COUNCIL BLUFFS – The Iowa Racing and Gaming Commission denied Cedar Rapids a new casino development this morning.
According to the Cedar Rapids Gazette, the four-member board denied the application because studies show that a casino in Cedar Rapids would harm nearby casinos in Waterloo and Riverside, both about 40 miles away in opposite directions from Cedar Rapids.
A Cedar Rapids casino was expected to generate $100 million over the first five years it would be open. The city applied for a gaming license last year.
Just think of all the money the state lost on this.
The commission was obsessed with cannibalization.
What they didn’t seem to look at is the future. All the money that was to be had by the state from all of the hundreds of millions of dollars in investments in the 2nd largest city in the state.
So we keep the same old status quo to protect a stagnant casino with an outdated business model in a city of a thousand people and a CEO of 3 casinos.
Something is very wrong with this…
Las Vegas is a vacation destination. Iowa is not. We have more than enough casinos in this state. They benefit the state of Iowa with revenue but pay a very low wage to hard working people. Diamond Jo has many jobs under $10.25 per hour and in 2014 that is embarrassing.
Agreed… Should have had one in Franklin County as well.
Isn’t it odd that a casino 40 miles away from another casino would harm each other, when in Las Vegas they are next door to one another and they seem to be making it. Too me, this would encourage each casino to be more competitive and their customers would benefit as a result.
I agree. The decision was a huge mistake. Governor and/or legislature needs to step in and give this to CR.