Leaders of the potential $275 million Cedar Rapids casino initiate believe the venture could generate $80.2 million in new revenue for Iowa, according to a recent study. The casino is planned for a northwest Cedar Rapids location that has remained undeveloped since 2017 and was highlighted at a press conference by Peninsula Pacific Entertainment (P2E) and the Linn County Gaming Association.
Current Gambling Landscape in Iowa
Currently, Iowa permits various forms of gambling, including in-person casinos and sports betting, both of which are legal and regulated within the state. Since the legalization of sports betting in 2019, its popularity has surged, with both physical sportsbooks and online platforms thriving. However, online casino gambling remains restricted in Iowa, so residents often turn to offshore websites that offer no KYC (Know Your Customer) options. No verification betting sites, like the ones on this list, provide a level of anonymity that some players find appealing, allowing for a more private gaming experience where personal details are not required to play online. As wagering in Iowa becomes more popular residents in the state may see regulations loosen in the years to come.
Features of Cedar Crossing Casino and Entertainment Center
The proposed Cedar Crossing Casino and Entertainment Center aims to feature multiple restaurants, a venue with a capacity for 1,500 attendees for various events, and additional attractions such as a STEM lab and an arts and cultural center, all alongside gaming areas. However, the project’s progress is contingent on securing a gaming license from the Iowa Racing and Gaming Commission, which is set to vote on the matter in February 2025.
Community Support for the Casino
Kirsten Running-Marquardt, chair of the Linn County Board of Supervisors, highlighted that Linn County residents have consistently supported gaming referendums, demonstrating strong approval in both 2013 and 2021. She underscored the community’s clear desire for a casino and the eagerness of local officials, businesses, and residents to see the project advance, provided the state grants its approval.
Past Challenges and Future Prospects
Past attempts to establish a casino in Cedar Rapids have faced rejection by the Iowa Racing and Gaming Commission in both 2014 and 2017. The commission based these decisions on studies indicating that a new casino would likely divert revenue from existing casinos in Dubuque, Riverside, and Waterloo. However, the latest study presented at the press conference suggests that Cedar Crossing could bring in $80.2 million in additional revenue for Iowa, a significant increase from a 2021 projection of $51 million.
Jonathan Swain, president of P2E, noted that the projected impact on other Iowa casinos would be less severe than previously anticipated, due in part to a notable increase in gaming revenue since the pandemic. He expressed confidence that the changes in the gaming landscape make this an ideal time to revisit the proposal, suggesting that the current market dynamics would support its success.
Regulatory Hurdles and Legislative Actions
The project has previously faced challenges following its rejection in 2017 when state lawmakers enacted a two-year moratorium on new gaming licenses. This moratorium expired in July 2024. Although State Rep. Bobby Kaufmann has indicated plans to introduce a new moratorium bill in 2025, the Cedar Rapids casino proposal could still advance if it gains approval before that time.
Economic Impact Analysis
A recent study indicated that the new casino would lead to a $27.8 million reduction in revenues for existing casinos in Iowa. Specifically, the study estimates an 11.6% impact on Riverside Casino, a 5.8% reduction of revenue for Isle Casino Waterloo, and a 3.6% reduction for Isle Casino Dubuque.
Swain acknowledged that the state’s upcoming market study, scheduled for release in December, may yield different estimates regarding the casino’s impact. However, he emphasized that overall gaming revenue in Iowa has increased significantly since the last proposal was rejected, which could help mitigate any negative effects on existing casinos.
Local Leadership and Optimism
Cedar Rapids Mayor Tiffany O’Donnell expressed optimism that the commission might reconsider its stance on the proposed casino, especially in light of the statewide increase in gaming revenue. She also pointed out that local voters have consistently demonstrated support for the project, urging state officials to allow Cedar Rapids to proceed while adhering to all necessary regulations and processes without requesting any special treatment.
Conclusion
In conclusion, the proposed Cedar Crossing Casino and Entertainment Center represents a significant opportunity for Cedar Rapids and Iowa as a whole. With community support, potential economic benefits, and a changing landscape in the gaming industry, local leaders are hopeful that this time, the proposal will be approved. The upcoming vote in February 2025 will be a critical juncture in determining the future of this ambitious project and its potential contributions to the state’s economy.