New owner plans $61 million upgrade at Isle of Capri Casino on Kansas City riverfront
A new owner plans to inject $61 million to redevelop Kansas City’s struggling Isle of Capri Casino.
Twin River Worldwide Holdings Inc. closed on the purchase of the casino earlier this month from Eldorado Resorts, which merged with Ceasars Entertainment. In a news release heralding the purchase, the new owner said it plans to “substantially reposition the casino with a transformational redevelopment plan.”
The project was briefly discussed Monday afternoon by the development committee of the board that oversees the Port Authority of Kansas City, or Port KC. That organization is the landlord for Isle of Capri, which sits along the Missouri River near the Kit Bond Bridge and Front Street.
Port KC documents show the new owners plan a $61 million redevelopment that will completely replace the riverboat-themed facade of the building with a modern aesthetic. The company also plans a new restaurant, retail, spa and amphitheater. It is also considering an on-site hotel, which Isle of Capri lacks.
The development committee on Monday recommended allowing the new owner to mortgage its interest in the lease as security for the repayment of the debt. Officials said that maneuver would help secure financing on the project without Port KC incurring any financial responsibility or significantly modifying the lease terms.
Isle of Capri opened in Kansas City in 1996 as the $100 million Hilton Flamingo as Missouri expanded riverboat gaming.
Financial reports from the Missouri Gaming Commission show Isle of Capri consistently lags the area’s three other casinos: Harrah’s in North Kansas City, Argosy Casino in Riverside and Ameristar Casino near Worlds of Fun in Kansas City.
The company spent $230 million to acquire Isle of Capri and the Lady Luck Casino in Vicksburg, Mississippi.
Jon Stephens, president and CEO of Port KC, said the redevelopment must seek approval from City Hall. He said the port supports reinvestment in the casino as a way to further boost the riverfront area. Port KC has added new apartments and recreational amenities along the southern edge of the Missouri River, an area that historically had been neglected by the city.
“This is downtown’s casino, so to speak,” Stephens said in an interview. “And so if they’re willing to invest, we do think it helps to secure the long-term growth and viability of the greater riverfront.”
The Kansas City Streetcar Authority has suggested eventually extending its route to the riverfront and beyond. Stephens said a stop near the casino could one day serve as a transportation hub, providing a place for riders to park their cars and hop on the streetcar to go downtown. Or, they could board a bus for Kansas City International Airport.
“The more they increase market share, the more they increase visitors and activity at the site, the more beneficial to downtown,” Stephens said.
This story was originally published July 21, 2020 at 5:00 AM.
