Cedar Rapids Casino, a $275 Million Development, Slates Opening Date

The Cedar Rapids casino initiative, which was approved by the Iowa Racing and Gaming Commission just last week, now has a scheduled opening date. 

Peninsula Pacific Entertainment, the Los Angeles-based gaming firm collaborating with around 80 local entrepreneurs in Iowa's second-largest city known as the Cedar Rapids Development Group, has announced that Cedar Crossing Casino will launch on New Year’s Eve, December 31, 2026. 

P2E board member Jonathan Swain has been spearheading the gaming company’s public initiative in Iowa. However, following the approval of the $275 million project by state officials last week, after lawmakers in Des Moines abandoned plans for legislation that aimed to reinstate a five-year moratorium on additional gaming licenses, P2E founder and Chairman Brent Stevens came to the Hawkeye State to commemorate the green light for the initiative.

"Our supporters have stayed with us through two referendums and three rounds having at it with the Iowa Racing and Gaming Commission, all of which led us to today,” Stevens said.

“We’ve been here in the great state of Iowa for over 25 years, building three world-class facilities in Dubuque, Northwood, and Sioux City, and here we are in Cedar Rapids. This is going to be the best one yet. More amenities, more places to become a part of this community, more places to be entertained. We promise to make you very, very proud with this development,” Stevens added.

Concerning Those Referendums 

Prior to the Iowa Racing and Gaming Commission reviewing a casino proposal, the host county earmarked for the development must carry out a local ballot referendum and obtain majority approval for slot machines and table games. 

Voters in Linn County initially approved casino gambling in 2013. In 2021, following the expiration of the initial statute, voters in Linn County approved Public Measure G once more — a referendum that grants permanent authorization for gaming in the county. 

The firm that possesses the Riverside Casino & Golf Resort, which is likely to be most affected by a casino in Cedar Rapids, is challenging the 2021 Linn County election issue. 

Lawyers representing Elite Casino Resorts claim that the 2021 referendum only permitted the “operation of gambling games” to “persist” indefinitely. Nonetheless, as no gambling games were permitted in 2021, the referendum effectively achieved nothing, the attorney for the Riverside Casino contended. 

Following the gaming commission's 4-1 vote supporting Cedar Crossing Casino in its meeting on February 6, Riverside lawyers submitted a “motion for stay” to the IRGC seeking a “declaratory order” that would prevent the project from progressing until a new referendum takes place. The Gaming Commission started examining the petition in its online meeting today, Feb. 10. 

Iowa Gambling Initiatives 

Peninsula Pacific is familiar with Iowa. The company assisted in the development and/or operation of three casinos in Iowa, namely the Diamond Jo Casino in Dubuque, the Diamond Jo in Northwood, and the now-closed Argosy Casino in Sioux City. 

P2E and the Cedar Rapids Development Group commit to being active community partners in Linn County by dedicating 8% of the casino’s yearly gross gaming revenue for charitable endeavors. The state requires that at least 3% of every casino's winnings be allocated to nonprofit organizations. 

“The 8% generosity of the Cedar Rapids development group and P2E has been a resounding message throughout this process. The more revenue we generate, the more good we can do,” said Anne Parmley, the president of the Linn County Gaming Association that will receive the casino funds and distribute the money.