Bally’s stockholders approve Queen Casino merger By Investing.com
PROVIDENCE, R.I. – Bally’s Corporation (NYSE: BALY) announced today that its stockholders have given the green light for the merger with The Queen Casino (EPA:) & Entertainment Inc., a move that aligns with the company’s expansion strategy. The affirmative vote was cast during a Special Meeting of Stockholders, securing the adoption of the definitive merger agreement with Queen, which is majority-owned by Bally’s largest stockholder, Standard General L.P. In the same meeting, stockholders also gave a non-binding nod to the executive compensation related to the merger. The approval required a majority from the holders of the outstanding shares of Bally’s common stock as of the October 21, 2024 record date, excluding shares held by key insiders and affiliates. Additionally, shareholders who opted to retain their shares post-merger will see their stock reissued with a new CUSIP number and will trade under the ticker symbol “BALY.T” on the New York Stock Exchange until the merger is finalized. Bally’s may open additional Rolling Share Election periods before the merger’s completion, with details to be communicated via SEC filings. The merger is expected to enhance Bally’s portfolio with four additional casinos across three states, including a new presence in Iowa. It will also add over 900 employees to Bally’s roster and extend its footprint in the global lottery management and services business through an investment in Intralot S.A. (ATSE: INLOT). Bally’s anticipates the merger to close in the first half of 2025, subject to regulatory approvals and customary closing conditions. The company, which already owns and manages 15 casinos, will continue to trade on the NYSE or another U.S. securities exchange after the merger. The information provided in this article is based on a press release statement from Bally’s Corporation. In other recent news, Bally’s Corporation has reported its third-quarter 2024 earnings and discussed its future outlook. The company’s management, including Senior Vice President and Treasurer Charlie Diao, CEO Robeson Reeves, President George Papanier, and CFO Marcus Glover, highlighted forward-looking statements and non-GAAP financial measures during the earnings call. These developments also included the acknowledgment of potential financial uncertainties, as the team was unable to predict non-recurring expenses and one-time costs. Despite these uncertainties, Bally’s Corporation is preparing for a special shareholders meeting to discuss a pivotal topic: the Casino Queen merger. These recent developments underscore the company’s strategic growth initiatives and its proactive approach to managing potential risks and uncertainties. As part of these initiatives, the company is focusing on the Casino Queen merger, which will be discussed in the upcoming special shareholders meeting. Investors and stakeholders are keenly awaiting the outcomes of this meeting, which could significantly shape the company’s future trajectory. The management’s cautious yet forward-looking perspective, coupled with the strategic growth initiatives, are key aspects of the company’s recent developments. InvestingPro Insights As Bally’s Corporation (NYSE: BALY) moves forward with its merger plans, InvestingPro data provides additional context to the company’s financial position and market performance. The company’s market capitalization stands at $725.9 million, reflecting its current market valuation as it prepares for expansion. InvestingPro Tips highlight that Bally’s management has been aggressively buying back shares, which could be seen as a vote of confidence in the company’s future prospects, including the upcoming merger. This aligns with the company’s strategic moves to enhance shareholder value. The stock has shown a strong performance, with InvestingPro data revealing a 58.5% price total return over the past year. This upward trajectory is further emphasized by the stock trading near its 52-week high, with the current price at 99.22% of that peak. These metrics suggest investor optimism surrounding Bally’s growth strategy and the potential benefits of the merger with The Queen Casino & Entertainment Inc. However, it’s worth noting that Bally’s operates with a significant debt burden, according to an InvestingPro Tip. This factor may be important for investors to consider as the company takes on additional assets and operations through the merger. For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Bally’s Corporation, providing a deeper dive into the company’s financial health and market position. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. Source link
Hartford woman arrested for narcotics possession near Foxwoods Resort Casino
