The Iowa Racing and Gaming Commission (IRGC) has approved a study of the state’s gaming industry that could play a crucial role in the decision to award a new casino license to Cedar Rapids.
The study, which will assess the impact of a potential Linn County casino on Iowa’s gaming market, will be conducted by The Innovation Group and Marquette Advisors. Both firms have prior experience in Iowa and are well-regarded in the gaming industry, according to Tina Eick, Iowa’s Racing and Gaming Administrator.
“Both of those companies are well known and well respected in the industry, and have, in fact, both done studies in Iowa previously,” Eick said.
The study is expected to be completed by December 30, 2024, with presentations of the findings scheduled for January 2025, Eick added.
The study comes as the Linn County Gaming Association and Peninsula Pacific Entertainment have jointly applied for a gaming license for a $250 million Cedar Crossing Casino project. Cedar Rapids has partnered with the Cedar Rapids Development Group, which has guaranteed the city’s exclusive support in the licensing process. Despite this partnership, other developers are not precluded from applying for the license.
Applications for new casino licenses are due by September 16, 2024. The IRGC is expected to make its decision on the Cedar Rapids license on February 6, 2025.
A previous study by The Innovation Group indicated that a Cedar Rapids casino could generate an additional $51 million in net gaming revenue for Iowa but would also draw $61 million from existing casinos in the region.
Kim Pang, Vice President of Development at Peninsula Pacific Entertainment, highlighted the economic opportunities the project could bring to the state. “The market is expanding and that’s opportunity… This is a huge hole that we’re going to try and fill with (gaming) revenue leaving the state for neighboring states,” Pang said.
However, the political landscape could add uncertainty to the process. State Rep. Bobby Kaufmann has stated that he plans to introduce a moratorium on new gaming licenses when the Iowa Legislature reconvenes in January 2025.
Despite this, Linn County Gaming Association President Anne Parmley emphasized the focus on local economic benefits. “We’ve been focused on the opportunity for Cedar Rapids, Linn County, the nonprofits, building up the community’s vitality and vibrancy,” Parmley said.
Original article: https://www.yogonet.com/international/noticias/2024/09/06/77720-iowa-regulators-approve-statewide-gaming-study-amid-cedar-rapids-casino-license-bid
