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.
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.
Higher than projected gambling revenue will make it possible for the Legislature to bump up the Rebuild Iowa Infrastructure Fund (RIIF) by $87 million in the coming year to nearly $290 million in fiscal 2023.
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
More than $87 billion has been legally wagered on sports since the U.S. Supreme Court struck down the law, and some 40 million Americans were expected to place bets on the NFL regular season that just ended.
Although the $13 million in tax revenue Iowa collects from sports betting is a relatively small pot of money in the state’s $9 billion-plus annual revenue stream, it has caught the attention of lawmakers.
New studies show expansions of gambling in neighboring states will eat into Iowa’s industry revenue. Cedar Rapids officials hope this will nudge state regulators to finally sign off on a casino in Iowa’s second-largest city.
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.
Iowa Lottery sales have continued to be “strong and resilient,” totaling $178.5 million in the first five months of fiscal 2022 – a 6.7 percent increase from the same period a year earlier. However, Lottery CEO Matt Strawn is monitoring the growth in sports betting and the increased competition for discretionary entertainment dollars.
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.
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