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Iowa Casino Hurt by Racino

IOWA – As reported by the Des Moines Register: "Revenue from table games at Lakeside Casino Resort in Osceola plummeted nearly 30 percent in December after the same gambling options became available at Prairie Meadows Racetrack and Casino in Altoona.

"Lakeside officials said the financial hit was double what they anticipated, but they plan to retool, remodel and fight back.

"…The Altoona venue on Dec. 13 added 33 table games to its 1,491 slot machines. Action has been heavy, with up to 30 people waiting at times for seats at the tables.

"…During the two-plus weeks they were available in December, table games at Prairie Meadows Racetrack and Casino generated $816,218; the facility's gross gambling revenue for the month was $15,089,029.

"…Slot machine revenue in Osceola also fell in December, by about 9 percent. At that rate, Lakeside would lose about $8 million annually from its $55 million casino operation.

"…December table-game revenue at Iowa's nine other state-regulated casinos was mixed. Besides Prairie Meadows, three venues posted per-table gains for the month. Ameristar and Harrah's in Council Bluffs posted strong numbers - each topped $1.8 million, with an average of more than $46,000 per table - but recorded decreases from the same month last year…"

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