Hunter
01/09/25
Two market studies released ahead of the Iowa Racing and Gaming Commission’s decision on the proposed Cedar Crossing Casino in Linn County do not bode well for the project.
The Gazette reports the studies, conducted by Marquette Advisors of Minneapolis and The Innovation Group of New Orleans, were submitted to the commission last month as part of Cedar Crossing’s application process. The findings will be presented during a public hearing on Jan. 23, with the commission scheduled to vote on the casino’s license application on Feb. 6.
Although the Marquette study says the Cedar Crossing Casino would generate about $118 million in annual adjusted gaming revenue, about $68 million would come at the expense of other Iowa area casinos. Most affected would be Riverside, which would take a potential $34 million hit.
The Innovation Group’s analysis had lower projected revenue for Cedar Crossing, and a smaller financial loss to the other area casino properties.
Both studies, however came to the same conclusion that Iowa’s casino market has reached its saturation point.
The construction phase of the Cedar Rapids project is expected to contribute $115.2 million to the local economy, supporting over 1,300 jobs. Once in operation, the development group has pledged 8 percent of its net gaming revenue to philanthropy, twice of what is required by state law.
To no one’s surprise, Riverside Casino and the Washington County Riverboat Foundation have filed a petition against the project. The commission will hear arguments regarding the petition during its Jan. 23 meeting in Jefferson, Iowa and is expected to issue a written decision by Jan. 27.
This isn’t the first time Cedar Rapids has pursued a casino. Previous proposals were denied by the Iowa Racing and Gaming Commission in 2014 and 2017.