LEDYARD, CT (WFSB) – A Hartford woman was arrested on Sunday in connection with narcotics possession following a traffic stop near Foxwoods Resort Casino. At approximately 11:35 a.m., officers were conducting a patrol on Route 2 when they observed a gray Toyota Corolla traveling east with a tinted rear marker plate cover. The vehicle was stopped for the violation, and during the investigation, the front seat passenger, 45-year-old Susan Parreira, was identified. Suspecting drug activity, officers requested a narcotics detection K9 to respond to the scene. Parreira admitted to having narcotics and drug paraphernalia in the vehicle. A search of the car uncovered over 100 wax folds, nine hypodermic syringes, and five crack pipes. Parreira was taken into custody without incident. She was held on a $25,000 cash or surety bond and is scheduled to appear in New London Superior Court on November 18, 2024. Copyright 2024 WFSB. All rights reserved. Source link
Iowa Casino Petitions State to Disqualify Bid for Cedar Rapids
Posted on: November 19, 2024, 12:16h. Last updated on: November 19, 2024, 12:16h. A casino in Iowa has petitioned the state gaming agency responsible for reviewing new project bids to dismiss a recent application on allegations that it’s seeking to operate slot machines, table games, and sports betting in a county where gambling isn’t authorized. Attorneys representing Riverside Casino & Golf Resort in Iowa are contesting whether the Iowa Racing and Gaming Commission should consider a casino scheme targeting Cedar Rapids. Developers there want to construct a $275 million casino called Cedar Crossing. (Image: Casino.org) Attorneys representing the Riverside Casino & Golf Resort have petitioned the Iowa Racing and Gaming Commission (IRGC) to suspend its review of a casino proposal for Cedar Rapids. Riverside lawyers claim the Linn County gaming referendum conducted in 2021 did not authorize the commencement of gambling but simply extended gaming provisions from a 2013 referendum. Since no slots, tables, or sportsbook presently operate in Linn, the 2021 vote was allegedly much ado about nothing, Riverside challenges. The 2021 Linn County referendum, which supposedly permanently qualified the county for a casino should such a gaming venue be ratified by the IRGC, asked voters if they wish to approve the “operation of gambling games” … to “continue.” As the IRGC is aware, there have never been licensed gambling games in Linn County. Accordingly, there were no games that the voters could authorize to ‘continue,’” the Riverside Casino petition for declaratory relief argued. “A proposition requiring the approval or defeat of the continuation of gambling games is not a proposition that authorizes the origination of gambling games in the county,” the petition continued. Riverside Seeks to Protect Customer Stream Riverside Casino is located about 30 air miles south of Cedar Rapids where a group of local businesspeople want to build a $275 million resort casino called Cedar Crossing Casino. The Cedar Rapids Development Group has presented the plan in partnership with its charitable arm, the Linn County Gaming Association, and Peninsula Pacific Entertainment (P2E), a Los Angeles-based casino company with vast gaming experience. Iowa lawmakers and gaming regulators have been unwilling to issue Linn County and Cedar Rapids a gaming concession for over a decade on concerns that a casino in Iowa’s second-largest city would poach play away from current casinos. Riverside would be the closest and therefore most likely to be negatively impacted by Cedar Crossing. An impact study commissioned by P2E determined that the Cedar Crossing gaming operation would overall increase Iowa’s annual gross gaming revenue (GGR) by $80 million. However, an estimated 26% of the casino’s projected GGR would come from revenue that would have otherwise been won at present gaming establishments. Riverside would see the largest GGR drop, with a forecasted 11.6% decline in annual casino income. Casino Plan The Cedar Crossing Casino blueprint includes a casino floor with 700 slot machines, 22 table games, and a sportsbook. A 1,500-seat concert hall, several restaurants and bars, and a family-friendly STEM lab would complement the casino. The project would support over 500 full-time jobs, the developers say, and the Linn County Gaming Association would collect 8% of the casino’s gross win. That money would be directed to charitable programs. Iowa’s commercial gambling law requires casinos to direct at least 3% of their gaming revenue to nonprofits. Along with its petition for declaratory relief, Riverside’s ownership group, Elite Casino Resorts, which also operates Rhythm City Casino Resort in Davenport, is behind a political action committee called Iowans for Common Sense. The organization is opposed to casino expansion in Iowa and recently deployed a marketing campaign encouraging Iowans to oppose more casinos. Cedar Rapids Mayor Tiffany O’Donnell says Iowa’s casinos have enjoyed record profits in recent years and are trying to “unfairly influence” the IRGC. I think it’s extremely distasteful that you have hundreds of thousands of dollars being thrown in a campaign meant to circumvent the will of Linn County voters,” O’Donnell told The Gazette. “And I believe Linn County residents see it for what it is, and I believe that the Iowa Racing and Gaming Commission will see it for what it is as well.” Many state lawmakers support implementing another moratorium on the IRGC issuing new gaming concessions. Legislation to reimpose a casino licensing ban is expected to be introduced when the Iowa Legislature convenes in January. The IRGC is scheduled to vote on the Cedar Crossing Casino on Feb. 6, meaning lawmakers will need to hurry to get a casino moratorium to Gov. Kim Reynold’s (R) desk before the IRGC might sign off on Cedar Rapids being allocated a gaming permit. If the IRGC grants Cedar Rapids Development Group a license before the bill’s enactment, the project would be grandfathered into the law. Source link
