Davenport May Buy Rhythm City
October 16, 2012Davenport may get into the gambling business. This morning, Mayor Bill Gluba and several aldermen announced the city has been negotiating with Isle of Capri to buy the Rhythm City Casino. They've agreed on a price -- 46 million dollars.
Gluba says he and the city council have learned a lot about the industry as they tried to find a developer who would build a land-based casino. He says they've done their homework, and talked with experts, researchers, and attorneys who work for Prairie Meadows in Polk County, and the Mystique Casino in Dubuque.
Another long term goal is to move the casino off the Mississippi River. And Gluba says "everything," including the River Center, is on the table for a land-based casino site. His preference is for it to be located downtown.
The mayor says it won't cost taxpayers a dime because the city will sell bonds to finance the deal, and pay them off with gambling revenue.
At tomorrow's committee of the whole meeting, the Davenport city council's finance committee will discuss the proposal to buy the Rhythm City riverboat casino. The full council won't vote on it until next week.