Hunter
01/24/25
The Iowa Racing and Gaming Commission declined to rule on a challenge by Riverside Casino stakeholders to block the construction and licensing of a new Cedar Rapids casino development.
At a hearing Thursday, the members of the Commission heard arguments for and against the development, which the Gazette reports would cost about $275 million and include 700 slot machines, 22 game tables, restaurants, bars, an entertainment venue with a 1,500-person capacity, an arts and cultural center and a STEM lab for children.
A study by Marquette Advisors said that if approved, the development would become the dominant facility in the area, but would significantly reduce revenues at Riverside, Meskwaki Bingo Casino Hotel, and the Isle Casino in Waterloo. In total, over half of the new casino’s revenue would come at the expense of those three entities.
Todd Bergen of the Linn County Gaming Association said the new casino would increase overall gambling revenue statewide and curtail competition from neighboring states.
The Commission decided in a 4-1 vote that a decision on the challenge was not theirs to make. That sets up a final license vote on February 6.
Meanwhile, the Iowa legislature introduced two bills that would impose a five-year moratorium on new casino licenses. The House bill would be retroactive and nullify a Cedar Rapids license even if it’s approved.