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 Thursday in Jefferson. Brent Wittenberg of Marquette Advisors talked about the impact of a new casino in Linn County.
Wittenberg says 57% of the revenue for Cedar Rapids would come from existing casinos.
The other study showed similar numbers, with some $60 million in new revenue, but around $56 million cannibalized from existing casinos. Jonathan Swaim spoke for casino developers and said those predictions have been wrong in the past.
Swaim says they believe the proposed Cedar Rapids casino meets all the requirements of the state.
A spokesman for the Meskwaki Casino spoke at the meeting against the Cedar Rapids casino, saying it would impact their operation. The IRGC is set to vote on the new license February 6th.
