Hunter
11/30/24
After peaking in fiscal year 2022, revenue at Iowa’s casinos has dropped slightly for the second straight year.
The Iowa Legislative Services Agency, a non-partisan entity, says that statewide casino revenue was $1.72 billion in fiscal 2024, an average of nearly $47 million per day. That compares to $1.76 billion in fiscal 2023 and the peak of $1.77 billion in fiscal 2022. Analysts say the peak happened in part because of restricted entertainment options during the pandemic. They also point out that revenue continues to remain over pre-pandemic levels.
The news is better on the legal sports betting front.
A record number of bets were placed on the sportsbook this past fiscal year. After more than doubling from $1.2 billion in 2021 to $2.5 billion in 2022, it dipped to $2.2 billion in fiscal 2023. This year, a new record was set at a new high of $2.6 billion, an average of over $7 million per day.
The Gazette reports experts say whether these statewide revenue and attendance figures will impact the Iowa Racing and Gaming Commission’s pending ruling on a new license for a casino in Cedar Rapids remains to be seen.
The Iowa Racing and Gaming Commission appointed two vendors to complete a market study on the potential impacts of a new casino in Cedar Rapids. Those studies are due at the end of December and will be publicly presented at the commission’s January meeting.