WATERLOO -- The man who built Waterloo's casino is retiring.

Longtime Iowa gambling entrepreneur and Quad Cities native Bernard Goldstein, who brought The Isle Casino & Hotel at Waterloo to the community, is retiring as the head of St. Louis-based Isle of Capri Casinos Inc., but will continue serving as board chairman.

Goldstein pioneered a riverboat gambling revival in Iowa in 1991. He joined with the nonprofit Black Hawk County Gaming Association to win state approval and build The Isle at Waterloo, which opened last summer.

"Bernie Goldstein is the grandfather of riverboat gaming in this state, who not only lifted the spirits the economy and the well-being of the Cedar Valley with the Isle of Capri, but also benefited our area for many years working with John Deere," said former State. Sen. Jim Lind. He, former Waterloo mayoral candidate Don Hoth and former Iowa Gov. Robert Fulton were the BHCGA principals who worked with Goldstein on the project.

Goldstein, also board chairman of Alter Corp., a separate company which has a salvage yard on Airline Highway in Waterloo, has been a metals supplier for John Deere's Waterloo operations for decades.

"He didn't have to add to the woodpile. But he did, not so much for his own benefit, but our community and many other communities," to the benefit of the entire state, Lind said.

"Knowing Bernie, he'll still have one hand on the steering wheel," Lind said. "He'll stay involved. He's just a great guy. You would never want to underestimated him. He's a sharp guy."

"He's going to be missed by the whole gaming industry," BHCGA chairman Don Hoth said. "This guy has done so much for Waterloo and Black Hawk County and the entire Cedar Valley area. I can't tell you what he means to me personally. He was always there when we needed him ."

The Isle project was one of several to which the Iowa Racing and Gaming Commission granted licenses in May 2005. The Isle/BHCGA project, located near Lost Island Adventurepark, was selected over two other proposals from Waterloo and others from around the state. Pursuing the casino license was made possible after Black Hawk County voters approved an October 2003 gambling referendum.

Goldstein announced his retirement as CEO in Isle of Capri's third quarter earnings report., with Jim Perry succeeding him. Perry has 30 years in the gaming industry, including service as president, chief executive officer and a member of the board of directors of both Trump Entertainment Resorts and Argosy Gaming Co. He most recently chaired a joint strategic planning committee for Isle of Capri.

In its earnings report, Isle of Capri reported that the Waterloo casino contributed $18.4 million in net revenue and $3.4 million in earnings before interest, taxes, depreciation and amortization. to the company's third quarter results. The company's four Iowa casinos contributed 21.5 percent of the company's net revenues.

The corporation reported a third-quarter loss from continuing operations of $13.8 million or 45 cents per diluted common share, compared to a loss of $8.9 million or 31 cents per share a year ago. The company reported a combined $63 million in net revenues from Waterloo and other new or newly acquired casino operations and is re-branding or reinvesting in several other properties. Facilities in Mississippi and Louisiana faced increased competition from casinos which reopened following Hurricanes Katrina and Rita.

Contact Pat Kinney at (319) 291-1484 or pat.kinney@wcfcourier.com.