CEDAR RAPIDS, Iowa — The group behind the plans for a casino in northwest Cedar Rapids laid out a new look at the proposed facility on Monday, along with what it could bring about four and a half months ahead of the Iowa Racing and Gaming commission’s decision on a gaming license for Linn County.
The proposed Cedar Rapids casino and entertainment center would be built on the northwest side, near downtown. Local leaders say they’re hoping the third try will be the charm for a gaming license.
Linn County is rolling the dice again after being denied a license in 2014 and 2017. The state’s two-year pause on new gaming permits from Iowa legislators is now expired.
“To make this happen, we are only looking for a fair chance, a fair shot from the Racing and Gaming Commission, from the legislature, and from the governor,” Linn County Board of Supervisors Chair Kirsten Running-Marquardt said.
Peninsula Pacific Entertainment (P2E) is expanding on its plans for the entertainment facility, saying it’s adding plans for unique bars and restaurants, a 1,500-capacity event venue, along with a STEM (science, technology, engineering, and mathematics) learning area, and an arts and cultural center.
Projections from the developer predict it’d bring in $80 million a year for the Hawkeye State.
Miss America 2020 Camille Schrier would be a stakeholder in contributing to the STEM center. She performed a science experiment for her talent performance in the competition.
As two vendors work on new market studies to present to the Iowa Racing and Gaming Commission, P2E said its independent research is finding competition from nearby casinos has changed since Cedar Rapids last applied.
“The amount of gaming revenue today, versus the last time this was considered and not granted, is considerably larger. Those operators are considerably more profitable,” P2E President Jonathan Swain said. “The gaming revenue at Riverside was $85 million in 2017; it’s $129 million last year.”
P2E said a new entertainment hub in Cedar Rapids would raise an estimated $6.3 million for local non-profits. That’s about 8% of casino revenue set aside for donation, 5% more than the state requires.
“As we look at smaller budgets and cutting taxes at a state level, we need to find other ways to support our non-profits and people in our community, and this is a great way to do that,” Mayor Tiffany O’Donnell said.
Developers will present their application to the Iowa Racing and Gaming Commission in early October. A final decision by the state board is scheduled for February next year.