It’s been an up-and-down spring and summer for Iowa casinos. Revenue fell in April, crept up in May, and then fell once again this past month.
Casinos put together $140.7 million in revenue in June, down around $8 million from May. Year-on-year, revenue fared better, dropping around $1 million.
Key takeaways
- By keeping iGaming illegal, Iowa casinos are missing out on $50 million.
- Monthly casino revenue was down 5.4% and yearly totals fell 0.7%.
- Only two properties, Riverside Casino and Q Casino, posted growth from May to June.
- A recent ban on new casino licenses will keep the Iowa casino count at 19 for the next two years.
Where Iowa online casinos stand
While Iowa has 19 land-based casinos, it has zero online casinos. It’s not an anomaly—only seven states have online casinos—but an analysis of the Iowa casino gaming market isn’t comprehensive without bringing up online casinos.
Lawmakers have tried and failed to push Iowa online casino legislation through earlier this year. A win for online casinos likely won’t come anytime soon and would require overwhelming support from the state’s land-based casinos. There’s work to be done there; in early 2023, only 13 of 19 casinos supported iGaming.
However, if lawmakers and Iowa online casino proponents can win over the state’s land-based casinos, PlayUSA predicts the state could bring in more than $50 million a month in iGaming revenue.
Monthly land-based casino revenue drops 5.4% in Iowa
All but two of the state’s 19 casinos saw their revenue decline month on month in June. Wild Rose Emmetsburg, Catfish Bend, and Diamond Jo Dubuque and Worth saw double-digit drops.
Prairie Meadows, the state’s revenue leader, was hit with a 9.1% drop-off that made up more than 30% of Iowa casino’s overall revenue decrease.
June 2024 Revenue | May 2024 Revenue | % Change, Month-on-Month | |
---|---|---|---|
Prairie Meadows Racetrack & Casino | $19,302,256 | $21,245,088 | -9.14% |
Ameristar II | $15,548,001 | $16,464,913 | -5.57% |
Horseshoe Casino Council Bluffs | $15,472,453 | $15,825,476 | -2.23% |
Riverside Casino and Golf Resort | $11,322,114 | $10,911,705 | 3.76% |
Rhythm City Casino | $9,449,910 | $9,995,669 | -5.46% |
Diamond Jo (Worth) | $8,272,775 | $9,194,868 | -10.03% |
Grand Falls Casino Resort | $7,619,167 | $8,297,789 | -8.18% |
Hard Rock Casino | $7,464,442 | $7,863,157 | -5.07% |
Isle Casino Hotel Waterloo | $7,273,440 | $7,587,627 | -4.14% |
Diamond Jo (Dubuque) | $6,309,650 | $7,029,781 | -10.24% |
Harrah's Council Bluffs Casino & Hotel | $5,930,374 | $6,428,317 | -7.75% |
Isle of Capri (Bettendorf) | $5,464,315 | $5,465,060 | -0.01% |
Lakeside Casino | $4,154,540 | $4,352,919 | -4.56% |
Q Casino | $4,078,733 | $3,975,549 | 2.60% |
Catfish Bend | $3,298,722 | $3,688,863 | -10.58% |
Wild Rose (Jefferson) | $3,099,848 | $3,199,281 | -3.11% |
Wild Rose (Clinton) | $2,636,506 | $2,709,434 | -2.69% |
Wild Rose (Emmetsburg) | $2,406,806 | $2,788,412 | -13.69% |
Casino Queen (Marquette) | $1,634,170 | $1,726,765 | -5.36% |
Total | $140,738,222 | $148,750,673 | -5.39% |
There were bright spots, though. Riverside Casino saw revenue creep up around $400,000, good for a 3.8% surge from Iowa’s May 2024 gaming revenue. Q Casino enjoyed a 2.6% increase, pushing its revenue past $4 million in June.
Year-on-year, casinos couldn’t match what they did in June 2023. However, the dropoff in revenue wasn’t nearly as drastic as from May to June.
Whereas Iowa casino revenue fell 5.4% month-on-month, its annual revenue dropped just 0.7%, according to the latest report from the Iowa Racing and Gaming Commission.
Any chance of more Iowa casino competition is gone … for now
With 19 casinos, Iowa’s gaming market is relatively cramped. However, that didn’t stop developers and city leaders from setting aside land in Cedar Rapids for a potential casino last summer. The proposed property would be named “Cedar Crossings” and require $250 million.
As exciting as the proposed casino was, Iowa Gov. Kim Reynolds had none of it. Reynolds signed a bill in May that blocked the release of new casino licenses for two years.