Isle of Capri closing costs city six-digit loss

by Associated Press

Published: June 24,2011

Tags: casinos, disaster, flooding, floods, gambling, gaming, municipal government, natural disaster, rains, severe weather, tourism

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

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