Iowa Gaming Companies Prepare for End of Casino License Moratorium
With a two-year restriction ending June 30, the Iowa Racing and Gaming Commission is preparing for a wave of new casino license applications in the Hawkeye State.
The Iowa Racing and Gaming Commission (IRGC) hasn't issued any new casino licenses for two years. However, with the moratorium set to expire June 30, some companies have already announced plans to apply.
On June 17, 2022, Iowa Governor Kim Reynolds signed into law House File 2497, which placed a two-year moratorium on new casino licenses being issued in the Hawkeye State.
In the leadup to restrictions lifting at the end of the month, the Lin County Gaming Association and Peninsula Entertainment announced Wednesday their intention to apply for a license immediately.
Cedar Rapids, the county seat of Lin County, has been looking to build a casino for over a decade. In anticipation of a license, city officials have already set aside a plot of land for a major casino development.
The casino is expected to produce hundreds of jobs for the community, boost tourism, and contribute millions of dollars to the local economy. If the IRGC grants a license, the city plans to contribute 8% of annual gaming revenue to nonprofit organizations, as opposed to the 3% required by the state.
“[A casino would bring] tremendous economic development, not just from the standpoint of getting the casino up and running and the jobs that would create, but the hundreds of jobs that an entertainment facility like that creates just by being in existence,” Cedar Rapids Mayor Tiffany O'Donnell told Iowa's News Now.
The potential license would mark a milestone in Linn County’s long journey to a casino.
After the IRGC rejected proposals to build a casino in the county in 2014 and 2017, residents approved a new option to build a casino in Ceder Rapids in November 2021. But the moratorium put those plans on hold once again.
“Our next steps will be to attend the July 8 meeting of the IRGC and find out, you know, what we need to do in order to hopefully get a casino here once and for all,” added O’Donnell.
In addition to casino gaming, legal Iowa sports betting has been available since August 15, 2019, with the passage of IA SF 617.
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