Iowa Casinos Generate $142.6 Million in Revenue in December

Iowa's commercial casinos had a successful December, posting $142.6 million in total revenues, slightly above 5%, compared to $135.2 million generated in December 2023.

According to a report from the Iowa Racing and Gaming Commission (IRGC), nearly all major key indicators showed significant year-over-year gains. In December 2024, total admissions to Iowa's casinos reached 1.37 million, a noticeable rise from 1.28 million in December 2023. 

The win per capita, which is the average revenue generated per visitor, stood at $104, a marginal increase from $102 shown in December 2023. This growth reflects both higher foot traffic and a slightly increased spending per guest.

The slot machine win percentage was steady at around 9.8%, which was in line with historical numbers. Slot machines continue to provide Iowa casinos with their biggest revenue stream, generating $128.7 million in December compared to $121.4 million in the same month last year.

Prairie Meadows Racetrack & Casino, with $18.8 million, and the Horseshoe Casino Council Bluffs, with $12.5 million, were major contributors to the slot revenue.

The most popular slot denomination continued to be the penny slots, which accounted for over 70% of the total slot revenue. Penny slots revenue was $101.4 million, up from $95.2 million in December 2023.

Table game revenues also showed growth, at $13.9 million this December, up from $12.5 million a year ago, an impressive 10% increase year-on-year. The biggest revenue-generating table game was blackjack, at $5.1 million, on a very strong 21.8% hold percentage. Roulette provided $605,000 and craps $1.6 million.

Meanwhile, electronic table games furthered their traction. Revenues reached $1.7 million, up marginally from December 2023, reflecting a growing interest in hybrid gaming-a combination of traditional table play and electronic convenience.

Notable Performers

Several casinos stood out in December 2024 for their revenue contributions:

• Prairie Meadows Racetrack & Casino: Leading with $20.5 million in revenues, the casino showcased robust performance in both slot and table games.
• Ameristar II Casino Queen: Achieved $14.9 million in revenues, with a per capita win of $133, one of the highest among Iowa's casinos.
• Horseshoe Casino Council Bluffs: Recorded $14.9 million in revenues, fueled by its popular table games and high slot revenue.

The strong revenue performance translated into substantial tax contributions. For December 2024, casinos collectively paid $27.4 million in state taxes, compared to $25.9 million in December 2023. 

Added to that was $1.3 million in city and county taxes, further underlining the economic benefits of Iowa's gaming industry at the local level.

Future of New Casino in Limbo

A proposed casino project in Iowa that was initially thought to have generated significant tax revenues for the state and local communities is running into potential hurdles. Two independent studies commissioned by the Iowa Racing and Gaming Commission point out that a planned casino in Cedar Rapids would attract mainly customers already patronizing other Iowa casinos rather than attract new gamblers or significantly boost gaming revenue throughout the state.

These reports, prepared by Marquette Advisors from Minneapolis and The Innovation Group based in New Orleans, were submitted last month as part of the application process for a casino project in Linn County.

The planned $275 million casino complex includes 700 slot machines, 22 table games, dining establishments, bars, a 1,500-seat performance space, an arts and cultural facility, and a STEM learning center for families. 

Marquette Advisors highlighted that Iowa’s 19 commercial casinos and four tribal casinos are operating at near-maximum capacity, with most visitors traveling no more than 45 minutes to reach these locations.

Several new campaigns, including the Iowan for Common Sense grassroots coalition, have recently been launched in opposition to the plan, which will be up for further deliberation this year.