A plan allowing Isle of Capri Casinos to buy a gambling license from bankrupt Emerald Casino and build a casino in suburban Rosemont cleared a hurdle Monday when it was approved by the Illinois Gaming Board.
The board voted 3-1 for the measure, which allows Isle of Capri to formally apply to buy the license. The approval starts an investigation of Isle of Capri by the board’s staff to determine if the company is fit to run an Illinois casino.
That investigation is likely to take about three months. Illinois Atty. Gen. Lisa Madigan has sued to try to prevent the so-called suitability study from taking place.
The plan approved by the board changes a few items from a proposal approved in bankruptcy court a few months ago. The biggest alteration is a limit on how much one Emerald investor, Joe McQuaid, can receive from the sale of the license. Under the new plan, McQuaid stands to receive less than $100,000 compared with more than $375,000 under the previous plan.
McQuaid was an integral member of the Emerald management team that the board said lied to them years ago.
