Cedar Rapids Approves Host Agreement for $275M Cedar Crossing Casino Project
Cedar Rapids officials have approved a host agreement for a proposed $275 million casino resort with Cedar Rapids Development Group (CRDG) and the Linn County Gaming Association. The City Council voted 8-1 in favor of the resolution.
The agreement specifies:
- Purchase of 25 acres of city-owned land west of Cedar River
- 2.25% of gross gaming revenue goes to Cedar Rapids
- 8% of net gaming proceeds to local charities
- 22% tax to the state
- Developer must fund flood mitigation and traffic improvements
The proposed Cedar Crossing Casino would include:
- 110,000 square feet total facility
- 39,000 square feet of gaming space
- 17,000 square feet for restaurants
- 16,000 square feet of event space
- 5,000 square-foot cultural center and STEM lab
Cedar Crossing casino building exterior
Current challenges include:
- Market saturation concerns from existing casinos
- Legal challenge from Elite Casino Resorts questioning the validity of the 2021 referendum
- Previous rejections by Iowa Racing and Gaming Commission in 2014 and 2017
The IRGC is reviewing market feasibility studies and expects to vote on the casino bid on February 6, 2025. The project has strong local support, with seven council members and Mayor Tiffany O'Donnell backing the initiative. Only Councilor Ashley Vanorny opposed, citing indoor smoking concerns.
CRDG, consisting of about 80 local investors, is partnering with Peninsula Pacific Entertainment for the development. The project aims to provide entertainment options, create economic opportunities, and support local nonprofits.
Related Articles
Casino Industry Mergers Set to Accelerate in 2025 as Interest Rates Drop
