Iowa's Casino Freeze to End, Paving Way for Cedar Rapids Resort Development
Iowa could soon see more casinos emerge after state senators decided not to prolong a moratorium that had slowed down the Iowa Racing and Gaming Commission's (IRGC) issuance of new gaming licenses.
The Iowa Legislature concluded its 2024 session recently, and without extending the casino moratorium they implemented two years ago. The House of Representatives voted 76-16 in favor of extending the gaming ban for another five years until June 2029, but the Senate failed to align with this decision.
With the Senate's non-voting on the extension, the moratorium will expire on July 1 at 12:01 a.m. local time.
State Representative Sami Scheetz (D-Cedar Rapids) expressed delight over the outcome. He was part of the House minority that opposed this extension. Cedar Rapids, Iowa's second-largest metropolis, has long sought a state gaming permit but has been unsuccessful.
"I'm happy that the extension of the casino moratorium didn't make it in the Iowa Legislature," Scheetz said. "This outcome is a massive win for Cedar Rapids, as now we can present our case to the Iowa Racing and Gaming Commission."
"Our community has waited patiently for the chance to improve our economic landscape, and we're prepared to present a convincing argument for why Cedar Rapids deserves this chance to grow and renew itself," Scheetz added.
Cedar Rapids Casino
An approximately 80-member business group known as the Cedar Rapids Development Group (CRDG) has been pursuing a casino project for over a decade. The IRGC rejected CRDG's applications for a gaming resort in 2014 and 2017, with Iowa gaming regulators mainly worried about market saturation in decision-making.
After Nebraska voters greenlit commercial gambling through a statewide vote allowing its horse racetracks to become casinos, Iowa legislators approved the two-year moratorium to protect the existing Iowa casino sector, which comprised 19 licensed casinos.
CRDG has the local government's support, including Cedar Rapids mayor Tiffany O'Donnell. The city passed an ordinance in October 2021 that supported a casino constructed by CRDG until early October 2029.
Prepared Site
In anticipation of the moratorium's lifting this summer, the Cedar Rapids City Council designated about 25 acres of municipally owned land for CRDG last July.
Located just north of Interstate 380 west of the Cedar River between F and I avenues and 1st and 5th streets NW, CRDG and its chosen gaming partner, Los Angeles-based Peninsula Pacific Entertainment, made a $165,000 payment to Cedar Rapids last year for the exclusive right to purchase the land up until January 1, 2026. The purchase price will be determined by the property's assessed fair market value.
CRDG intends to resume its casino license request once the moratorium officially ends.
The 2022 plan presented before the moratorium passed—called "Cedar Crossing"—suggested a $250 million investment incorporating a casino with around 1,000 slot machines and 60 table games, multiple eateries and bars, and a 1,500-seat concert hall.
PGA Tour professional and fellow Iowan Zach Johnson was expected to join the Cedar Crossing venture. Johnson, a two-time major winner, was to operate "The Clubhouse by Zach Johnson," a sportsbook and taproom at the prospective casino site. https://disqus.com/by/babababalicious
PGA Tour professional and fellow Iowan Zach Johnson was slated to be part of the Cedar Crossing proposal. Johnson, a two-time major winner, was set to establish "The Clubhouse by Zach Johnson," a sportsbook and taproom at the proposed casino destination. https://claims.google.com/ nil=0;tb=376,49999;tof=true
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Source: www.casino.org
