Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian

Isle of Capri Casino Groundbreaking

Posted Wednesday, March 30, 2011, at 11:06 AM

Golden shovels will hit the ground Thursday as Isle of Capri marks the official start of construction on its $125 million Cape Girardeau casino complex.

The groundbreaking ceremony will begin at 2 p.m. at the corner of North Main and Mill Streets.

The new entertainment complex is expected to have 1,000 slot machines, 28 table games, three restaurants, a lounge and terrace overlooking the Mississippi River and a 750-seat event center.

The project is scheduled to be completed in late 2012.

Isle of Capri has been shoring up its financial position in recent months as construction on its new Cape Girardeau casino begins.

Yesterday, the casino company announced it has entered into a New Credit Facility, expanding its line of credit.

Its New Credit Facility includes a $300 million revolving credit facility, maturing in 2016, and a $500 million term loan facility, maturing in 2017.

The company also raised $51.7 million in new equity with a common stock offering in January, followed by the issuance of $300 million principal amount of 7.75 Senior Notes due in 2019 earlier this month.

"We are successfully executing our strategy for improving the strength of our balance sheet and our overall capital position," said Isle chairman and chief executive James B. Perry. "Through our bond and equity offerings and now a new bank facility, we continue to bolster our financial flexibility as we construct our new casino in Missouri, benefit from our streamlined cost structure and pursue new and organic growth opportunities."

In addition to its Cape Girardeau expansion, Isle of Capri is also seeking a new gaming license in Pennsylvania. Isle intends to take over the operation of Nemacolin Woodlands Resort in Farmington, Penn., if granted a license by the Pennsylvania gaming commission.

The company currently operates 15 casinos across the U.S.

For more information on Isle's latest financial announcement, visit http://phx.corporate-ir.net/phoenix.zhtml?c=68944&p=irol-newsArticle&ID=1543739&...

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"improving the strength of our balance sheet"

Addl stock offering dilutes existing ownership. No good.

300 million debt v. 51 million equity... Not good at all.

-- Posted by ho ho ho on Wed, Mar 30, 2011, at 11:58 AM
A great idea for another article would be to research what the casino has promised residents and the county would happen if they came and then five or ten years later if those promises were true or not. This would either prove that what the casino is saying is correct or would prove the other side's point. As a bystander that's something that I've wondered about.

-- Posted by SouthernHusker on Wed, Mar 30, 2011, at 2:14 PM
I guess this may be a story for MD Kittle but what about whether the school systems have benefited and if it's done more harm than good for the poor.

-- Posted by SouthernHusker on Wed, Mar 30, 2011, at 8:39 PM

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