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Wally Mochal, president of the National Cattle Congress, speaks to the Iowa Racing and Gaming Commission Wednesday on behalf of the Black Hawk County Greyhound Park and Casino.
TREY EASON / Courier Staff Photographer
TREY EASON / Courier Staff Photographer
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NCC pitches casino plans to state gaming commissioners
By TIM JAMISON, Courier Staff Writer
JOHNSTON --- Supporters of a casino at the former Waterloo Greyhound Park unveiled a new site plan Wednesday during their presentation to the Iowa Racing and Gaming Commission.
While previous architect's drawings showed a floating barge connected to the former track grandstand building, the $45 million, one-story casino is now planned for construction northwest of the former greyhound oval.
"It's going to be over water and it's going to honor the riverboat theme," said Wally Mochal, president of the National Cattle Congress, which owns the land and is seeking a gaming license for the proposed Black Hawk County Greyhound Park and Casino.
Proponents of the joint casino venture between the NCC, Meskwaki Indian tribe and local investors were the last of three Waterloo license applicants presenting their plans to the state gaming commission. The proposed Isle of Capri Casino near the Lost Island Adventurepark and the Cedar Landing Hotel and Casino downtown each made their pitches Tuesday.
Gaming commissioners are expected to decide May 11 whether to grant licenses to any or all of the 10 applications they received in November, although it is widely believed only one casino will be allowed to operate in Black Hawk County.
Throughout their presentation, which included a virtual fly-over of the planned casino complex, representatives of the Black Hawk County Greyhound Park and Casino hammered home a catch phrase ahead of the game.
"We are already established and we are indeed ahead of the game," said Mochal.
Sean McGuinness, legal counsel for the proposed Las Vegas firm hired to manage the casino on contract, also noted the NCC is an existing entity with a track facility already served by roads, sewers and other infrastructure.
"We can be up and running ... significantly faster than the other proposals that are before you," said McGuinness, adding a casino could be operational in early 2006.
The proposed casino would be financed by the Meskwaki Indians, which operate a casino near Tama, and local investors. The tribe would hold a 45 percent interest in the track, while the local investors group and NCC would have a 35 percent interest and 20 percent interest respectively. Iowa Gaming Ventures, which would manage the casino, would have an option to acquire a 4.5 percent interest from the local investors' share.
"We've got 100-plus years of experience in the gaming industry," said Iowa Gaming Ventures' Lawrence Epstein, who was adding the experience of the company's management team, including Waterloo native Lorenzo Creighton, now the president of New York, New York Casino on the Vegas strip.
Creighton said the proposed average salary of $30,000 annually, plus full benefits for the estimated 450 employees would be excellent for the community. He also highlighted the proposed "high-visibility and great access" for the casino at the intersection of highways 20 and 63. Creighton also noted the casino's longer-term plans to bring back greyhound racing could add revenue to the pot.
"We feel we can have a rebirth of live greyhound racing in Northeast Iowa, Waterloo in particular," he said.
Presenters before the commission spent a good portion of their 45-minute limit explaining the Meskwakis' involvement in the casino.
"Never before has the tribe moved beyond the boundaries of the settlement," said the tribe's attorney Steven Olson. "The tribe's role here is as an investor and a silent partner."
The Meskwakis have created a holding company to segregate the proposed investment in Waterloo from its other funds and would hold just two of the six board seats at the casino. Profits from the investment would be used to improve the quality of life on the tribal settlement.
Meanwhile, Mochal said the casino would generate $2 million annually in rent payments for the NCC, which would be used to improve the fairgrounds. Another 6 percent of the adjusted gross revenues would be doled out for property tax relief, economic development and social needs countywide. And the proposed operating agreement would set aside another 4 percent of the profits earned through NCC's 20 percent casino interest to be disbursed in charitable donations.
The proposed Greyhound Park and Casino would initially lack a hotel, unlike the other two Waterloo license hopefuls. But architect Steve Anderson said future plans would include a hotel, bowling alley, movie theaters and additional retail areas and restaurants.
