St. Louis County Receives Three Casino Proposals
ST. LOUIS, (SLFP.com), November 16, 2003 - St. Louis County Economic Council and the St. Louis County Port Authority have received three proposals from gaming developers interested in developing a facility in South St. Louis County. Two developers would also build a facility at Laclede's Landing.
The proposals submitted included:
- Harrah's Entertainment, which proposed development near Jefferson Barracks Bridge, south of I-270/255.
- Isle of Capri Casinos, Inc. which proposed development immediately south of I-270/255 near the Jefferson Barracks Bridge, and at Laclede's Landing in the City of St. Louis.
- Pinnacle Entertainment, which proposed development at the NL Industries site in South St. Louis County and at Laclede's Landing in the City of St. Louis.
The Selection Committee will review the proposals and make a recommendation to the Port Authority.
"We're pleased with the responses we received," stated Denny Coleman, president and CEO of the St. Louis Economic Council. "They illustrate that, as the Missouri Gaming Commission indicated, there is a strong untapped market available in South St. Louis County. We anticipate a recommendation will be made to the St. Louis County Port Authority and then to the St. Louis County Council in mid-January."
"We're also pleased that two of the proposals give us the option to review companion proposals with the City of St. Louis," Coleman added.
Isle of Capri Casinos, Inc. Responds to St. Louis City and County RFPs with $434 Million Proposal
ST. LOUIS, (SLFP.com), November 16, 2003 - Isle of Capri Casinos, Inc. officials have responded to requests for proposals issued by St. Louis City and St. Louis County. The two proposals total $434 million, according to an announcement.
The proposal for St. Louis City totals approximately $267 million, which includes approximately $116 million in ancillary development by unrelated third parties. The project, located at Laclede's Landing, will feature 1,100 slot games, 35 table games, a 290-room hotel, three branded restaurants, a 1,200-space parking garage, a 5,000-square-foot entertainment event center, retail outlets, child care facilities and meeting space. This project allows for the possibility of future expansion to the gaming space by more than 50 percent.
The ancillary development to the company's St. Louis City project will include residential, commercial and entertainment facilities located adjacent to the casino complex.
The St. Louis County proposal totals approximately $167 million and is located near the Jefferson Barracks Bridge. The project includes 1,600 slot games, 40 table games, a 220-room hotel, four branded restaurants, an 1,800- space parking garage, a 12,000-square-foot entertainment event center, retail outlets, child care facilities and meeting space.
Bernard Goldstein, Isle of Capri Casinos, Inc. chief executive officer and chairman, stated, "Our company is well positioned and ready to immediately develop these projects. We have the financial capability to build both projects simultaneously and open within approximately 20 months of receiving appropriate approvals."
In a related matter, the company previously announced an agreement to purchase The Admiral Casino riverboat in St. Louis, Missouri for $50 million from the President Riverboat Casino-Missouri, Inc. The due diligence period for the transaction has not expired.
Consumers Plan to Spend Less This Holiday Season
ST. LOUIS, (PRNewswire), November 16, 2003 - Across the board, Americans plan to spend less this holiday season than last year, according to a new survey by Consolidated Credit Counseling Services, Inc.
According to the poll of nearly 1,000 consumers nationwide, almost 58% said they would spend less than they did last year and 50% said the cutbacks are due to current economic conditions. More than 18% said they're spending less because they're earning less -- a 4% increase over last year. Over 66% said they're spending less because they are carrying too much debt, down from 70% last year.
In an announcement, Howard Dvorkin, CPA and president of Consolidated, stated, "It seems that consumers are earning less than last year, but have committed themselves to getting personal debt down, a very promising trend."
The other reasons cited for spending less: the economy (9.94%) and job loss (5.26%). Of those who will spend less, over 50% said it will be up to 20% less, while almost 30% said it will be 20% to 40% less. "It seems that more Americans are planning to be financially conservative this holiday season in light of the economy and unemployment rates, but we want to emphasize that you can still have a joyful holiday season without spending too much money," Dvorkin continued.
Other findings include:
54% said they are still paying off debt from the last holiday season. 42% vowed not to make the same mistake again and to pay off their holiday credit card purchases within three months.
More than 25% said they did not use credit to buy gifts last year while just over 6% said they charged between $750 and $1,000, and over 5.5% said they charged more than $1,000 on credit. More than 22% said they charged between $300 and $500. 10% said they charged $50 to $100, and over 13% charged $500 to $700.
Highway Bill Is a Big Win for Missouri
WASHINGTON, D.C., (SLFP.com), November 16, 2003 - The Senate Environment and Public Works (EPW) Committee has approved a new six-year highway bill. In addition to the $1.4 billion new dollars for Missouri, an extra $50 million is included in the bill for the proposed Mississippi River Bridge in St. Louis.
In an announcement, Missouri Senator Kit Bond, Chairman of EPW's Transportation and Infrastructure Subcommittee, stated "An additional $1.4 billion over six years of $233 million per year in new federal dollars will be a real shot in the arm to Missouri's economy. These dollars will put more Missourians back to work while making our roads, bridges and highways safer for our families."
The new highway bill, the "Safe, Accountable, Flexible and Efficient Transportation Equity Act of 2003" (SAFETEA), builds upon previous re-authorizations, including the 1992 Intermodal Surface transportation Efficiency Act (ISTEA) and the 1998 Transportation Equity Act or TEA-21, which is now scheduled to expire at the end of February.
In 1987 when Bond joined the Senate, Missourians received 76 cents on the dollar. Over the past two reauthorizations, Bond has ultimately been successful in increasing Missouri's share to $90.5 cents during the current bill, TEA-21. In the bill under consideration today, Missouri will receive a minimum guarantee of 95 cents on the dollar. This agreement that Bond is supporting will result in approximately $1.4 billion in new dollars designated for Missouri's transportation needs.
"There is no doubt that Missouri's roads and bridges are in a sad state. But with the new highway bill we will have the resources we need to make critical improvements," stated Bond.
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