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The Kalona News
Kalona, Iowa
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Newspaper Article Archive of
The Kalona News

October 19, 2017 Reports say Cedar Rapids projects would cannibalize Riverside Casino
Article Pages -- as published on the The Kalona News website.

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ARTICLE DESCRIPTION:

Riverside

According to a pair of new reports, the Riverside Casino could lose up to 25 percent of what it’s projected to earn in 2022 should a new casino be built in Cedar Rapids.

Oct. 5, a pair of studies were released by the Marquette Advisors and WhiteSand Gaming to look at three proposed new casino projects for Cedar Rapids. The studies, commissioned back in April, were released a week ahead of the next meeting of the Iowa Racing and Gaming Commission.

The proposed sites include Cedar Rapids on the River at 101 First Street SW with 840 slots and 22 tables, Cedar Rapids Central at 400 First Avenue NE with 550 slots and 15 tables, and one at the same location at Cedar Rapids Central with 600 slots and 20 tables.

According to the Marquette study, Riverside “would be particularly hard hit in terms of lost market share.” To put a dollar figure to it, they estimate the casino would lose between $18.0 and $22.0 million in annual gaming revenues. Marquette estimated that this would equate to 20 to 25 percent of their projected revenue in 2022.

In their report, WhiteSands stated that “the vast majority of gaming income would come from the cannibalization of revenue from existing operations.” In their study, WhiteSands also said Riverside would be the hardest hit casino “with over 20 percent of their current revenue at risk.”

The reports also included information on the Riverside’s revenues over the past few years and projections for the future, without a Cedar Rapids facility.

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