A significant casino project in Cedar Rapids, Iowa, is set to open next month after overcoming a decade of rejections from state regulators. The Cedar Crossing Casino and Entertainment Center, a $275 million development, will have a soft opening on November 19, followed by an official grand opening on December 5, as announced by officials from the Iowa Racing and Gaming Commission (IRGC).
"It’s a dream come true. We have opportunities and we want to be the fabric of Cedar Rapids," said Kim Pang, the general manager of Cedar Crossing, reflecting the anticipation felt by local residents after many years of waiting, as reported by KCRG.
Cedar Rapids' journey to this point has been fraught with challenges. Previous proposals from Peninsula Pacific Entertainment and the Linn County Gaming Association were rejected in 2014 and 2017. After enduring a two-year moratorium on gaming licenses from 2022 to 2024, and facing legal challenges from Riverside Casino regarding the license approval, Cedar Crossing finally received the green light last year.
The arrival of Cedar Crossing will bring the total number of commercial casinos in Iowa to 20, alongside the state's four tribal casinos. This surge in gaming venues has raised concerns about potential revenue cannibalization, a central reason for past denials of the project.
Two market studies commissioned ahead of the IRGC’s approval estimated that Cedar Crossing could generate approximately $60 million in new gaming revenue and $10.5 million in tax revenue for the state. However, these gains may come at the expense of existing gambling establishments. The Marquette report suggested that other casinos could see a loss of around $68 million in revenue, with Riverside projected to experience the steepest decline—up to $34 million in adjusted gross revenue by fiscal year 2029, translating to a 26% drop.
Cedar Crossing will offer 700 slot machines, 22 table games, sports betting kiosks, and a 1,500-seat entertainment venue. The sports betting facilities are expected to launch with the grand opening on December 5. Pang noted the operational preparations are progressing well, stating, "North of 30 days and everything is coming in line. Not to say we are ready yet, but we’re going through a lot of our checklists. We will be ready with all amenities. All amenities will be ready."
In a landscape dominated by high-profile markets like Las Vegas and Atlantic City, Cedar Crossing aims to take advantage of the growth in regional gaming. Macquarie gaming analyst Chad Beynon commented in September that regional gaming continues to show promise, with year-on-year growth remaining positive. He indicated that operators have adjusted their forecasts upwards, supporting the notion that the value of gaming assets and stocks remains underestimated in the industry.
