Missouri and elsewhere.

"We believe this demonstrated commitment to enhancing the economic vitality and historic character of existing downtown districts will make Isle of Capri a valued partner in downtown revitalization," the board stated.

The proposed development is consistent with Old Town Cape's mission and Cape Girardeau's downtown strategic plan, the board stated.

"We tried to look at it outside the issue of gaming and look at the overall potential of what the development would bring to downtown," Mills said.

Benefits to downtown listed in the statement of support include jobs, capital investment to an underused space, a state-of-the-art destination attraction, the potential for a downtown niche hotel and meeting space, resources for investment in the downtown district and dining and entertainment options in downtown.

Currently property taxes on the development site total less than $10,000, but after the Isle of Capri development would generate about $3 million annually, according to the board's statement.

The city of Cape Girardeau voted Aug. 26 to endorse Isle of Capri's proposed $125 million casino development expected to employ about 450 people with an annual payroll of $14.5 million.

mmiller@semissourian.com

388-3646

Pertinent address:

418 Broadway, Cape Girardeau, MO