The Iowa Racing and Gaming Fee (IRGC) says it would take into account a proposal for a business on line casino resort in Cedar Rapids following the state’s current termination of a moratorium on new gaming licenses.
A rendering of the Cedar Crossing on line casino resort pitched in 2017 that was rejected by the Iowa Racing and Gaming Fee. Iowa gaming regulators say they’ll take into account a brand new on line casino bid for Cedar Rapids later this yr. (Picture: Cedar Rapids Improvement Group)
Efficient July 1, Iowa’s gaming regulatory is once more free to contemplate new on line casino tasks. A consortium of principally native businesspeople wasted no time in telling the IRGC that it might search a gaming concession for Cedar Rapids, the state’s second most populated metropolis.
The Cedar Rapids Improvement Group is partnered with Peninsula Pacific Leisure (P2E), a Los Angeles-based on line casino operator. The affiliation hopes to construct a on line casino resort referred to as Cedar Crossing on 25 acres of city-owned land that Cedar Rapids authorities officers have pledged to promote ought to the partnership acquire a on line casino license.
On line casino Timeline
Throughout a particular digital assembly on Friday, the IRGC adopted a timeline to contemplate the Cedar Crossing venture. Gaming regulators instructed the builders they need to apply by Sept. 16.
The Cedar Crossing utility, which is to be complemented by a rendering and venture specifics, will likely be initially reviewed in the course of the IRGC’s Oct. 3 assembly. Through the subsequent months, commissioners will consider a market examine forecasting the implications a Cedar Rapids on line casino would have on different gaming venues.
The IRGC gave market analysis corporations an Aug. 15 deadline to submit proposals to conduct the Cedar Rapids on line casino examine. The report should be submitted to the state gaming company by the yr’s finish.
The IRGC will formally vote on whether or not to approve Cedar Crossing on Feb. 6, 2025. Cedar Rapids Improvement Group and P2E have been looking for a gaming license since 2014.
Our dedication to constructing a world-class facility has by no means wavered,” stated Kim Pang, P2E’s vp of growth. “We need to be sure that we put our greatest foot ahead once we current our property to the Gaming Fee.”
Improvement reps say the 2024 presentation will mimic the on line casino proposals made in 2014 and 2017. These bids have been denied by the IRGC as a consequence of market saturation issues.
We’ll finalize our imaginative and prescient and produce one thing particular. On the finish of the day, Cedar Rapids will likely be very happy with our product,” Pang stated.
The IRGC has been totally overhauled with new members because the final Cedar Rapids on line casino vote
Charitable Dedication
The would-be builders and homeowners of Cedar Crossing are attempting to sweeten their pitch by pledging to contribute significantly more cash to charity than required by legislation.
Iowa’s gaming act requires that casinos direct not less than 3% of their annual gross gaming income to nonprofits based mostly within the state. P2E says it would contribute 8%.
Cedar Rapids has a memorandum of understanding with CRDG that designates the group as town’s unique gaming developer. The settlement requires any on line casino to return with a minimal funding of $150 million and a minimal of 125,000 sq. toes of on line casino, restaurant, and occasion house. A 1,500-space parking space can also be required.
