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Iowa casinos results mixed

24 November 2006

IOWA – As reported by the Quad-City Times: "A lush 18-hole golf course lays out over 375 acres along the English River in Riverside, Iowa, along with a 29,000-square-foot casino, a 201-room hotel, other amenities and plans for a recreational vehicle park.

"During its first two full months of operation in September and October, the Riverside Casino and Golf Resort, with easy access from all four points of the compass, already has pulled in 220,935 customers and about $13.9 million in adjusted gross revenue, according to figures from the Iowa Racing and Gaming Commission.

"…As with any casino operation, though, there are losers. In the case of Riverside, the losers include the Isle of Capri casino and hotel in Bettendorf and the Rhythm City casino in Davenport.

"In September and October, the Isle of Capri saw a decline of $2.1 million in adjusted gross revenue, or 12.3 percent, and the loss of 50,780 admissions over the same period in 2005, according to the commission. The Rhythm City lost $1.6 million, or 12.5 percent, and 20,177 admissions in that time span.

"The declines come as no surprise to anyone involved in Iowa gaming. A 2005 analysis of new gambling licenses that was done for the commission predicted Riverside would snatch customers and revenue from the Iowa Quad-City casinos. An Isle of Capri executive said the losses are part of a longer-term problem for the company's Bettendorf and Davenport properties…"

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