Isle of Capri Casinos Inc. will pay $14.3 million to settle a three-year-old lawsuit over scrapped plans for a gambling and entertainment complex in Kimmswick, Mo.
The suit, filed on behalf of Jefferson County in December 2002, alleged the Mississippi-based company was in breach of contract when it withdrew its application for the $105 million development to be located on 46.5 acres along the Mississippi River.
Isle of Capri Executive VP Allan Solomon said he didn’t believe the company did anything wrong when it withdrew the application in 2001 amid local opposition, regulatory problems and potential lawsuits. However, he said settling the case was a better option than facing a lengthy trial set to begin next month.
The original 1993 agreement between Jefferson County officials and Isle of Capri’s predecessor, Lady Luck Kimmswick Inc., called for the company to pay the county $350,000 a year. Officials had earmarked those funds for capital improvement projects.