Two Iowa casinos—Rhythm City Casino Resort in Davenport and Isle Casino in Bettendorf—recently celebrated their first year of operations after moving from the river to the shore.
During that time, Rhythm City’s revenue rose to more than $51 million, an increase of 44 percent compared to $43 million for 2016. Table-game revenue doubled along with the number of tables on the gaming floor. Slot revenue accounted for more than $47 million so far this fiscal year, which will end June 30.
General Manager Mo Hyder said more than 1 million people have gambled at Rhythm City so far this fiscal year—an increase of 250,000 over the previous 12 months. Hyder credits the property’s location along the Interstate 80-Interstate 74 corridor for that. “All of that is reflected in the numbers, and not only are we able to meet a lot of the entertainment demands of our local constituents, but also folks up and down the interstate. That’s really exciting for us, because we are seeing a lot of new faces, and people are pulling off the interstate to come in and stay here,” he said.
Most gaming revenue is distributed throughout the state, but a portion goes to casino host counties and cities. The nonprofit Regional Development Authority which holds the Rhythm City’s gaming license collects and distributes to local charities a percentage of the casino’s gaming receipts. RDA Director Frank Clark said before Rhythm City moved ashore, RDA grants plateaued at $850,000-$930,000 in each six-month cycle between fall 2013 and spring 2016. But that changed following the casino’s move on June 16, 2016. The fall 2016 grant cycle distributed more than $1.5 million and the recent spring grants awarded $1.2 million to 57 nonprofits. Rhythm City is the sole source of RDA grant funding, Clark said.
“Not only do we end up paying more taxes to the state of Iowa, but the Regional Development Authority, they have more money to distribute to important causes and needs,” Hyder said.
The Isle Casino Hotel Bettendorf also has benefited since its casino moved 223 onto land. Revenue has increased 11 percent to more than $65 million in the first 10 months of the fiscal year.
Besides its move in the last year, Isle in Bettendorf has new owners–Reno-based Eldorado Resorts, which purchased the property and 20 others for $1.7 billion in May.
