Au revoir, Dubuque Greyhound Park & Casino. Hello, Mystique.

The new name for the racetrack casino was unveiled Tuesday at a Dubuque Racing Association meeting, part of the $10 million overhaul of the casino that DRA officials say will emulate a Parisian theme and tap into Julien Dubuque's French-Canadian roots.

The change is designed to help the facility compete with a bigger Diamond Jo Casino, although losses following the increased presence of the crosstown rival have been much lower than expected.

The goal, racetrack casino General Manager Jesús Aviles said, was to pick a name that was "exotic, thrilling, compelling, sexy and alluring" that reinforced the French theme leaders are aiming for.

And it needed to be an asset to the city, he said, which is why casino leaders liked the new name's "que" ending, like Dubuque.

The $10 million racetrack casino renovation is expected to be completed in early April and follows the opening of the $84 million Diamond Jo in the Port of Dubuque late last year.

Aviles said

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there were some entertaining name suggestions among the 1,500-some nominations from the recent employee and customer contest, including:

* Le Poochie

* Dew Drop Inn

* Ooh La La

* Chez Les Dogs

* DBQ Dogcino

* Wow Wow Wee Casino

* Fi Fi We We

There also was an array of serious contenders, Aviles said.

"It was a tough, tough selection," he said.

Mystique will include an "M" logo like the one displayed on local electronic community billboards in recent days.

"It's very creative, it has a nice impact and I think it certainly will be easier to market," said City Manager Mike Van Milligen, of the new name.

He thinks tri-state-area residents might use both Mystique and the old name, but it shouldn't be confusing. Van Milligen pointed to the Dubuque Building as evidence. The downtown property, slated as an operation center for IBM, still is referred to as the Roshek Building, which once housed the famous department store by the same name.

"I do think that over time (Mystique) will catch on with people who patronize the facility now," Van Milligen said.

But the underlying reason for all the changes at the racetrack casino -- expected increase in competition from the opening of the new Diamond Jo late last year -- doesn't seem to have come to fruition.

An expected 20 percent annual decrease in revenue in January turned up as a 6 percent loss, and that in the midst of construction.

The gambling operation generated $4.9 million in adjusted gross revenue in January, down from $5.2 million a year earlier, according to the Iowa Racing and Gaming Commission. Revenue dropped from $4.7 million in December.

Diamond Jo's revenue was $5.9 million last month, more than doubling the $2.9 million showing in January 2008.

But Aviles said that more pressure still is expected in the weeks before Mystique's official unveiling.

"Our competitors have really upped the ante," he said of Diamond Jo.

The Dubuque market has now experienced a 33 percent increase in business since Diamond Jo's opening, and Aviles said the racetrack casino has maintained a 45 percent market share.

"We feel very comfortable with where we're headed with our property," he said.

Aviles said the numbers haven't fallen off drastically because of changes made along the way, including increased marketing and allowing customers to redeem their gaming points on site. That measure has saved the racetrack casino $400,000 in the past two months.

In preparation for the planned shortfall, the DRA sliced its community distributions nearly in half last year. The non-profit organization, license holder for the racetrack casino, distributed $1.2 million in grants in 2008, down from $2.3 million the year before.

The racing association, through its lease agreement with the city of Dubuque, is mandated to distribute a majority of its post-expense revenues to the city and area charitable organizations.

The warnings of plummeting revenue and the decrease in DRA distributions were necessary, said Van Milligen. He said the racetrack casino numbers haven't dropped off in recent months because of aggressive new leadership. And he said having money to invest in the current renovation was critical for keeping the racetrack casino competitive.