The Iowa Racing and Gaming Commission heard details of two studies on the state of the gambling market and the impact of a new casino in Cedar Rapids at their meeting today (Thursday) in Jefferson.

Brent Wittenberg of Marquette Advisors talked about the impact of a new casino in Linn County.”You can see a statewide net impact of about 64 million in terms of new revenue, new commercial, concealed revenue flowing into the state,” he says. Wittenberg says 57 million of the revenue for Cedar Rapids would come from existing casinos.

“Facilities at Riverside and Mesquaki and Isle of Waterloo, that’s where the impact is likely to be most felt,” he says. The other study showed similar numbers, with som 60 million in new revenue, but around 56 million cannibalized from existing casinos.

Johnathan Swaim spoke for casino developers and said those predictions have been wrong in the past.  “Seventy-nine-percent of the revenue and the application for this facility we’re standing in today was was to be canabalized. That license was issued. Obviously, none of those revenue cannibalization numbers occurred,” Swaim says.

Swaim says the proposed Cedar Rapids casino meets all the requirements of the state. “We believe there’s 12 ‘yes’ check marks next to each of these criteria as it relates to this project, whether it’s economic impact, community support, the viability, net benefits, the tourism, employment opportunities,” he says. A spokesman for the Meskwaki Casino spoke at at the meeting against the Cedar Rapids casino, saying it would impact their operation.

The IRGC is set to vote on the new license February 6th.

The Commission heard arguments today on a request to take action and declare the wording for the Linn County gambling referendum was not proper and it should not be allowed. The Commission heard from both sides and after discussion voted 4-1 to not take any action. Commission chair Daryl Olsen of Audubon said the arguments didn’t sway his opinion.

“Based on rules and my interpretation of the rule that was the correct thing for us to do. And that’s very common for commissions to go down that that path, and I think it was the right path for us to take,” Olsen says. Commissioner Alan Ostergren of Altoona, is a lawyer and argued the Commission should take action the issue. He was the only vote against the motion to decline action