The Iowa Racing and Gaming Commission today approved the sale of the President Riverboat to the Isle of Capri Casino Company of Biloxi, Mississippi. Mary Ellen Chamberlain is the president of the Riverboat Development Authority, which holds the license for the Davenport casino boat. Chamberlain says the group has negotiated a good contract for Isle of Capri to manage the casino. She says it increasing the guarantee by 600-thousand dollars and allows them to keep the interest on the money.Isle of Capri also owns the riverboat/casino in Bettendorf. Chamberlain says she’s confident the agreement will keep both boats running. Isle of Capri president Jack Galloway says they plan to rename the boat “The Rhythm City Casino.”Galloway says they plan to invest 20-million dollars in the project — including a new boat.Galloway says the design plans are already being prepared for the new boat and it should be ready to go by this spring.
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