Isle of Capri closing costs city six-digit loss
Published: June 24,2011
NATCHEZ — After crunching the numbers, the Natchez city clerk says the city lost approximately $106,000 in gaming revenues during the 41 days the Isle of Capri casino was closed for flooding.
City Clerk Donnie Holloway reported the amount at a meeting of the Natchez Board of Aldermen. The actual losses are $16,000 less than previously predicted by Holloway.
[ITAL]The Natchez Democrat[ITAL] reports the city uses gaming revenue to pay debt service for the Natchez Convention and Visitors Bureau.
Despite the losses, Holloway says the city should be in decent shape, because the city recently received $50,000 to put toward the debt service from a swap agreement with an Atlanta-based financial firm.
The refinancing of the convention center bond, or swap transaction, was executed in 2006 with the Malachi Group.
Source: Natchez Democrat
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Jackson’s Landmark Center slated for mixed-use conversion
- ANITA MODAK-TRURAN — Mississippi’s motion picture renaissance
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Race to the pump: Feds appear ready to beat state on new gas taxes
- Senate transportation chair seeks emergency money for roads, bridges
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Challenging times ahead for Pearl’s manufactured home residents, apartment complex owners
- Irby commits suicide after wife's prison release
- 3 dozen groups OK'd for Miss. specialty car tags