Cape Girardeau, Mo., residents approved a local ballot initiative that will allow a casino development in the city.
Isle of Capri is the biggest beneficiary here, as it will be one of the four developers seeking the 13th license in Missouri. This project is a distinct growth drive for Isle of Capri, Santarelli wrote in a note.
Isle of Capri 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.Of course, the approval by voters does not guarantee the Missouri Gaming Commission will award the city a license. If it was rejected, however, it would have almost definitely prevented the 13th license. This is also a slight positive for Ameristar and Pinnacle's St. Louis properties, as Cape Girardeau is the best geographical location for a 13th license in terms of not stealing market share, Santarelli wrote in a note.