Marina Bay Sands Eyes Landmark $9 Billion Loan for Casino Resort Extension
Marina Bay Sands is looking to secure a colossal SG$12 billion (US$9 billion) loan, potentially establishing the largest financing case in Singapore’s history. The ambitious amount is understood to fund the expansion plans for the company’s casino resort located in the city-state. DBS Group Holdings Ltd, Malayan Banking Bhd, Oversea-Chinese Banking Corp, and United Overseas Bank Ltd are said to be orchestrating the loan, as per sources who chose to remain unnamed due to the confidential nature of the information. With a tenor of seven years, the sizable loan is set to be syndicated to various lenders. Negotiations regarding the exact terms are ongoing, and the final details may yet shift, sources said. The loan’s objective is to refinance an existing SG$4 billion seven-year loan that was initiated in August 2019, and secondly, to aid in the financing of the proposed expansion of Marina Bay Sands’ integrated resort—an initiative that has seen costs more than double since its inception. The parent company, Las Vegas Sands Corp, declined to comment on the deal, while a representative from Marina Bay Sands stated there is no further information available at this point. The projected cost of expanding the Singapore casino resort now stands at a staggering $8 billion, a significant increase from the roughly $3.4 billion estimate generated in 2019. This ambitious extension of Marina Bay Sands resort is due for completion in early 2031, pending government approval. Additional features planned as part of the development include a 15,000-seat arena intended for live entertainment, a conference space, and a new fourth tower. The previous record for a syndicated loan in Singapore was set at SG$9.3 billion in 2012, obtained to finance the acquisition of food and beverage manufacturer Fraser & Neave Ltd by TCC Assets Ltd, owned by Thai billionaire Charoen Sirivadhanabhakdi. Source link
Hard Rock Hotel & Casino Bristol Celebrates Grand Opening in Virginia
Hard Rock Hotel & Casino Bristol celebrated its highly anticipated grand opening Thursday morning with Hard Rock’s iconic guitar smash ceremony. When ‘Bristol Casino – Future Home of Hard Rock’ opened in July 2022, it was Virginia’s first casino. The event featured Hard Rock executives and partners, state and local officials, local community members, and business and civic leaders, and was followed by the casino officially opening its doors to the public at noon. Located at 500 Gate City Highway in Bristol, the 620,000-square-foot resort features nearly 1,500 slot machines, more than 50 table games, a sportsbook, 300-plus hotel rooms and seven unique dining options, including a signature Hard Rock Cafe. The venue also offers a 2,000-plus seat Hard Rock Live, Rock Shop, designated non-smoking and high limit gaming areas, authentic music memorabilia and more. Hard Rock Hotel & Casino Bristol operated from its temporary facility, ‘Bristol Casino – Future Home of Hard Rock,’ from July 2022 until Nov. 11, 2024. The temporary casino welcomed more than 3 million guests, paid over $68 million in gaming taxes to the Commonwealth of Virginia, donated more than $960,000 to support local community nonprofit organizations, and paid over $262 million in jackpots. The project created approximately 900-1,000 construction-specific jobs and is expected to create over 1,400 full-time and part-time jobs. The opening weekend celebration continues with concert performances by Blake Shelton on Thursday at 7 p.m., followed by Soul Asylum on Saturday, Nov. 16, at 7 p.m. Both events will take place in the new Hard Rock Live entertainment venue, a state-of-the-art 23,000-square-foot space that will be the premier destination for live entertainment in the region. To view upcoming Hard Rock Live events, please visit casino.hardrock.com/bristol/entertainment/hard-rock-live. For more information about Hard Rock Hotel & Casino Bristol, please visit https://casino.hardrock.com/bristol. For information regarding career opportunities with Hard Rock Hotel & Casino Bristol, please visit casino.hardrock.com/bristol/careers. Hotel website Hard Rock Hotel & Casino Bristol500 Gate City HwyBristol, VA 24201United States +1 276-696-3660 Source link
Woman wins $1 million at Okhay Hotel Casino
