Hunter
07/11/23
The City of Cedar Rapids, who have had applications to build a casino rejected by the Iowa Racing and Gaming Commission and can’t apply again until a state moratorium on new licenses expires next June, is still planning as if approval is imminent.
KCRG TV reports the City Council will hold a hearing today on signing an option to purchase agreement with the Cedar Rapids Development Group, a coalition of mostly local investors that the city designated as its preferred developer for a casino. It would essentially set aside city-owned property at the site of the former Cooper’s Mill building, between F and I Avenues and First and Fifth Streets SW, as the site of a future casino.
If approved, the development group would pay Cedar Rapids $165,000 to hold the property through 2025, with a $55,000 payment if they wish it held for an additional year. If the group gets a license for a casino, they would purchase the property at an independently appraised price.
The group was in the process of applying for a gaming license in 2022 after announcing a $250 million complex co-partnered with the Linn County Gaming Association and Peninsula Pacific Entertainment. That application was put on hold when the state legislature issued a 2-year moratorium on any new casino licenses in Iowa.
The city has been hoping to secure a casino for years. A previous proposal was rejected in 2014 by the Racing and Gaming Commission due to concerns that a Cedar Rapids casino would hurt revenue at nearby Riverside and Waterloo casinos.
