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***GambLux EDITOR ARTICLES*** |
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Iowa Gambling Industry Receives $742 Million Infusion
[Tuesday, March 14, 2006]
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Iowa, home to a $1.1 billion gambling industry, will be the site of significant riverboat and land casino renovation and expansion.
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Investors have announced plans to spend over $742 million on casinos in Iowa in the next 14 months. Plans include renovations to the state's 10 casinos, as well as the building of four new offshore casinos. As a result of the new investments, the casinos are expected to generate an additional $200 million per year.
One of the biggest projects, the Horseshoe Casino, which is located on the site of the former Bluffs Run Casino in the town of Council Bluffs, cost $85 million to build. The Horseshoe Casino is scheduled to open for business next week.
Other major new casinos are still in the construction stage. The $40 million Diamond Jo Worth and the $35 million Wild Rose Casino are scheduled to open within the next year.
The already- existing Meskwaki Casino will receive a $111 million upgrade.
Casino industry experts say that the Iowa gambling market will be able to easily accommodate the new venues.
"When the market becomes saturated, you find that obviously they don't all make money and some forms are more successful than others," said I. Nelson Rose, a gambling analyst and law professor based in California. "But we aren't really at that point yet."
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