The Iowa Racing and Gaming Commission heard details of two studies on the state of the gambling market and the impact of a new casino in Cedar Rapids at their meeting today (Thursday) in Jefferson.
Brent Wittenberg of Marquette Advisors talked about the impact of a new casino in Linn County.”You can see a statewide net impact of about 64 million in terms of new revenue, new commercial, concealed revenue flowing into the state,” he says. Wittenberg says 57 million of the revenue for Cedar Rapids would come from existing casinos.
“Facilities at Riverside and Mesquaki and Isle of Waterloo, that’s where the impact is likely to be most felt,” he says. The other study showed similar numbers, with som 60 million in new revenue, but around 56 million cannibalized from existing casinos…