The Koman family's bid to put a casino in north St. Louis next to the Chain of Rocks Bridge won the blessing of a key city agency Tuesday afternoon.
The Land Clearance for Redevelopment Authority voted to endorse Casino Celebration on to the Missouri Gaming Commission, which will weigh several sites around the state for its 13th gaming license later this year.
The project would be worth $141 million in two phases, and would put a mid-sized casino on the riverfront just south of Chain of Rocks. Greg Smith, an attorney for the Komans, said it would create 700 permanent jobs and generate $9.4 million a year in tax revenue for the city, and $29.7 million for the state.
It was the only application the LCRA considered; a second proposal was withdrawn last week. Local endorsement is considered an important factor by the Missouri Gaming Commission, which is also expected to receive applications for casinos in Cape Girardeau, Sugar Creek and, possibly, north St. Louis County (where County Executive Charlie Dooley has come out against a $350 million proposal in Spanish Lake).
But the new facility, wherever it's built, will be replacing the President Casino, which the state moved to shut down for poor performance earlier this year. Its closure cost St. Louis City $2 million a year in tax revenue. That's a good reason why the new one should also be built in the city, said Rodney Crim, executive director of the St. Louis Development Corp.
"This license belongs in the city. It needs to stay in the city, and this is an opportunity, with a quality project, to keep it in the city," Crim said.
Smith also argued that the project, by the bridge and close to Illinois, gave Missouri the best chance to attract the most new gaming tax revenue of any candidate. He also noted that the Komans co-own the Casino Queen in East St. Louis, and thus have experience running a casino, though they're still talking with big gaming companies about running the facility as well.
Applications are due to the Gaming Commission Sept. 1.
Some negotiations on the Koman project still remain. Casino Celebration hopes to buy 3 acres next to its site that are part of a city water plant. Crim said a lease was more likely. Neither side said prices have yet been discussed. They'll also need to hammer out a redevelopment agreement.
But the endorsement is a key first step.
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