DOVER, DE - JUNE 5: A waitress delivers beverages at Dover Downs Casino on June 5, 2018 in Dover, Delaware. Delaware is the first state to launch legal sports betting since the Supreme Court decision. (Photo by Mark Makela/Getty Images)
An Iowa Racing and Gaming Commission vote on Feb. 6, 2025, will decide whether a proposed $250 million Cedar Rapids casino is approved or becomes the third in the line of failed casino proposals.
The Iowa Racing and Gaming Commission, which approves casino licenses, laid out the timeline for the casino application as well as a market study in a virtual meeting Friday.
The effort to get a new casino in Cedar Rapids is led by the Linn County Gaming Association and casino operator partner Peninsula Pacific Entertainment.
Anne Parmley, Linn County Gaming Association president, said Friday’s meeting was a “huge step” toward their ultimate goal.
“We have now the next six months laid out in front of us so we know what we need to do,” Parmley said.
The upcoming application is due Sep. 16. Much of the application work was already done as Cedar Rapids officials planned to apply in 2022 before state lawmakers implemented a two-year moratorium on new gaming licenses.
The plan they eventually submit will look like the 2022 application but with more “finishing touches,” said Kim Pang, an executive of Peninsula Pacific.
New casino applications will be presented at the Oct. 3 meeting in Bettendorf.
Pang said their group is excited about the opportunity to finally present their casino plan to the commission.
“Our commitment to building a world-class facility has never wavered. Our vision has always been very direct and concise,” Pang said. “We want to make sure that we put our best foot forward when we present our property to the Gaming Commission.”
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The two previous efforts to bring a casino to Cedar Rapids in 2014 and 2017 were killed in large part due to market studies indicating a casino would cannibalize profits from the nearby casinos in Waterloo, Riverside and Dubuque.
Vendors will submit their market study proposals on Aug. 15 before the commission selects a vendor at their Aug. 29 meeting in Riverside. That vendor will have until the end of December to complete the study.
While market studies from the 2010s hurt the chances for a new casino, the group hopes this newest market study will show results akin to the state regulators’ 2021 market study. It showed the casino would increase overall gaming revenue in the state by $51 million and have a smaller impact on other casinos.
Written public comments about the proposal will also be accepted by the commission between Nov. 20 and Feb. 6.
Under state law, all casinos are required to share 3% of revenue with county nonprofit organizations but Peninsula Pacific committed to upping that percentage to 8% of revenues to Linn County nonprofits, Parmley said.
Pang said a new casino in Cedar Rapids will boost local tourism and provide financial assistance to county nonprofits.
“Downtown Cedar Rapids is growing,” Pang said. “We want to be part of that growth and rejuvenation of downtown Cedar Rapids.”
While the official design is not complete, it will include flood protection along the Cedar River, Pang added.
Commissioners of the Iowa Racing and Gaming Commission plan to conduct a visit to the site in November.
Pang said the local community should look forward to seeing the final design the group puts forward.
“We’ll finalize our vision and bring something special and at the end of the day, Cedar Rapids will be very proud of our product,” Pang said.
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The post Cedar Rapids investors hope third time’s the charm with new casino proposal appeared first on Iowa Capital Dispatch .
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