RIVERBOAT GAMBLING: FIRMS INTERESTED IN CARUTHERSVILLE

CARUTHERSVILLE, Mo. Columbia Sussex Corp. is serious about establishing a riverboat gambling casino development along the downtown riverfront here.

"We have already leased five acres of riverfront land," said Paul Kreft, a spokesman from Columbia Sussex, headquartered at Fort Mitchell, Ky. "We're ready to start developing the project if we're selected."

The company is one of 15 that have expressed an interest in the area since the June 8 election, when voters approved the riverboat casino issue by a two to one margin, 1,238 to 597.

Columbia Sussex officials were in Caruthersville Wednesday to discuss their plans for a riverboat casino project.

"More specifically, we wanted to gather input from city officials and businesses in the area," said Kreft. "We invited a number of people for the Wednesday conference, which was held at the Community Center."

Kreft said his firm had signed a 25-year-lease with the St. Francis Levee District and the First State Bank and Trust of Caruthersville for a parcel of land on the riverfront near downtown area. Portions of the land are located on both sides of the floodwall in the vicinity of Ward and Second streets in downtown Caruthersville.

Columbia Sussex already owns and operates a land-based casino, the Horizon Casino Resort in Lake Tahoe, Nev. "We also have more than 50 other hotels and resorts throughout the U.S. and the Caribbean," said Kreft, who added that this would be the firm's first venture into riverboat casino gambling.

Kreft said his company could be in operation at Caruthersville before the end of the year.

"We already know of a riverboat casino that is available for purchase," said Kreft. "We feel we could be in operation within three or four months."

Caruthersville city officials say they may make their selection of riverboat casino companies July 10.

"We have sent letters to 15 companies which have expressed an interest," said Don Lloyd, director of Economic Development at Caruthersville. "We're asking interested parties to detail their proposals by July 9."

Lloyd added that oral presentations will be made on July 10.

"We would like to make our decision on that day," said Lloyd, who said he was not surprised at the 67 percent affirmative vote on the issue.

"People here need jobs," Lloyd said. "They realize that the riverboat casino could result in 400 to 700 jobs."

He explained that at least 400 new jobs will be created by the gaming casino, and that another 300 would probably be created by new businesses in the downtown area."

Lloyd said some of the empty buildings may be utilized.

"There were many empty buildings along the street that leads to the riverboat at Metropolis, Ill.," said Lloyd. "Those building are now occupied by various retail shops restaurants, antiques, gift shops and others."

Players Riverboat Casino, which is located at the Metropolis riverfront, is also one of the 15 companies that have expressed an interest at Caruthersville.

"I think the development will be an economic boost to Caruth~ersville," said Lloyd.

Columbia-Sussex was the first company to express an interest at Caruthersville, a month before the election.

"After an in-depth evaluation of the market in and around Caruth~ers~ville, we felt this downtown site would meet our news," said Kreft.

Development of the casino in Caruthersville would bring about 2,000 to 4,000 people a day to the city, he said.

The city of Caruthersville would also benefit financially from state-mandated revenues from the development of a casino.

More than a half-million people live within an hour or slightly more drive from Caruthersville.