Nov. 18—A Taos County woman gambled on a prominently lit slot machine Saturday at Ohkay Hotel Casino. She played the popular “Buffalo Wild Extreme” machine, perhaps not hoping for much from the game of chance. As the machine’s lights flashed and numbers shifted, she put down a meager $3.75. Then — unexpectedly, emphatically and after about a minute had passed — the slot machine indicated the Taos County woman was a grand jackpot winner. The stunning dollar amount associated with the jackpot? More than a million. “Great luck,” said Peter Trujillo, Ohkay Hotel Casino’s marketing director, narrating the way the scene played out. “She was destined to do it.” Overnight, the woman became the newest millionaire in the state after she struck a “Wide Area Progressive” jackpot worth an “astounding” $1,032,690, according to a news release from the casino at Ohkay Owingeh pueblo. Trujillo called the situation “rare.” An employee of Ohkay Hotel Casino for almost 18 years, he could only recall one other instance in which so much money had been won at a local casino. That was back in the 1990s at Cities of Gold Casino in Pojoaque Pueblo. “The young lady, she was ecstatic. She was in shock, super thrilled,” Trujillo said. “I think she was still in disbelief, honestly.” He noted he could not divulge the woman’s name due to “privacy reasons.” The Buffalo Wild Extreme slot machine is made by Aristocrat Gaming, among the largest manufacturers of slot machines in the world and headquartered in Australia. The payout for the Saturday night win will be handled by Aristocrat Gaming, not the casino, Trujillo said. Chelsea Eugenio, a spokesperson for the game’s manufacturer, confirmed the $1.03 million at Ohkay Hotel Casino in an email. “The game, Buffalo Diamond Extreme, is part of a linked progressive (jackpot) network that is paid out by Aristocrat Gaming. This link in particular is connected to other tribal casinos nationwide, opening more opportunities for jackpot wins,” Eugenio wrote. The Buffalo Diamond Extreme machines are mainstays for gambling enthusiasts, with an online map on the Aristocrat Gaming website showing at least 20 gambling establishments that carry the slot machine in Las Vegas, Nev., alone. Sandia Resort & Casino also carries the game, according to the map. “BUFFALO BLING JUST GOT REAL,” reads a description on the Aristocrat Gaming website for the slot machine. It continues, “More jumbo play screen, more progressive free games with an Extreme Wheel, better odds with Max Bet, and more game play charge than a herd in a hurry. It’s the next natural choice for the ultimate thrill-seeker.” Though Northern New Mexico may be home to many casinos, it’s not every day a gambler claims such a prodigious payout from a slot machine. In mild terms, it was a lucrative 60 seconds for the Taos County woman. Trujillo said Ohkay Hotel Casino has seen other jackpots in the $20,000 to $40,000 range. “It’s all luck,” he said. “Right place, right time.” Source link
Singapore ends pursuit of 15 money launderers who forfeited S$1.85 billion; Genting Singapore receives 2-year casino license extension instead of 3: Live news
Resorts World Sentosa and Hard Rock Hotel, integrated resort on the Sentosa island in Singapore. (PHOTO: Getty) Genting Singapore’s license to operate a casino here has been renewed for two years with effect from next February, instead of the usual three-year term. Genting Singapore operates Resorts World Sentosa, one of the two integrated resorts here. According to the Gambling Regulatory Authority (GRA), Resorts World Sentosa’s tourism performance for the evaluation period from January 1 2021 to Dec 31 2023 was deemed “unsatisfactory” by an independent evaluation panel, with a number of areas requiring “rectification and substantial improvement”. Get more details of the shorter extension here. Source link
Responsible Gaming Initiatives: Social Responsibility in the Online Casino Business
The online casino industry has experienced explosive growth over the past decade, driven by technological advances, increased internet access, and a shift in consumer habits. But with this expansion comes significant ethical responsibilities, particularly regarding player well-being. While online casinos are businesses focused on profit, they face mounting pressure to prioritize social responsibility—chiefly through responsible gaming initiatives. The purpose of these programs is to comply with regulations and develop a healthier, more sustainable gambling environment. The Rise of Responsible Gaming: More Than Just a Regulatory Checkmark Online casinos operate in a heavily regulated space, with laws differing across regions. Yet, responsible gaming goes beyond just ticking boxes for legal compliance. It’s becoming a core part of brand identity for many operators. A growing number of consumers are demanding ethical business practices, and this pressure has reached the gambling sector. Forward-thinking companies are positioning responsible gaming not as a regulatory burden but as a value-added service. An increasing trend is the development of tools that empower players to manage their gambling habits. Features such as deposit limits, time limits, and self-exclusion options are becoming standard across many platforms. Self-exclusion programs, in particular, allow players to temporarily or permanently block themselves from accessing a casino’s services, a clear sign that the industry is taking problem gambling seriously. Harnessing Technology to Promote Player Welfare Advances in artificial intelligence (AI) and data analytics have revolutionized how online casinos manage responsible gaming. Algorithms can now monitor user behavior in real time, flagging potential problem gamblers based on patterns like erratic betting, prolonged play