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Isle of Capri to Lease Rosemont Site

ILLINOIS – As reported by the Chicago Tribune: "Isle of Capri Casinos Inc. agreed Thursday to pay more than $4.7 million a year to lease a casino site and parking garage from Rosemont, striking a deal the company hopes will increase the value of its bid for the state's only remaining casino license.

"The deal would add $45 million to Isle of Capri's bid before the Illinois Gaming Board because it would settle Rosemont's claim, pending in federal Bankruptcy Court, that it is owed $45 million for the garage, Rosemont officials said.

"State officials have not conceded that Rosemont is owed that amount. Atty. Gen. Lisa Madigan has said the claim should be tested in court.

"…The agreement calls for Isle of Capri to pay more than $1.5 million a year to lease the casino land, with the exact amount depending on the amount of land the company needs. Isle of Capri would lease and operate the garage for 25 years, paying Rosemont $3.2 million a year.

"…While Rosemont would remain the casino landlord, the Isle of Capri's lease gives the village no right to dictate casino vendors…"

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