After months of anticipation, the backers of a proposed Cedar Rapids casino are gearing up to submit their application for a gaming license once the state-imposed pause expires later this month.
The Iowa Racing and Gaming Commission (IRGC) had put a temporary halt on the consideration of any new casino licenses in the state back in March, citing concerns over the impact of the COVID-19 pandemic on the gaming industry. However, with the rise of vaccinations and the gradual reopening of businesses, the commission recently announced that they would resume accepting applications for new casinos starting July 1st.
The Cedar Rapids casino project, led by Peninsula Pacific Entertainment (P2E) and Cedar Rapids Development Group, has been in the works for several years. The proposed $105 million development would be located on the site of a former Kmart store on the city’s southwest side and would feature a full-service casino, hotel, dining options, and entertainment venues.
“We are excited to finally have the opportunity to move forward with our application for a gaming license,” said Dan Kehl, CEO of P2E. “We believe that our plans for the Cedar Rapids casino will not only bring much-needed economic development to the area but also create jobs and generate revenue for the state.”
The backers of the project have already conducted extensive market research and feasibility studies to support their application. They have also garnered support from local businesses, community leaders, and residents who see the potential benefits of a casino in Cedar Rapids.
“We have seen firsthand the positive impacts that a casino can have on a community,” said Mark Ricklefs, a spokesperson for the Cedar Rapids Development Group. “We are confident that our project will be a great addition to Cedar Rapids and will help to revitalize the area.”
Once the application is submitted, the IRGC will review it and conduct public hearings before making a decision on whether to grant a gaming license to the Cedar Rapids project. If approved, construction on the casino could begin as early as next year, with an expected opening date in 2024.
As the deadline for submitting applications approaches, the backers of the Cedar Rapids casino are working diligently to ensure that their proposal meets all of the necessary requirements and addresses any concerns that the commission may have. They are hopeful that their project will be selected as one of the new casinos to be licensed in Iowa and are excited about the potential opportunities that lie ahead.