The future developers of a proposed casino project in Linn County, Iowa, anticipate applying for a license with the state gambling regulator once again. The latest push marks a years-long effort toward expanding land-based gambling.
Over the last decade, the Iowa gambling watchdog, the Iowa Racing and Gaming Commission (IRGC), declined two proposals calling for the development of a casino in Linn County. At the time, the regulator said that a new casino would have a detrimental effect on the existing brick-and-mortar venues, resulting in revenue cannibalization.
Although residents of Linn County voted in favor of casino gambling back in November 2021, the next year, lawmakers in the state passed a moratorium that effectively put new casinos on hold for two years.
In April, legislators held a meeting on the moratorium but did not extend its duration. Considering the moratorium is set to expire on June 30, Peninsula Pacific Entertainment (P2E) and the Linn County Gaming Association (LCGA), two companies that would develop a casino if permitted, reaffirmed their intention to submit casino gaming license applications with the IRGC, as announced by Corridor Business Journal.
Earlier this year, LCGA’s president, Anne Parmley, revealed in an interview that it was exciting to see that Iowa lawmakers decided not to extend the moratorium from 2022 that put casino license applications on hold. “We still strongly believe that Linn County deserves the opportunity to build and operate a gaming operation,” she said at the time. Additionally, Parmley pointed out: “There’s a lot of momentum in Linn County, and we want to build on that.”
P2E Is Looking Forward to Delivering World-Class Gaming to Ceder Rapids
The proposed casino project in Linn County is called Cedar Crossing and it was initially announced in May 2022. If permitted, the project would involve an investment of $250 million, bringing world-class gambling, entertainment and dining to Cedar Rapids.
The proposed location for Cedar Crossing is a property on the west side of the Cedar River that was previously the home of Best Western Hotel and Cooper’s Mill restaurant. The development of the project would be completed under an exclusive memorandum of understanding between LCGA and the Cedar Rapids Development Group (CRDG).
This memorandum requires an investment of a minimum of $150 million, and the creation of a gaming floor that has a minimum of 125,000 square feet. Per the memorandum for understanding, the developers need to create a minimum of 1,500 parking spaces, as well as other amenities such as restaurants.
“The time is now for Cedar Crossing. Linn County residents have overwhelmingly passed two gaming referendums, and they have been patient.“
Jonathan Swain, board member at P2E
P2E’s board member, Jonathan Swain, said that the perfect time for the new project has come. He acknowledged the strong support of Linn County residents toward the project, pointing to their patience as well. “With the moratorium expiring soon, we look forward to bringing an unprecedented casino gaming and entertainment destination to Cedar Rapids,” added Swain.
As noted, the two-year moratorium is set to expire at the end of this month. This means that the gambling regulator is likely going to discuss the casino developers’ applications at its next meeting scheduled for July 8.
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