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Iowa casino results rise

IOWA – As reported by the Des Moines Register: "Iowa's gambling industry is experiencing double-digit growth, with casino revenues up almost 17 percent during the past eight months, state records show.

"But increased competition is creating an industry shakeout with some winners and losers, and there are signs that some of Iowa's gambling boats on the Mississippi and Missouri rivers are losing their steam.

"Overall, Iowa's 16 casinos at riverboats and racetracks had 14.8 million admissions that generated $860 million in gambling revenue between July 2006 and February 2007, according to the Iowa Racing and Gaming Commission. The average gambler lost $58 per visit. That puts Iowa on a pace to easily exceed last year's record $1.15 billion that gamblers left behind at state-regulated casinos.

"All three new casinos in Riverside, Emmetsburg and Worth County are meeting or exceeding their financial projections, said Jack Ketterer, the commission's administrator. In addition, Horseshoe Casino in Council Bluffs, which opened an $85 million Las Vegas-style expansion last year, is raking in more cash than any other Iowa casino. Horseshoe, formerly known as Bluffs Run Casino, hosted 2.2 million guests the last eight months who left behind $133 million, up 58 percent from a year ago.

"But casino revenues have declined at five of six riverboats along the Mississippi River, and at both floating casinos in Council Bluffs on the Missouri River, state records show.

"Revenue is up and admissions are down slightly at Prairie Meadows Racetrack and Casino in Altoona, where a $60 million expansion was recently completed. Meanwhile, business has increased sharply at Dubuque Greyhound Park and Casino, which began offering casino table games last year. Terrible's Lakeside Casino in Osceola also has had increased profits…"

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