Former Jumer's CFO hired to help Davenport with casino plan


Share
Posted Online: Dec. 11, 2012, 7:08 pm
Comment on this story | Print this story | Email this story
By Stephen Elliott, selliott@qconline.com
Davenport has hired a former chief financial officer of Jumer's Hotel and Casino to help with a city-owned land-based casino proposal.

Davenport city administrator Craig Malin said the city has hired Gary Buettner, a former executive vice president at Jumer's. Davenport Ald. Raymond Ambrose, 4th Ward, said Mr. Buettner comes with strong credentials and recommendations and will be paid $150 an hour.

Ald. Ambrose said Davenport's casino plan has drawn much attention. Davenport has signed an asset purchase term sheet to buy Rhythm City Casino from Isle of Capri for $46 million. To cover the cost, the city would issue $48 million in bonds to be paid off over 20 years at a cost of $3.5 million per year.

The city is seeking requests for proposals from developers on the project by Dec. 20.

"The cost of government continues to rise," Ald. Ambrose said. "It's almost out of control.

"The city of Davenport is in a unique opportunity, probably unlike any in the U.S., to diversify its revenue stream (with a new casino)," he said. "I know a lot of people are a little skeptical. We're working hard to answer those questions to reassure people we're going to try and remove any risk we can if we move forward on this."

The Riverboat Development Authority, which holds Rhythm City Casino's gambling license, is scheduled to meet at 4 p.m. Friday at New Ventures Center, 331 W. Third St., Davenport, to discuss its members' questions and concerns, according to RDA president Mary Ellen Chamberlin.


















 



Local events heading








  Today is Thursday, Aug. 21, the 233rd day of 2014. There are 132 days left in the year.

1864 -- 150 years ago: Sheriff McLaughlin had the misfortune to dislocate his right shoulder some days ago when his carriage upset. He is now able to walk about but has a very sore shoulder.
1889 -- 125 years ago: A kindergarten was started in the downtown district of Rock Island with the Misses Dodie Hawes and Grace Knowlton as teachers.
1914 -- 100 years ago: Pope Pius X died in Rome.
1939 -- 75 years ago: Rock Island's new theater was named Esquire.
1964 -- 50 years ago: The J.I. Case Co. plant in Bettendorf will add from 150 to 200 employees by Jan. 1 a spokesman for the company said today. The Bettendorf Works today had a payroll of 1,350, but an increased production schedule will require additional people.
1989 -- 25 years ago: The Illowa Council Boy Scouts of America reached and passed its campaign goal in a drive that began 14 months ago by raising more than $2.2 million for the expansion of Loud Thunder Reservation near Andalusia.






(More History)