periods, or frequent deposits. These systems are a major leap from when casinos had to rely on manual observation or player self-reporting to identify gambling problems. What’s fascinating is that AI doesn’t just help casinos detect problematic behavior; it also personalizes the responsible gaming experience. For instance, a high-risk player might receive specific notifications encouraging breaks or limiting play time. On the other hand, casual gamblers who exhibit no signs of risk are granted more freedom and even offered promotions like the High Five Casino promo code. It ensures that responsible gaming tools don’t feel intrusive to the majority of players, striking a balance between player protection and user enjoyment. Changing the Perception: Responsible Gaming as a Business Strategy From an industry perspective, embedding responsible gaming into the heart of operations isn’t just about player protection—it’s smart business. Unsustainable gambling behaviors can result in higher customer churn, reputational damage, and regulatory fines. On the flip side, fostering a culture of responsible gambling enhances trust and brand loyalty, leading to long-term retention. The best operators have publicly committed to reducing revenue from problem gambling. They release quarterly reports tracking their progress in reducing harmful gambling. It’s a forward-thinking approach that serves as both a compliance measure and a competitive advantage. Regulation Versus Innovation: Striking the Right Balance Government bodies worldwide are increasingly imposing stricter regulations on the online casino industry, particularly concerning player protection. The UK Gambling Commission (UKGC) and the Malta Gaming Authority (MGA) are examples of regulators that enforce stringent responsible gaming protocols. However, this growing regulatory environment is not without its challenges. Over-regulation can stifle innovation, forcing casinos to focus more on compliance than on the player experience. In response, some online casinos are turning to innovation as a way to meet regulatory demands without sacrificing user engagement. Gamification strategies that reward players for setting deposit limits or taking regular breaks are growing in popularity. Such strategies subtly guide players toward healthier gambling habits without appearing heavy-handed. The Role of Employee Training and Corporate Culture While technology plays a massive role in promoting responsible gaming, human intervention is still crucial. Many online casinos have begun investing in staff training to identify problem gamblers. Employees, especially customer service representatives, are trained to handle delicate situations where a player may be exhibiting signs of gambling addiction. In many cases, well-trained staff can intervene earlier than automated systems, providing personalized assistance and guiding at-risk players to available support services. What’s more, responsible gaming initiatives are most effective when they’re deeply rooted in a company’s culture. It’s no longer enough to have a few policies in place. Forward-thinking operators are building frameworks around responsible gambling, embedding it into their ethos. Final Thoughts Implementing responsible gaming measures requires significant technology, staffing, and compliance investment. However, the long-term benefits far outweigh the short-term costs. Casinos that prioritize responsible gaming are less likely to face penalties from regulators, which can be financially crippling. Furthermore, these initiatives help mitigate the risk of lawsuits from players claiming to have suffered financial harm due to a lack of protective measures. Moreover, responsible gaming initiatives create goodwill with customers, regulators, and stakeholders. When players know that an operator cares about their well-being, they’re more likely to remain loyal to that brand. In this sense, investing in responsible gaming isn’t just a legal obligation—it’s a financial strategy that pays off in customer retention and long-term brand sustainability. Source link
Campaign launched to stop proposed Cedar Rapids casino
Rendering of Cedar Crossing Casino & Entertainment Center, which is proposed to be built in northwest Cedar Rapids, on the former Cooper’s Mill site. The $275 million development would feature a casino with 700 slot machines and 22 table games, plus a group of restaurants, bars, entertainment venues, an arts & cultural center and a STEM lab. The renderings were presented to the public in September. (Peninsula Pacific Entertainment and the Linn County Gaming Association) The Gazette offers audio versions of articles using Instaread. Some words may be mispronounced. Opponents to gambling expansion in Iowa have launched a public relations and legal campaign to stop a proposed casino from coming to Cedar Rapids. Riverside Casino & Golf Resort and the Washington County Riverboat Foundation, the nonprofit affiliate and gaming license holder for Riverside Casino, have petitioned the Iowa Racing and Gaming Commission for a declaratory order stating it lacks authority to issue a new license for a Cedar Rapids casino. They also have requested the commission stay any decision on a Linn