"At this point, we're not adding a hotel because we're supplementing our local businesses and the hotel occupancy rates," he said.
Tim Jamison can be contacted at (319) 291-1577 or tim.jamison@wcfcourier.com.
While previous architect's drawings showed a floating barge connected to the former track grandstand building, the $45 million, one-story casino is now planned for construction northwest of the former greyhound oval.
"It's going to be over water and it's going to honor the riverboat theme," said Wally Mochal, president of the National Cattle Congress, which owns the land and is seeking a gaming license for the proposed Black Hawk County Greyhound Park and Casino.
Proponents of the joint casino venture between the NCC, Meskwaki Indian tribe and local investors were the last of three Waterloo license applicants presenting their plans to the state gaming commission. The proposed Isle of Capri Casino near the Lost Island Adventurepark and the Cedar Landing Hotel and Casino downtown each made their pitches Tuesday.
Gaming commissioners are expected to decide May 11 whether to grant licenses to any or all of the 10 applications they received in November, although it is widely believed only one casino will be allowed to operate in Black Hawk County.
Throughout their presentation, which included a virtual fly-over of the planned casino complex, representatives of the Black Hawk County Greyhound Park and Casino hammered home a catch phrase ahead of the game.
"We are already established and we are indeed ahead of the game," said Mochal.
Sean McGuinness, legal counsel for the proposed Las Vegas firm hired to manage the casino on contract, also noted the NCC is an existing entity with a track facility already served by roads, sewers and other infrastructure.
"We can be up and running ... significantly faster than the other proposals that are before you," said McGuinness, adding a casino could be operational in early 2006.
The proposed casino would be financed by the Meskwaki Indians, which operate a casino near Tama, and local investors. The tribe would hold a 45 percent interest in the track, while the local investors group and NCC would have a 35 percent interest and 20 percent interest respectively. Iowa Gaming Ventures, which would manage the casino, would have an option to acquire a 4.5 percent interest from the local investors' share.
"We've got 100-plus years of experience in the gaming industry," said Iowa Gaming Ventures' Lawrence Epstein, who was adding the experience of the company's management team, including Waterloo native Lorenzo Creighton, now the president of New York, New York Casino on the Vegas strip.
Creighton said the proposed average salary of $30,000 annually, plus full benefits for the estimated 450 employees would be excellent for the community. He also highlighted the proposed "high-visibility and great access" for the casino at the intersection of highways 20 and 63. Creighton also noted the casino's longer-term plans to bring back greyhound racing could add revenue to the pot.
"We feel we can have a rebirth of live greyhound racing in Northeast Iowa, Waterloo in particular," he said.
Presenters before the commission spent a good portion of their 45-minute limit explaining the Meskwakis' involvement in the casino.
"Never before has the tribe moved beyond the boundaries of the settlement," said the tribe's attorney Steven Olson. "The tribe's role here is as an investor and a silent partner."
The Meskwakis have created a holding company to segregate the proposed investment in Waterloo from its other funds and would hold just two of the six board seats at the casino. Profits from the investment would be used to improve the quality of life on the tribal settlement.
Meanwhile, Mochal said the casino would generate $2 million annually in rent payments for the NCC, which would be used to improve the fairgrounds. Another 6 percent of the adjusted gross revenues would be doled out for property tax relief, economic development and social needs countywide. And the proposed operating agreement would set aside another 4 percent of the profits earned through NCC's 20 percent casino interest to be disbursed in charitable donations.
The proposed Greyhound Park and Casino would initially lack a hotel, unlike the other two Waterloo license hopefuls. But architect Steve Anderson said future plans would include a hotel, bowling alley, movie theaters and additional retail areas and restaurants.
"At this point, we're not adding a hotel because we're supplementing our local businesses and the hotel occupancy rates," he said.
Tim Jamison can be contacted at (319) 291-1577 or tim.jamison@wcfcourier.com.
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