Isle of Capri Casinos, Inc. – owner of both Iowa Quad Cities gambling boats – announced last week (2/2) it will put up $25 million to join Tower Investments LLC in a bid for the second gambling license in the city of Philadelphia.
In its filing with Security and Exchange Commission, the Isle said it is putting up the money in the form of a standby letter of credit, "issued for the purposed of securing the Pennsylvania gaming license fee related to the project." If the venture is successful in being selected by the state gaming authority, the $25 million would be converted into a minority investment in the resort and casino venture, called "The Provence."