Cedar Crossing Casino and Entertainment Center will infuse $80.2 million into state of Iowa
Proposed $275 million gaming venue will transform Cedar Rapids through premier entertainment, financial impact, nonprofit support
CEDAR RAPIDS, Iowa (Sept. 16, 2024) – Today, Peninsula Pacific Entertainment (P2E) and the Linn County Gaming Association (LCGA) unveiled plans for Cedar Crossing Casino and Entertainment Center, the proposed $275 million development to be built on the former Cooper’s Mill site, on Cedar Rapids’ northwest side. Last month, P2E and the LCGA jointly submitted their gaming license application to the Iowa Racing and Gaming Commission (IRGC), and together will present their application in October.
The proposed design, amenities and economic impact of Cedar Crossing were shared during a news conference today. Market study results show $80.2 million in new revenue to the state of Iowa because of Cedar Crossing. The study, commissioned by P2E and conducted by Convergence Strategy Group (CSG), also forecasts job creation and revenues for the proposed project.
“Cedar Crossing Casino and Entertainment Center will be a transformative addition to the region and a major source of new revenue for the state,” said P2E’s Jonathan Swain. “We are excited to share our plans for this state-of-the-art facility, which will offer gaming experiences, and a variety of amenities and attractions designed to enhance both the local community and the visitor experience.”
Site Development Plans and Amenities
Cedar Crossing is a $275 million investment – the largest gaming project in Iowa’s history and one of the largest development plans in recent memory. At its heart, the project includes 700 slot machines and 22 table games, delivering an unparalleled gaming experience. Destined to be more than just a casino, Cedar Crossing will be designed to be a premier entertainment destination.
Cedar Crossing will feature a vibrant mix of restaurants that will cater to every taste, including:
· Clubhouse by Zach Johnson, developed with Iowa’s champion golfer, the winner of the Masters and the Open, will be a relaxed, chef-run steakhouse featuring locally sourced steaks and chops, local brews and crafted cocktails.
· World’s Fare will capture the essence of street food from various cultures, featuring dishes like Indian street food tacos, Korean-inspired crispy fried chicken, Mediterranean wraps, Tokyo tempura, French crêpes, Spanish churros and more.
· River's Edge Smokehouse and Tap will offer farm-fresh meals, featuring the Iowa Titan Tenderloin, pub burgers, pulled pork, beef brisket and signature BBQ ribs. Live music takes center stage, featuring the best of rock, country and blues.
The facility will also feature a 1,500-capacity entertainment venue that will host top-tier performances and events, drawing visitors from across the state and beyond. This venue will raise the bar for entertainment options by attracting new energy and cementing a dynamic entertainment district
The project also includes an Arts & Cultural Center that will become a cornerstone of community engagement, alongside a cutting-edge STEM lab designed to inspire and educate the next generation of innovators.
“The latest Cedar Crossing Casino plans from P2E and the Linn County Gaming Association only add to the excitement felt by our community members who voiced their overwhelming support for a casino in our Metro. These plans reflect the current landscape of gaming, including robust entertainment opportunities,” said Cedar Rapids Mayor Tiffany O’Donnell. “It is equally exciting for the hundreds of individuals and families who will benefit from the jobs that Cedar Crossing creates and the game-changing financial support for our local nonprofits. As we await the Iowa Racing and Gaming Commission’s decision, the City Council and I will continue to listen to our community to ensure the final project meets the vision for the casino they requested, while creating a net-positive impact on the neighborhood, city, and region.”
Cedar Crossing will be built on the northwest side of Cedar Rapids at the former Cooper’s Mill site. The entertainment facility will revitalize an area that has not fully recovered from the devastating 2008 flood that inundated more than 10 square miles of the city. Given that this is a flood-prone area, developers will make several improvements and reinforcements at the site, including building the complex above the flood plain.
Tax Revenues, Tourism and Jobs
According to a July 2024 study by CSG – a leading consulting firm in the casino gaming and leisure industries – Cedar Crossing is anticipated to draw 1.1 million visitors annually. The facility will spur additional capital investments, revitalizing the area with new businesses, retail shops, restaurants and entertainment venues.
CSG also found that Cedar Crossing would contribute an estimated $80.2 million of new taxable revenue for the state of Iowa, which is an increase from a 2021 market study that showed a Cedar Rapids casino would create new taxable revenues of $51 million.
In addition to gaming-related taxes and distributions, the State of Iowa and Linn County will benefit from direct and indirect spending, ranging from sales and use taxes to incremental income and property taxes. CSG projects that annual incremental sales taxes generated by Cedar Crossing will be $2 million for the state and $300,000 for Linn County. Annual income tax revenues for the state are projected to total approximately $1.1 million.
During the construction phase, the project should sustain 931 construction jobs on site, and an additional 805 indirect jobs throughout the regional and state economy – a total of 1,736 jobs, of which 992 are expected in Linn County. Once operational, Cedar Crossing will create 300 full-time jobs.
Nonprofit Support
P2E and LCGA have previously committed to contributing 8% of net adjusted gross revenue (AGR) to nonprofit organizations – the highest in the state. CSG found that approximately $6.3 million would be distributed annually to area nonprofit organizations, one of the reasons so many local organizations have enthusiastically voiced their support for a gaming facility in Linn County.
Next Steps
P2E and the LCGA are looking forward to formally presenting their gaming license application to the IRGC on Thursday, Oct. 3.
“The more local residents imagine the possibilities that Cedar Crossing can offer, the more they realize this is such a huge win for the state,” Swain said. “We are so thankful for the enthusiasm shared by our large group of supporters, and we appreciate the chance to finally share it with the IRGC. We are going to deliver Cedar Crossing for Iowa.”
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