Cedar Rapids Development Group announces casino proposal application
The Cedar Rapids Development Group, along with Peninsula Pacific, will submit an application for a casino license to the Iowa Racing and Gaming Commission on February 13, 2017.
The commission, after hiring a market research firm and completing a market study, is expected to make a decision in October or November of 2017.
The application submitted by CRDG and Peninsula Pacific will include two different potential project sites in Cedar Rapids: Cedar Crossing on the River and Cedar Crossing Central.
Both projects have similar amenities; the difference is size and location.
Cedar Crossing on the River is similar to the group's last proposal in 2014, located on the corner of 1st Street and 1st Avenue.
The casino would include 840 slots and 22 tables for an investment of $165 million.
A new proposal included in this year's application from CRDG and Peninsula Pacific is Cedar Crossing Central.
Cedar Crossing Central would be a smaller option located downtown next to the DoubleTree by Hilton Hotel and the Cedar Rapids Convention Center.
The casino would include a new parking ramp for downtown visitors along with 550 slots and 15 tables.
The new parking ramp would replace the older parking ramp currently located across the railroad tracks from the U.S. Cellular Center, while the casino floor would be elevated above the tracks connecting the ramp to the double tree.
The total investment in the Cedar Crossing Central proposal would be $105 million dollars.