Monday, March 15, 2004 | 4:28 a.m.
SUN STAFF AND WIRE REPORTS
CHICAGO -- Isle of Capri Casinos Inc. on Monday won the right to purchase a Chicago-area casino license, beating rival Harrah's Entertainment Inc. of Las Vegas and Illinois developer Neil Bluhm.
The Illinois Gaming Board voted 4-1 to award the license to Isle of Capri, even though the company bid $518 million at an auction last week, less than Harrah's bid of $520 million. Biloxi, Miss.-based Isle of Capri argued that its casino, to be built in Rosemont, near O'Hare International Airport, would bring in more tax revenue for the state.
The dormant license is now held by bankrupt Emerald Casino Inc. and its sale must be approved by a U.S. bankruptcy judge. Emerald's creditors, owed $120 million, and the state of Illinois, which seeks to close a budget deficit, would share the proceeds from the license sale, court papers say.
Emerald Casino had already started construction at the Rosemont site that Isle of Capri would develop.
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