Iowa Casinos Up 1% to $1.45BN in Fiscal 2017July 12, 2017 11:31 am
Iowa’s 19 casinos generated $1.45 billion in revenue for the 2017 fiscal year ending June 30th, representing a 1 percent improvement over the previous year, although the figure was still lower than the record set in fiscal 2012 of $1.47 billion. Commenting on the nonetheless impressive result, State commission administrator Brian Ohorilko, stated:
“Overall, it was a good year. I think it signifies that the Iowa gaming market is a very stable market. It’s been common for other states and other jurisdictions to have seen significant fluctuations. Typically the market in Iowa is more predictable and stable year over year.”
During fiscal 2017, seven of the state’s casinos reported an increase in their year-over-year revenues, led by Rhythm City in Davenport and Isle of Capri in Bettendorf who moved their operations from riverboats to land-based facilities at a total cost of more than $170 million. On account of the better facilities they now offer, the Bettendorf casino saw its business jump from $69.7 million to $77.4 million over the 12 month period, while the Davenport casino noted a huge leap in its revenue from $43.9 million to $61.9 million.
On the other side of the coin, 12 casinos saw their revenues contract for fiscal 2017, with those venues located in Clinton, Burlington and Sioux City posting the biggest declines. According to Ohorilko, though, the latest numbers were likely “a natural bounce back” from the highs reported during the previous year in which overall receipts had increased by $21.6 million.
Meanwhile, Riverside Casino & Golf Resort has announced that it would be carrying out a $10 million upgrade of its facilities, while a further three potential casino projects have applied for licenses to set up gambling venues in Cedar Rapids. Ahead of any permission being granted, however, the commission will be holding a site visit and inviting comments from the public and applicants at a meeting to be held on September 26th. They will also take into account the findings of a gaming study to be released in October before making their decision on November 16th.