County casino license while it considers the petition. In 2013 and 2021, Linn County residents passed public referendums authorizing gaming in the county. The 2021 vote permanently authorizes gaming in the county. Des Moines attorney Mark Weinhardt, on behalf Riverside Casino and its nonprofit affiliate, contends the 2021 ballot measure approved by Linn County voters contained outdated language that failed to comply with Iowa Code. Weinhardt, in his petition to the state gaming commission, argues the 2021 public measure approved by Linn County voters only sought approval of the continuation of a subset of gambling games, and does not constitute approval of new gaming. Download: Petition for Declaratory Order to IRGC.pdf The ballot measure stated: “If approved by a majority of voters, operation of gambling games with no wager or loss limits may continue.” The state, though, has never licensed gambling games in Linn County, which Iowa Code defines as including games “with and without wager or loss limits.” “A proposition requiring approval or defeat of the continuation of gambling games is not a proposition that authorizes the origination of gambling games in the county,” according to the petition. “ … And because there has not been compliance with Iowa Code 99F.7, the IRGC is prohibited from issuing any license for gambling games in Linn County.” Jonathan Swain president of Peninsula Pacific Entertainment (P2E) stands in front of Linn County Gaming Association President Anne Parmley as a question is asked during a news conference announcing the Cedar Crossing Casino & Entertainment Center at the Double Tree by Hilton Hotel and Convention Center in northeast Cedar Rapids on Sept. 16. (Jim Slosiarek/The Gazette) Anne Parmley is president of the Linn County Gaming Association, the charitable arm of the Cedar Rapids Development Group, the proposed developers of the Cedar Crossing Casino. Parmley and other backers of the proposed Cedar Rapids casino decried the petition as a delay tactic to prevent Linn County from benefiting from a gaming operation, which would support the city and county through taxes and betterment funds, and provide $6.3 million annually to nonprofits. “I’m confident, based on the information that I’ve been given, that Linn County voters voted favorably towards gaming in Linn County in the way that they should have,” Parmley said. Commission meets Wednesday to hear comments Iowa Racing and Gaming Commission members will consider the petition and request to stay a decision on a Cedar Rapids casino license at its Thursday meeting at Catfish Bend Casino in Burlington. Dan Kehl, chief executive officer of Elite Casino Resorts — the company that operates Riverside Casino as well as Rhythm City Casino Resort in Davenport — and Patty Koller, executive director of the Washington County Riverboat Foundation, declined to comment ahead of the IRGC meeting. Before that, the commission will meet Wednesday in Cedar Rapids to visit the site of the proposed casino, and to hold a public hearing on the application for a gaming license. California-based Peninsula Pacific Entertainment (P2E), the proposed developer of Cedar Crossing, and the Linn County Gaming Association formally presented plans last month to the state gaming agency for its proposed $275 million development that would be built on the former Cooper’s Mill site, on Cedar Rapids’ northwest side. Plans call for a casino with 700 slot machines and 22 table games, plus a group of restaurants, bars, a 1,500-seat entertainment venue, an arts and cultural center and a STEM lab for families. The state commission has twice rejected proposals — in 2014 and 2017 — to bring a casino to Cedar Rapids. At the time, commissioners cited concerns that a new facility would cannibalize revenues from other Iowa casinos and dilute, rather than increase, the state’s gambling market. The state later implemented a two-year moratorium on new gaming licenses that expired July 1. Lawmakers have said they intend to file a casino moratorium bill that would block new gaming licenses when the Iowa Legislature convenes Jan. 13. The commission expects to vote on granting a license at its Feb. 6 meeting, giving lawmakers little time — roughly 18 days — to pass and have Gov. Kim Reynolds sign the casino license prohibition. Should the state gaming commission approve the casino license before Reynolds signs a moratorium into law, the license would remain valid. Casino backers say the state’s second-largest city should be allowed to benefit from gaming the same as other Iowa communities, and that growth in Iowa’s gaming industry and competition from neighboring states could make Cedar Crossing more relevant and needed. A study commissioned by P2E and conducted by Convergence Strategy Group suggests a Cedar Rapids casino could increase Iowa’s net gaming revenues by more than $80 million annually. Overall, nearly 26 percent of revenue generated by a Cedar Rapids casino is anticipated to come from existing Iowa operators. Supporters argued that’s significantly less than what was projected when the state granted licenses for Grand Falls Casino Resort in Larchwood and Wild Rose Hotel & Casino
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