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May 12, 2005

Isle's numbers get squishier

The approval of four new casino licenses in Iowa this week makes the Isle of Capri's already squishy projections about its Davenport operations even softer.

Here's a map showing Iowa's casinos. The blue dots mark where four new ones will be.

IOC representatives and their supporters have argued that the hotel they want to build on the Davenport riverfront will draw gamblers from a wider geographic area, thus driving big increases in revenue for both the casino and the city.

There's always been a pie-in-the-sky aspect to the IOC numbers, but its nearly impossible to accept them now, with four new casinos dotting the Iowa landscape. The number of people who travel to gamble is going to drop, not grow, when the new casinos open their doors.

Worth noting, of course, is that the new license in Waterloo goes to, tah dah, the Isle of Capri. With a new casino there and a big expansion of the hotel next to its Bettendorf boat, The IOC sure is making it a tough game for the Davenport operation.

Posted by jcb at May 12, 2005 02:56 PM