Iowa Casinos Post Lowest Revenue In 17 Years

The state of Iowa has seen its first annual drop in casino revenue in 17 years.

According to the Iowa Racing and Gaming Commission casino revenue at the state’s 17 casinos reported gross gambling revenue of $1.36 billion for the fiscal year ending June 30, 2010 down 3.5% from $1.41 billion the previous year.

The Prairie Meadows Racetrack and Casino in Altoona reported the highest gaming revenue totaling $186.6 million although still down by more than 3%. The Horseshoe Casino Council Bluffs brought in slightly less totaling $186 million. The casino posting the biggest loss was the Isle of Capri in Bettendorf with revenue down 12% to $78.3 million.

“This is just a sign that the economy has been taking its toll and that we may be hitting the point of saturation” in Iowa’s casino industry, said Greg Seyfer of Cedar Rapids, chairman of the commission.

Seyfer said that the commission was aware of the decline when voting to only approve one casino license from the four applications presented.

Sharon Haselhoff, a spokeswoman for the approved Lyon County Casino said that plans for the $120 million casino and golf resort was moving forward as planned, despite the numbers.