blank masthead

City of Cape Girardeau has plans for spending of casino revenue

Jan 17, 2014 -- 3:59pm

At Tuesday's meeting, the city council is expected to finalize a plan for splitting the anticipated $3 million revenue from Isle Casino into several funds that will be used to guide the council through spending the money in areas its planners felt it was most needed. Percentages will go toward: Capital improvements, An "innovation fund" for one-time purchases such as technology and equipment upgrades that could bring future savings, A "legacy fund" that will be saved to draw interest and later bring new revenue, A "riverfront development fund" to bring improvements to downtown, and an "adjacent community fund" that will provide money for other communities to use or to go toward regional projects. Revenue that goes to the city comes from 10 percent of the total state taxes paid by the casino and half of admission fees for patrons.

Return to: Local News Blog