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Isle of Capri Confident in Illinois Plan

ILLINOIS – As reported by the Chicago News Sun: "Isle of Capri Casinos officials remain confident in their final $518 million bid for the state's 10th riverboat gambling license — despite skeptics' concerns the last-minute, $167-million jump in bidding was over the top.

"'Based on the probability of the market and on the site that we have, it was not an excessive bid," said Les McMackin, senior vice president of marketing and communications for Isle of Capri.

"The company plans to spend an additional $150 million in constructing a casino, four restaurants and an entertainment venue at Rosemont.

"…McMackin predicted $2.6 billion in revenues during the casino's first five years of operation, generating $1.1 billion in tax revenue for the state. He said the casino would turn a profit in operations 'almost immediately,' but could not pinpoint when the total initial $668 million investment would be paid off.

"…Company revenues for 2002 totaled $1.08 billion, while net loss totaled $35 million. The company either owns or operates 16 casinos in five states, the Bahamas and England.

"McMackin dismissed concerns the Rosemont site would 'cannibalize' other nearby casinos, noting the proposed casino will be just minutes from O'Hare International Airport and 6,000 hotel rooms filled with conventioneers with nothing to do…"

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