Timeline set for Cedar Rapids casino project

COUNCIL BLUFFS, Iowa—Leaders of the Cedar Rapids Development Group (CRDG) and Peninsula Pacific made the following statements after today’s Iowa Racing and Gaming Commission’s April meeting:

“We look forward to our presentation to the Iowa Racing and Gaming Commission this summer. As we have demonstrated, we are committed to continuing nearly two decades of experience building and operating first-rate Iowa casinos in strong communities with great markets,” said Brent Stevens, the chairman of Peninsula Pacific. “We believe either of our Cedar Crossing proposals would add value to the state, create a unique entertainment experience and grow the gaming sector in Eastern Iowa—while other casinos continue to prosper.”

At Thursday’s meeting, the Commission announced a timeline for the Linn County casino application process, including presentations by applicants on July 13 and a site visit by the Commission to Cedar Rapids scheduled for September 26.

Steve Gray, the chairman of the Cedar Rapids Development Group, believes the Commission’s announcement of the timeline for the Linn County casino selection process is exciting for local residents, supporters and investors.

“We’re eager to make our case with the Commission that our proposal is the right fit for the economic development of Cedar Rapids and a positive economic development for the state,” said Gray. “Both of our proposals, Cedar Crossing Downtown and Cedar Crossing on the River, are designed to invigorate the economic engine of Linn County and would make our state’s second-largest city an even more attractive tourist destination and place to live.”

About Cedar Rapids Development Group and Peninsula Pacific
The Cedar Rapids Development Group (CRDG) is a coalition of local investors—nearly 100 community leaders – who have pledged several million dollars to develop a casino in Iowa’s second largest city.

Peninsula Pacific offers premium gaming venues that are good fits with the communities in which they operate. Founded in 1999 by Brent Stevens, the company uses its broad managerial experience and investment banking/capital markets expertise to pursue new development opportunities nationwide. This includes more than 20 years of experience operating casinos in Iowa and other states, starting in 1997 with the Diamond Jo Casino in Dubuque and, more recently, the Hard Rock Hotel & Casino in Sioux City. The Cedar Crossing project in Cedar Rapids would be the company’s fourth Iowa casino endeavor and their eighth nationwide.