Iowa’s 19 state-regulated casinos saw a slight decline in attendance and revenue for the second year in a row, according to state gaming data. However, experts believe this is a natural leveling out after a post-pandemic surge. Legal sports betting in the state reached a record of $11.8 million in wagers per day in fiscal 2024. While statewide revenue dipped slightly to $1.72 billion, it remains above pre-pandemic levels.
The addition of casino gaming in Nebraska may be impacting Iowa’s numbers, with the Horseshoe Casino in Council Bluffs experiencing the biggest revenue drop. External factors like competition from neighboring states and economic conditions also contribute to fluctuations in casino attendance and revenue.
Meanwhile, sports betting in Iowa has seen significant growth, with the statewide wagering handle reaching $2.6 billion in fiscal 2024. The pending decision on a new casino license for Cedar Rapids could be influenced by these statewide trends, as opponents argue that a new facility could cannibalize revenues from existing casinos.
The Iowa Racing and Gaming Commission selected two vendors to conduct a market study on the potential impact of a new casino in Cedar Rapids, with findings expected to be presented in January. Overall, industry experts believe that the casino market in Iowa is undergoing a period of adjustment and that the long-term outlook remains positive despite recent declines in revenue and attendance.
Source
Photo credit wcfcourier.com