New Casinos planned for Iowa
Iowa currently has 17 state casinos however more could be in the pipeline with The Iowa Racing and Gaming Commission planning a rethink on the number of casinos in the state.
Voters in the state have approved referendums in five different counties which are now just playing the waiting game to get the go ahead from the Gaming Commission to start building casinos.
The Gaming Commission carried out surveys on the impact more casinos would have to the state which found that the Iowa gaming industry is thriving. The surveys which were conducted by GVA Marquette Advisors found that the financial crisis could be a help rather than a hindrance to Iowa Casinos. A spokesperson from GVA Marquette Advisors said, “Due to the economic recession, gamers are travelling less to such destination and reducing their spending while there. Meanwhile, some region gaming markets have actually benefitted as gamers are substituting more local and regional gaming trips from destinations such as Las Vegas.”
Iowa is one of many states who have expanded their gambling laws and are now reaping the rewards in terms of financial profit and a lowering on unemployment rates. Already $1.4 billion is made in gambling revenue and it is predicted that an additional casino could generate $100.-$160 million in revenue.
Although the decision is still not confirmed it is expected that The Iowa Racing and Gaming Commission will be announcing the construction on new casinos in the state sometime later in the summer.