This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Missouri City To Vote On Proposed Casino Project

Isle of Capri Casinos Inc. has estimated its Cape Girardeau project would cost $125 million to develop and employ 450 to 500 people. In an application to state gambling regulators, Isle of Capri predicts it will attract 1 million visitors per year from six states and boost city and county tax rolls by $3 million.

The de facto capital of southeastern Missouri, Cape Girardeau has a population of 38,000 and is located about halfway between St. Louis and Memphis, Tenn. Unemployment in the region is high, at 8.2 percent, but it's lower than the state's overall rate of 9.3 percent.

Business has flourished along a highway cutting through the city, where chain restaurants, hotels and new developments have sprung up.

But the city's downtown has struggled, and vacant buildings are interspersed among Main Street's eateries, bars and antique shops. The problem is most evident in the downtown area near the proposed casino site, where boarded up buildings and some rundown houses are separated from an empty field by a road. The casino would go where an old factory once produced shoes.

Summers said the hope is that the casino will help spark the downtown district. He says the key for supporters is to ensure voters know what the casino could bring to Cape Girardeau.

"There's ethical and moral arguments, but from a business standpoint, I think it's pretty cut and dry," Summers said. "If this were a Walmart or some other type of organization, I don't think there would be the opposition."

But it is a casino, and that is a big problem for some.

"For a gambling casino boat to succeed in Cape, thousands of people are going to have to lose millions of dollars," said Austin, who refers to a casino as a "cancerous growth" that would bring a lot of problems.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,879.55 -256.17 -1.41%
S&P 500 2,077.01 -24.03 -1.14%
NASDAQ 4,940.0350 -42.7740 -0.86%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs