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Decision on Linn Co. Casino in April
Updated: Thursday, October 10 2013, 08:49 PM CDT
DUBUQUE (CBS 2/ FOX 28)--The plan to bring bright lights, slot machines, and dreams of winning big to Cedar Rapids is one last step from coming true.
The Iowa Racing and Gaming Commission decided Thursday to hold a vote on April 17th on whether or not to give investors a gaming license to build a new $150 million dollar casino.
"We've been at this for the better part of three years, said lead investor Steve Gray. We are so optimistic in looking forward to the next steps."
But before bringing a Vegas-style venue to the city, investors have a few deadlines to meet.
On January 9th, investors have to show commissioners how the casino will be financed.
After that, they'll present DCI background checks on investors and hold a site visit before the final vote.
"That's very critical in terms of our decision making," said Commissioner Jeff Lamberti.
With 18 casinos already in Iowa, the commission says they'll also use two market studies to see what kind of impact a new casino would have.
"We're not pure competition where people can put a casino wherever they want so one of the factors is what is the economic impact," Lamberti said.
Riverside casino CEO Dan Kehl fears his casino would be impacted the most.
"It's going to be devastating to the Eastern Iowa market," Kehl said. "To plump a casino right in the heart of our market, I don't think the commission would do that."