Impact of Cedar Rapids casino on nearby casinos - KWWL - Eastern Iowa Breaking News, Weather, Closings

Impact of Cedar Rapids casino on nearby casinos

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CEDAR RAPIDS (KWWL) - It's the proposal investors and Cedar Rapids leaders are pushing for. They believe the Cedar Crossing casino will spur growth on the west side of the river.

"This could really be the capstone that really helps invigorate downtown, particularly the west side," said Steve Gray, Investor.

Thursday, the Cedar Rapids Development Group presented its case for a license to the Iowa Racing and Gaming Commission .

"It was a very, very well done presentation," said Dolores Mertz, Commissioner.

However, there are still questions. TMG Consultants, hired by Cedar Rapids casino investors, says $14 million would be lost each year by nearby casinos.

They believe Tama would see the biggest hit, nearly $9 million. Next, Riverside with a revenue loss of nearly $8 million.

Waterloo would likely be down $4 million.

Dubuque's impact would be less than $2 million. That's Diamond Joe and Mystique combined.

"Our experience has shown us that another casino in the market, in the region, will have an impact on our business," said Jill Alexander, Isle of Capri Casinos, Inc. Spokesperson. "We have confidence that the IRGC will closely look at any potential impacts and make the right decision for the state of Iowa."

Backers pushed the benefits: more than 400 jobs and $61 million in new gaming revenue in the state.

"We have a lot of selling points for the commission to approve this license," aid Ron Corbett, Cedar Rapids Mayor.

Commissioners say the studies of the market they're having done will heavily influence whether Cedar Rapids gets a casino license.
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