DAVENPORT -- Ground is scheduled to be broken on a new land-based Davenport casino and hotel on Aug. 28.|
Rhythm City Casino general manager Mo Hyder said the estimated $110 million casino and hotel to be located at the southwest corner of Interstates 74 and 80, could be completed in late 2015 or early 2016.
"I think we're positioned very well," Mr. Hyder said Thursday. "Being in the city of Davenport, and the location we're at, and the accessibility it provides for gaming operations, will create an environment that will attract a lot of people from outside the community back into our community."
The Riverboat Development Authority, the nonprofit which holds the gaming license for Rhythm City Casino, met on Wednesday and signed off on an amendment to the original contract between the city, the RDA and the casino.
The amendment, Mr. Hyder said, will pave the way for the project to move forward. Specifically, the city and Scott County Casino LLC, the casino's owner, wanted to change the revenue structure of the contract to facilitate construction of an $11 million extension to Elmore Avenue, which is near the proposed casino.
"It has no impact on the RDA's interest at all," Mr. Hyder said. "We accelerated our payments to the city of Davenport to help facilitate construction.
"It will allow us to start working on the project. It positions us to open a new facility in the late fall or early winter, or at the beginning of 2016.
"A lot of elements have to come in place for this to come together."
Under the arrangement, the casino moves .4 percent of its casino revenue to Davenport sooner than originally expected. Casino owner and CEO Dan Kehl will funnel the revenue to the RDA, which in turn, gives the money to the city.
The city expects to use the money to help pay for the bonds it will use to buy the road from Mr. Kehl next year.
"The RDA looked at it, and there is no change to the RDA's revenue," RDA treasurer Chad Lewis said.
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