The Iowa Racing and Gaming Commission recently announced the state’s 19 state-licensed gambling operations posted a revenue increase of .6 million in fiscal 2016, with adjusted revenue of .437 billion; the record was .47 billion in 2013. Profits grew by 1 percent. Also, admissions dropped by more than 90,000 patrons to 21.5 million in the fiscal year, and the average per-capita betting loss rose slightly from to .
IRGC Administrator Brian Ohorilko said, “I think what we’re seeing in Iowa is a very stable gaming market, very predictable. As the economy has at least stabilized better and perhaps is improving a bit, I’m very encouraged to see this improved environment.”
Eight Iowa casinos reported revenue gains, including the Hard Rock Casino Resort in Sioux City, which posted revenue gains of $13.1 million. The Hard Rock replaced the Argosy Sioux City riverboat in 2014. The state’s newest casino, Wild Rose Casino in Jefferson, reported revenue of $26.9 million in slightly less than one year of operations.
Still, 10 Iowa casinos posted year-to-year losses, including several in Council Bluffs. Revenue at Prairie Meadows Racetrack & Casino in Altoona dropped $3.5 million in fiscal 2016. Dog tracks in Council Bluffs and Dubuque stopped racing , although the Iowa Greyhound Association continued to offer greyhound races under a state parimutuel license and a lease arrangement with the Mystique Casino in Dubuque.
Ohorilko said investments in Quad City-area casinos could help them regain some market share from Jumer’s Casino and Hotel in Rock Island, Illinois. “It would not surprise me if we would see some market shift from the Illinois facility back into Iowa,” he said.
Iowa Gaming Association President Wes Ehrecke added, “What the commercial casinos are doing in the state is impressive to continually improve their facilities and provide a variety of offerings beyond just the gaming floor for concerts and lodging and dining and some golf and bowling and a variety of things that they do.” More than 60 percent of Iowa casino visitors come from other states.
At the moment Iowa has not put a moratorium on gambling license applications. Ohorilko noted, “There is nothing that would prevent anyone from submitting an application.” A group in Cedar Rapids has applied for a license, but the IRGC indicated it will monitor market conditions, particularly given the opening the Jefferson casino, before considering any other proposals.
Since casino gambling was legalized in Iowa in 1989, the casino industry has generated more than $6 billion in tax revenue for the state.
