Owners to replace President Casino with theme boat

Wednesday, Sept. 13, 2000 | 9:16 a.m.

Biloxi, Miss.-based Isle of Capri has purchased The Queen of the Red riverboat from Horseshoe Gaming in Louisiana to replace The President, Bernard Goldstein, the company's chairman and chief executive officer, said during a news conference Tuesday.

The newer riverboat, which was used on the Red River in Louisiana, will be in place in April when the company plans to begin marketing its new name and theme.

While the Isle of Capri has the rights to use The President's name for two years, he expects to roll out the new name - Rhythm City - when the new boat arrives.

The new name will help the company distinguish its Isle of Capri gambling operation in Bettendorf from its new boat - which it is still in the process of buying for $58.2 million.

"They wanted to launch a second brand in the event that they have more than one (operation) in a market," said Mark Lohman, the general manager of The President.

The Quad-Cities is the first market in which the company has two gambling boats.

"When we name something, what we do is tell the world what's inside," Goldstein said. "Rhythm City may spread, hopefully, to other cities if we can make it a success in Davenport."

The company currently uses a tropical, Caribbean theme at its other 12 properties, including the Bettendorf location it purchased this year from Lady Luck Casinos.

Lohman, who will, along with The President's other 825 employees, retain his job under the new ownership, described the Queen of the Red as state-of-the-art with "three large decks of casino space."

The 8-year-old 295-foot-long boat actually has the same dimensions as The President, but the floor plans afford it more gambling space, he said.

The President has 1,040 slot machines and 28 gaming tables, he said. The new boat will allow the casino to increase those figures to 1,200 slots and 32 tables, the maximum allowed under its gambling license.

Goldstein said economics drove the decision to buy a new boat and replace the almost-80-year-old President.

"The Coast Guard's certification (of The President) expires March 4." To renew the certification, "us or anyone would have had to put a lot of money into it."

He said the company will invest $20 million in the Queen of the Red, which comes in addition to the $58 million it is spending to buy The President.

Future plans for The President, which was first used as an excursion boat by the Streckfus family of Rock Island, are uncertain, he added. "It's a shame for the old lady. It will be retired and not cruise here in the Quad-Cities, but we'll find something for it to do."

The President's final gambling cruise will be Sept. 29.

"We will then continue to operate dockside until the replacement arrives this spring," Lohman said.