State lawmakers are discussing a new moratorium on new casino licenses in Iowa. They will tackle the topic during the 2025 legislative session after they allowed the two-year moratorium to expire during the last session. In addition, legislators will try to bring a new moratorium law to the governor’s office.
Once the legislative session begins, State Representative Bobby Kaufmann will introduce a new casino moratorium measure. He is the chairman of the House State Government Committee.
According to gambling news reports, efforts to prolong the moratorium last session arrived late. In addition, the state Senate chose not to consider the measure. Senator Jason Schultz, who heads the Senate’s State Government Committee, expressed uncertainty about whether he would back a moratorium in the upcoming session after deciding against it during the last session.
New Casino Licenses in Iowa
An entity based in Cedar Rapids involved in developing casinos started the application procedure for a gaming license after the moratorium’s expiry on July 1. Along with Peninsula Pacific Entertainment, the Linn County Gaming Association is part of the development group. They operate the casinos. According to pay per head bookie experts, any thoughts of a Cedar Rapids casino must be shelved if a new moratorium legislation is established before their application is approved.
Peninsula Pacific’s VP of development, Kim Pang, announced that the Cedar Rapids community will reap several benefits from the proposed Cedar Crossing casino. Rep. Ken Croken has voiced his concern about the potential financial impact of a new casino on the existing casinos in Davenport. He has stated his intention to support a moratorium on casino licensing.
When asked about the potential impact of a new casino on the gambling sector in Iowa, Croken indicated that further study is required. Cedar Crossing’s management has stated that they believe there will be little earnings cannibalization at other casinos.
In the statement, Pang expressed the group’s excitement about hosting the Iowa Racing and Gaming Commission (IRGC) in October to present their proposal.
Casino Gambling Revenue in Iowa
Revenue from gaming at Iowa’s casinos remained steady in the most recent fiscal year, as did that of Palo Alto County. According to Katie Eick, director of the state’s racing and gaming commission, gross income for the twelve months ended June 30th was 1,755,000,000 USD, a decrease of 1.77% compared to the fiscal year 2023.
The Wild Rose Casino in Emmetsburg had a 57% increase in adjusted gross revenue, reaching $31,538,000. Despite a 1.27 percent increase to $29,948,000 in slot machine revenue, table game revenue fell 11% to $1,575,000.
According to Blind Monkey Media sources, the Wild Rose was one land-based casino that did not do well financially. Their sibling property, the Wild Rose of Clinton, had the second-lowest revenue at $33.9 million. Revenue was 20.7 million, the second-lowest, behind only the Marquette riverboat The Casino Queen. With a total of $240,000,000.00, Prairie Meadows near Altoona was the highest-grossing casino in the Des Moines Metro Area. The three Iowa casinos run by indigenous peoples are left out of the study.
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