Iowa Commission Approves Riverboat Sale

As reported by the Quad-City Times: "The Iowa Racing and Gaming Commission on Thursday approved the sale of the Mississippi Belle II riverboat casino in Clinton to Wild Rose Entertainment, setting in motion plans to replace the current casino on the Mississippi River with a land-based casino on the west edge of Clinton.

"Wild Rose paid $38.4 million for the casino in a deal with the Mississippi Belle II Employee Ownership Co. and the Robert Kehl family, which opened the casino in 1991. The total deal was worth $46.3 million.

"The change in ownership to Wild Rose was supported on a 4-0 vote by members of the commission.

"Wild Rose is in negotiations to purchase a 29-acre site near the intersection of U.S. 30 and Mill Creek Parkway where the new casino would be located, officials said. Kevin Preston, senior vice president of gaming operations for Wild Rose, said the company plans to retain current employees and create more jobs at the new Clinton casino.

"…The new land-based casino will feature 650 slot machines, 20 table games, a VIP lounge and a bar with table-top video poker machines.

"…The company will focus marketing for the redesigned casino to residents in a 75-mile radius. The boat currently draws three-fourths of its visitors from out of state…"

2006-06-09