Davenport, Iowa, 7 miles down the Mississippi from the nation’s first riverboat casino, plans to borrow $48 million so it can purchase its own.
The municipality of 100,000 wants to sell general-obligation bonds to buy the Rhythm City riverboat on its waterfront from Isle of Capri Casinos Inc., owner of 16 venues across the nation. Mayor Bill Gluba said the revenue would reduce reliance on property taxes and help cover rising costs. Kansas may currently be the only U.S. municipal casino owner, according to the American Gaming Association.
