Based on the most recent data from the Iowa Racing and Gaming Commission, the 19 statewide casinos in Iowa have reported a modest fall in both income and attendance for the second year in a row. Despite a decline in casino revenue, the state’s authorized sports betting business had unprecedented growth in fiscal 2024.
Casino Revenue and Attendance Trends
Iowa’s casino revenue slipped from $1.76 billion in fiscal 2023 to $1.72 billion in 2024, reflecting a decrease of around 1.8%. On average, Iowa casinos are generating almost $4.7 million daily. Attendance also saw a gradual decline, from 17.5 million in 2022 to 16.9 million in 2024. Despite this, experts are not overly concerned, as the state’s revenue remains above pre-pandemic levels. Tina Eick, administrator of the Iowa Racing and Gaming Commission, noted, “When we look at fiscal year 2022, that’s a great year. In fact, it’s an all-time, record-breaking year. So I would say it’s hard to hold all other years to that standard.”
The introduction of casino gaming in neighboring Nebraska could also be affecting Iowa’s casino revenue. The Horseshoe Casino in Council Bluffs, in particular, saw a significant revenue drop. From $212 million in fiscal 2022, its adjusted gross revenue fell to $205 million in 2023 and $187 million in 2024. According to Wes Ehrecke, President and CEO of the Iowa Gaming Association, “We’re facing some competition in some other states. Nebraska has gaming that’s coming on for the first time. Anytime a new casino opens, everybody wants to go and check out the new facility.”
While casino revenues declined, sports betting in Iowa surged to new heights. The state saw a significant spike in legal sports betting for fiscal 2024, with a handle of $2.6 billion, up from $2.2 billion in 2023. This increase brings Iowa’s average daily sports wagers to more than $7 million. The growth in sports betting has been a major bright spot, with revenue showing continued upward momentum.
As Iowa’s gaming market adjusts to the effects of competition and inflation, the future of a potential new casino in Cedar Rapids remains uncertain. The Iowa Racing and Gaming Commission is currently evaluating market studies for this potential new development, with reports expected at the end of December.
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