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Iowa Casino Towns Jumping Ship? —

Iowa Casino Towns Jumping Ship?

It is great to be a property owner, especially for commercial property. It is a way to be in the business of your tenants without the worry and struggle to operate. Often, most commercial property owners take a nice percentage of the operating revenue which is always paid (in rent) no matter how well the tenant performs.

This is the case of the many Casino communities as ours in Iowa ( Map: Casino’s: http://goo.gl/piqzx ).

 

If you didn’t know (because no one is reporting it), many gaming contracts  are up for renewal, kind of like the renewal of a  commercial lease. As ours, many other communities are considering upping the take (percentage) they receive from the operation of. This may be occurring for several reasons, (1) Inflation – Cost of everything has gone through the roof. (2) They had to keep the take low in the beginning to attract a quality operator. Now that the community casino market is well established, it’s time to cash in. (3) There are other casino operators who have indicated they will operate more-so in alignment with community concerns.

 

 

 

 

 

No matter what the issue, communities across Iowa are taking a very hard look at how they may further advantage themselves within their own unique gaming circumstance. Here is the current percentage taken by local communities throughout Iowa:

 

 

 

 

 

Terrible’s Lakeside, Clarke 1.5%

Penn National for Sioux City 3%

Wild Rose, Clinton 4%

Diamond Jo, Dubuque 4.5%

Grand Falls, Lyon 4.5- 5%

Riverside, Johnson 4.5-5%

Isle Waterloo, Blackhawk 5.75%

Diamond Jo, Worth, Northwood 5.76%

Wild Rose, Emmetsburg, Palo Alto 6%

So as it stands, our issue requires the utmost attention. Sioux City through Mayor Bob Scott and Our License holder MRHD have stood their ground as to gain a more favorable outcome. If we support them, we will most certainly get exactly as we want and deserve. That is a much larger portion of Casino Revenue (6%+), a shiny new $100 Million Dollar Casino utilizing the long overdue Warrior Hotel, a downtown revitalization package and a huge Parking Ramp to boot. All this done with local investors, local builders and local services.

As many have, write the editor at the Sioux City Journal here: mikegors@siouxcityjournal.com to ask (Copy this Phrase) “Why nothing has been reported on the Warrior Concept” that would obviously be of such enormous benefit to our community.

 

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