What about Balleys in Moline? Can you not think of other casinos that may lose out for the people of Illinois?
Kehl family getting the casino moratorium...
- Thread starter MitchLL
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What about Balleys in Moline? Can you not think of other casinos that may lose out for the people of Illinois?
It's not a free market,.. The state decides where gaming can occur and have the best chance of survival by issuance of gaming licenses,.. It's not in the State's interest to introduce financial failure and instability to the in-state gaming market...
God forbid casinos have to compete with amenities and things to get market share like any other business.
And that’s not what they’re doing and you know it. Casino lobbyists have been selling them this because they don’t want the competition.
It's up to existing casinos to improve their businesses to attract customers.
What happened to the Radical Right and their capitalism?
Show me one study that a casino in Cedar Rapids would lead to failure of any casinos.
It's not going to happen and to be honest with you Cedar Rapids should accept this as a blessing,.. The casino business in Iowa is stale and becoming passe,.. Most of the active casinos are branching out into more diverse attractions while their gaming floors remain populated with cigarette smoking social security recipients,.. Cedar Rapids should do a non-casino entertainment venue,.. It's not about the gaming anymore.
No, just a dose of reality,... Cedar Rapids should do a destination venue to compete with the casinos,.. It just shouldn't be built on top of a tired old gaming concept,.. Iowa gaming floors are becoming Facebook.
No,.. CR doesn't deserve a casino and CR shouldn't want a casino,.. Both can be true and I can argue both simultaneously.
Your first post on this thread.
You did change your argument - first you said the gaming industry was at capacity…now you’re saying they don’t deserve/want a casino.
Both cannot be true here.
Gaming capacity is why CR doesn't deserve a casino,.. Both can most definitely be true,.. They shouldn't want a traditional casino because it a dying concept...
You can't just start building a casino like a gas station or grocery store, you NEED state approval and a state license.
Show me one study that it wouldn't cause lost jobs. ( see how that works 😆)
KGAN
Market studies found the 2014 casino proposal would have brought in $81 Million a year, but nearly $60 Million would come from existing casinos. Riverside was estimated to lose at least $25 Million a year alone.
So all the revenue estimates they just pulled out of their ass? If Riverside lost 10% of their revenue they'd go out of business?
I'm not sure why we have a gaming commission at this point. Legislature seems to want to control this and not anyone else do their job anyway.
Here's a 95 page report, knock yourself out.
Pair of studies offer mixed views on Iowa gaming market
A pair of studies examining the Iowa gaming market – and the impact of a proposed new Cedar Rapids casino complex on that market – are painting a mixed
corridorbusiness.com
Loss of revenue does not = failure and go out of business.Here's a 95 page report, knock yourself out.
Pair of studies offer mixed views on Iowa gaming market
A pair of studies examining the Iowa gaming market – and the impact of a proposed new Cedar Rapids casino complex on that market – are painting a mixed
Kehl calculated that contributing to certain legislator's campaign funds was cheaper than lost gaming revenue.
And here I thought Republicans were in favor of capitalism?
Silly me.😉
So they’d make less in profits, not lose money, yes?
You do understand that it's not necessary to actually go into the red to force a business closure?,.. People don't stick their necks out and start something like a casino simply for the fun of it,.. There is the expectation of a minimum acceptable return on investment.
My guess is Riverside has already seen that and then some.
These casinos all operate with a healthy profit margin. I question the assumption that a casino in Cedar Rapids would drive one in Iowa city out of business.
Riverside adjusted gross revenue grew from $87 million in 2014 to $131 million in 2023. Seems like a lot more than minimal acceptable growth.
That's roughly a 5% per annum growth rate,.. Given inflation, that would be about what would be necessary to maintain their original business model,.. They're basically hanging in there.
It's amazing that other casinos aren't even close to that kind of growth ..and yet none seem to be closing.
Crony capitalism at its finest. Free market Republicans are full of shit. Hell, all Republicans are full of shit.
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