After Cedar Rapids’ casino dreams were thwarted by opponents earlier this year with a two-year moratorium on new gaming licenses, Linn County casino backers formed a political action committee ahead of November midterms and contributed about $50,000 to Iowa candidates.
Iowa collected a record amount last month on sports betting with the kickoff of the football season, despite fewer bets being placed compared to a year go.
Iowa gamblers placed a record amount of bets both online and in person on casino and sports games in the last fiscal year, with wagers topping $4 billion.
The pause impacts plans for a new, $250 million casino near downtown Cedar Rapids
Members of Iowa’s Racing and Gaming Commission on Thursday said they were surprised and disappointed by the last-minute legislative moratorium on new casinos in Iowa.
When a two-year state moratorium on new casinos ends, local casino backers envision a complex with bars, restaurants and entertainment at the former Cooper’s Mill site. Here’s what’s in the Cedar Crossing proposal, shared exclusively with The Gazette.
Cedar Rapids leaders were preparing to applying to the state for a new casino in their third such effort since 2014.
In Cedar Rapids’ third attempt to secure a gaming license from Iowa regulators, local casino backers will argue against longtime opponents who are now expanding their operations in neighboring states where gaming expansions threaten Iowa revenues.
The panel that regulates Iowa gaming facilities will take applications from those seeking a license to operate a gaming facility in Linn County, potentially opening the door to a casino in Cedar Rapids
Rep. Joel Fry described the newly passed bill as part of the House GOP package to increase child care access and affordability, building off bills approved last year.
The Iowa subsidiary drafting a proposal for a Cedar Rapids gaming operation is not included in the $2.5 billion sale of some assets by the casino’s would-be operator, Peninsula Pacific Entertainment.
Iowans placed more than $2 billion in wagers on sporting events in 2021, according to recently published state figures. That number envelopes the $575 million that was bet on sports in 2020.
Community support, population shifts and whether a new casino would take business away from others in the region are factors state regulators would consider to approve a new casino in the Cedar Rapids area.
Linn County voters on Nov. 2 approved the gaming referendum by a slimmer margin compared with 2013, but the likely developer says he and other investors are pressing forward with Cedar Rapids on identifying a casino location and preparing a license application for the Iowa Racing and Gaming Commission.
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