Gambling Revenues Soaring in Midwest
Gambling revenues in Iowa are soaring, reaching $1.32 billion in fiscal 2007, and setting a record in gross receipts.
More than 22.5 million guests visited Iowa's 17 state-licensed casinos, losing an average of $62 each at the three racetrack-casinos and $57 aboard the 14 gaming boats, according to the Iowa Racing and Gaming Commission the revenues were generated between July 1, 2006, and June 30, 2007.
According to state gambling administrator Jack Ketterer, the industry may be showing signs that revenues will "plateau" in the coming years. "Most of the increase is the new casinos," said Ketterer. "Most of the gain is from there. The other facilities are marginally up or marginally down."
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Riverside, Waterloo
The new riverboats in Riverside and Waterloo increased the state's existing 12 floating casinos pushed their overall revenues to slightly more than $860 million last fiscal year.Three racetrack-casinos in Altoona, Council Bluffs and Dubuque posted overall revenue gains of about $70 million over the previous year, with much of that increase at the revamped Horseshoe Casino in Council Bluffs, according to the state gambling commission.
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