Davenport Moves Forward with Plan to Buy Casino
DAVENPORT, Iowa (AP) — Davenport is moving ahead with a $46 million plan to buy the Rhythm City riverboat casino.
The Quad City-Times says the City Council on Wednesday voted 9-1 in favor of the purchase term sheet.
Most aldermen see the deal as a way to gain control over a revenue stream. The city received $1.6 million in debt service casino tax and leases in fiscal 2012. The casino earned over $10 million such things as interest and taxes.
The Isle of Capri owns the casino. The nonprofit Riverboat Development Group holds the gambling license. The city plans to pay for the casino through the sale of general obligation bonds to be paid for with casino revenue.
The city would operate the casino in the riverboat until a land-based casino could open.
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