CEDAR RAPIDS, Iowa (KCRG) – Two market studies are now out regarding the proposed Cedar Crossing Casino for Cedar Rapids.
Marquette Advisors from Minneapolis and The Innovation Group from New Orleans conducted the studies, looking at how the casino could both help revenue in Iowa, as well as take away profits from existing casinos. Both studies needed to be submitted to the Iowa Racing and Gaming Commission by December 30th.
The Marquette Advisors looked at the impact of casinos in Iowa for Fiscal Year 2024, and compared it to what their studies found if a Cedar Crossing Casino was approved and was running by Fiscal Year 2029.
In 2024, Marquette Advisors found statewide, an AGR or adjusted gaming revenue of $1.723 billion. Compare that to their projection for 2029, where it would be $1.726 billion. Cedar Crossing would bring in $118 million that year. But they say it would mean a cannibalization from other casinos to the tune of $68 million dollars all together.
Riverside Casino would feel the biggest impact they say, at around $34 million. Meskwaki Casino could see $14.1 million in losses, followed by Isle Casino in Waterloo at $8.8 million. Other casinos around the state would make up the rest of the $11 million in losses.
The Innovation Group’s study compared Fiscal Year 2024 to Fiscal Year 2028. They predict adding a Cedar Crossing in Cedar Rapids would mean a total net gaming revenue for the state at $116.5 million. That would include a total cannibalization from commercial Iowa casinos at $55.7 million dollars.
This report also looked at the impact of other Iowa casinos. “CSG only attributes impacts to four existing commercial Iowa properties: the two Dubuque casinos (combined), Riverside, and Waterloo.” It found Riverside to lose $16.6 million, while Isle Casino in Waterloo would be down $6.2 million, and the two Dubuque casinos at $5 million.
The Iowa Racing and Gaming Commission will hear public presentations of these studies during their January 23rd meeting in Jefferson, Iowa. A final vote will come on the Cedar Crossing application at the Commission’s February 6th meeting in Altoona.
Also on January 23rd, the Racing and Gaming Commission will hear presentations regarding a petition against the proposed Cedar Crossing Casino. Riverside Casino and the Washington County Riverboat Foundation are against the nearby casino, as they’re concerned about what cannibalization can mean for their future. The Commission will give an oral vote that day on the petition, and issue a written decision no later than January 27.
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