Isle of Capri Casinos Inc. (ISLE) said the Missouri Gaming Commission selected the regional casino operator's proposed project in Cape Girardeau for prioritization for the 13th and final gaming license within the state.
Shares jumped on the news and were recently up 4.4% at $9.18. The stock is up about 23% this year.
The $125 million project is expected to include 1,000 slot machines, 28 table games, three restaurants, a lounge and terrace overlooking the Mississippi River and a 750-seat event center.
Isle of Capri said construction for the project in Cape Girardeau, which has about 37,000 residents, is slated to begin in early summer.
The company, which operates 15 casino properties in several U.S. states, already has three other casinos within the state -- in Boonville, Caruthersville and Kansas City. Chief Development Officer Paul Keller said the new site represents "one of the largest economic development projects in the history of Cape Girardeau."
In August, Isle of Capri reported it swung to a surprise fiscal first-quarter loss on falling revenue across all of its regions except Mississippi, which got a boost from its Rainbow casino acquisition. Second-quarter results are due Thursday.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org