Another factor working in Isle of Capri's favor was the company's promise to construct a 40,000-sf casino with 1,200 gaming positions eight months after breaking ground--quicker than the other two top bidders, which also included Chicago developer Neil Bluhm, who hoped to build in neighboring Des Plaines.
The Caribbean-themed casino will be built on a nine-acre site near the 1-million-sf Stephens convention center at River Road and Balmoral Avenue. Isle of Capri's plans also include 7,500 sf of retail space and four restaurants.
Besides raising their offer from an original bid of $351 million, Isle of Capri and Rosemont officials also promised to share gambling tax revenue with 71 other suburbs, a wider distribution than the other two revenue-sharing plans.
"The Illinois Gaming Board's selection of the Isle will bring the most benefits to the most residents of Cook County and the state," says president and chief operating officer Timothy M. Hinkley.
The deal now needs approval from the US Bankruptcy Court. The 10th license was held by Emerald Casino Inc., which was unsuccessful in its attempt to relocate its operation to Rosemont from East Dubuque, IL.
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