The license holder and the owners of the Lady Luck Casino Marquette of Iowa have signed a new deal that will be beneficial to Clayton County. According to information provided by the Upper Mississippi Gaming Corporation Director, Sindee Gohde, the new deal has been signed and will be effective starting in 2019. This corporation is the license holder for the casino and reported the information, stating 2019 is when the old agreement between themselves and the Isle of Capri operator will expire.
The new terms of the deal, a 25 year agreement, will see UMGC earning 3.25% of the adjusted gross income of the casino. The Isle of Capri will have to pay more money, $50,000 in 2016, $100,000 the next year and $200,000 the next year, all during the summer months.
The existing agreement between the former owners of the casino and the UMGC provides the corporation 50 cents per customer who is gambling. Gohde stated that the UMGC has lost hundreds of thousands of dollars each year since they were paid per player rather than a percentage of the revenues, also considering the number of players at the venue has continued to decline.
The gambling regulations of Iowa state that owners of casino facilities must pay a minimum of 3% adjusted gross revenues to the non-profit corporation that is sponsoring the license of the venue. The UMGC currently uses the revenues they are granted in Clayton County for public safety.
In 2014, the UMGC earned just over $145,000 from 291,196 customers who visited the property. If the corporation were able to receive the 3.25% last year, this amount would have been much larger, at $868,293.