Gambling studies released by the Iowa Racing and Gaming commission Thursday show a new casino in Cedar Rapids would have big impact on existing casinoes.
The study by White Sand Gaming says the best time to consider casino in Cedar Rapids was in 2003. Linn County voters turned down a gambling referendum back then. It says the Riverside and Isle casino in Waterloo now service the area and a Cedar Rapids casino would take money away from those two existing facilities. It says the three current proposals for Cedar Rapids casinos overstate the revenue potential of the facilities.
The other market study by Marquette Advisors came to a similar conclusion. It showed any of the three proposed Cedar Rapids casinos would cannibalize between 45 and 56 percent f their annual revenue from Riverside and Waterloo.
Cedar Rapids was denied a gambling license back in 2014 with commissioners citing the impact on current casinos as the main reason. The commission will hear formal presentations on the two market studies at their meeting next week in Emmettsburg.
You can see both studies on the Iowa Racing and Gaming website.