Cedar Rapids developers announce a late 2026

Cedar Rapids developers announce a late 2026 opening and conduct a groundbreaking ceremony without wasting any time.

 Developers of a Cedar Rapids casino conducted a groundbreaking ceremony and established a construction schedule one day after receiving approval from state regulators.

 Peninsula Pacific Entertainment (P2E) and the Linn County Gaming Association (LCGA) conducted a groundbreaking ceremony on Friday, February 7, at the location of P2E's recently approved casino in Cedar Rapids.

 The Cedar Crossing Casino and Entertainment Centre, which is estimated to cost $275 million (£221.6 million/€266.2 million), is scheduled to open on New Year's Eve 2026, according to stakeholders.  The venue is anticipated to include a 1,500-capacity venue, 700 slots, 22 tables, and a STEM centre for children.  Construction will commence on Monday, February 10th.  Local non-profits will receive a percentage of 8% of net adjusted gross revenue, which is more than double the state minimum.

 P2E chief Brent Stevens, LCGA president Anne Parmley, and Cedar Rapids mayor Tiffany O'Donnell were among the attendees on Friday.  For more than a decade, all three have been proponents of the initiative.

 Stevens stated, "We have been operating in the state of Iowa for more than 25 years, constructing three world-class facilities in Dubuque, Northwood, and Sioux City. Currently, we are located in Cedar Rapids," as reported by the Corridor Business Journal.  "This will be the most exceptional one yet."  Additional amenities, additional opportunities to participate in this community, and additional entertainment options.  Additionally, we assure you that this advancement will serve as a source of immense pride for you.

 The licence was approved on the third attempt.
 Only 24 hours after the Iowa Racing and Gaming Commission (IRGC) granted the licence, the ceremony was conducted.  The vote was 4-1 in favour, with commissioner Alan Ostergren being the sole dissenter.  Ostergren, an attorney, justified his opposition to the proposal by referencing prior legal challenges, as reported by the Iowa Capital Dispatch.

 https://twitter.com/KaeleiWhitlatch/status/1887523094476025906?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1887523094476025906%7Ctwgr%5E8d9df17d9a27b2fce3226954e268702854139293%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcbs2iowa.com%2Fnews%2Flocal%2Fcedar-rapids-to-welcome-275m-casino-at-old-coopers-mill-site-on-cedar-rivers-west-side
 This was the third occasion on which the IRGC has evaluated a Cedar Rapids proposal, and it was approved on Thursday.  Previous applications were rejected due to concerns regarding the potential for cannibalisation of extant facilities.  Iowa currently has 20 commercial and four tribal casinos, with a population of 3.2 million.

 Cannibalism was once again a significant concern.  According to two market studies conducted by the Innovation Group and Marquette Advisors, Cedar Crossing would generate an estimated $60 million in new gaming revenue and $10.5 million in additional tax revenue for the state.  Additionally, they cautioned that a substantial portion of the casino's revenue would be diverted from its current licensees.

 Despite the fact that state casinos have been vocal in their opposition for years, their efforts have been unsuccessful.  Perhaps the most formidable adversary was Riverside Casino & Golf Resort, which is anticipated to incur the greatest revenue loss.  The Cedar Crossing site is approximately 40 miles from the Riverside Casino & Golf Resort.  Throughout the process, the Riverboat Foundation, which possesses the casino's license, has referred to Cedar Rapids as "a big bully."

 The opportunity that our residents, business leaders, nonprofits, and surrounding communities have pursued for years has finally been granted to Iowa's second-largest city, according to a statement released by O'Donnell following the ruling.  Every Iowan will benefit from the establishment of Cedar Crossing, which will generate new revenue for the state and attract new visitors annually.

 A moratorium that was rapidly approaching loomed large.
 Additionally, P2E and the LCGA were required to endure a five-year moratorium on state gaming licenses in addition to the IRGC approval.  House File 144, which was introduced by representative Bobby Kauffman, would have retroactively prohibited the issuance of new gaming licenses for the remainder of the decade.  Additionally, the inclusion of additional language would have resulted in the imposition of new licensing requirements, which would have effectively prevented any future Cedar Rapids applications.

 A moratorium of two years, which was implemented by lawmakers, was terminated in July of last year.  Kauffman endeavoured to introduce a moratorium in the final days of the previous year's session; however, it was unable to advance in the Senate.  Throughout the summer, it was widely recognised that an additional moratorium proposal was imminent.  HF 144 was expedited through the house this year and appeared to be acquiring momentum.  However, this momentum abruptly ceased on February 3.

 Due to a lack of support from Senate Republicans, Senator Ken Rozenboom, the chair of the Senate State Government Committee, announced that he would be withdrawing the bill.  "I have no intention of revisiting the legislation for the remainder of this session in order to advance to other critical issues that affect Iowans," he stated, as reported by the Gazette.

 The bill's abrupt demise provided Cedar Crossing with a runway, and state regulators ultimately realised the fantasy.