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New Iowa Rules May Impact Riverboat Casino

CLINTON, Iowa – As reported by the Clinton Herald: "Revised gambling rules that will be set by the Iowa Racing and Gaming Commission this summer are causing local gaming officials to wonder how they will impact operations and whether now is the time to consider land-based development.

"New gambling legislation, which was approved by the state Legislature but has yet to be signed by the governor before moving on to the IRGC for rule-setting, increased the tax rate on riverboat casinos from 20 to 22 percent. That 2-percent hike will cost the Belle II an extra $600,000 a year, according to MBII President Ken Bonnett. In addition, each of the 10 boats in Iowa will pay into a $15 million Iowa Infrastructure Assessment fund. That money, generated by a tax of just more than 2 percent, is due in June 2005 and June 2006.

"Bonnett said the legislation, along with a county vote in 2002 to keep riverboat gambling in Clinton County through 2012, has caused local gaming officials to consider whether land-based development should be pursued as a more economically feasible way to do business…"

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