Thursday (29 August), Iowa will take another step toward potentially building its 20th casino.
The Iowa Racing & Gaming Commission (IRGC) will hear from vendors it will choose from to perform a market study on how a casino in Cedar Rapids, Iowa’s second-largest city, would impact the state and local region.
And this is a critical step. Both previous attempts to build a Cedar Rapids casino, in 2014 and 2017, fell apart following market studies. In both cases, studies predicted significant negative impact on surrounding casinos in Waterloo, Riverside, and Davenport.
But backers of the 2024 attempt hope this year’s study echoes a 2021 study. That one predicted a Cedar Rapids casino would increase statewide gambling revenue by $51m.
Which developers are in play to build a casino?
On 16 September, applications will be due for any new gaming licenses. Then, on 3 October, applicants will present proposals at the IRGC’s meeting in the Quad Cities.
Although there’s no limit on the amount of applicants, it’s the worst-kept secret that there’s really only one developer in play: Peninsula Pacific Entertainment, or P2E.
P2E has worked for years with the Linn County Gaming Association to bring a $250 million casino to Cedar Rapids. After the first two attempts were rejected by the IRGC after those fateful market studies, in 2022, Iowa lawmakers passed a two-year moratorium on any new casinos being built in the state — right as P2E and Linn County were working on a proposal.
That moratorium expired July 1.
Since then, all interested eyes in Iowa have been focused on Cedar Rapids.
Read the full story here.
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Original article: https://igamingbusiness.com/casino/cedar-rapids-iowa-casino/
