Iowa casinos continue upward trajectory after posting March results

Iowa casinos are continuing to gather momentum if their March revenue results are anything to go by. After a tepid start to 2024, land-based establishments have chalked up some impressive results over the past couple of months, and revenues appear to be more robust according to the Iowa Racing & Gaming Commission.

Financial figures released by the IRGC indicate that the state’s 19 brick-and-mortar casinos combined to haul in $164.3 million in adjusted gross revenue in March.

Compared to the February figure, this represented a 14.7% monthly uptick, and year-on-year, the March return for 2024 jumped by 2.8%.

Breakdown of Revenue Sources

• Slots were the dominant force, accounting for nearly 90% of the total revenue generated, reaching $147.5 million.
• Table games contributed $16.8 million, highlighting the disparity between game types.
• The state collected $32.3 million in taxes for March — a 1.1% annual increase and a 14.8% surge compared to February 2024.

Tax Reform and Legislative Efforts

Perhaps what is striking is that Iowa’s gaming tax is set for an overhaul, with lawmakers from an Iowa House panel advancing a bill in February to lower rates.

• The proposed bill aims to gradually decrease the gaming tax rate from 22% to 19% by 2027.
• The purpose of this measure is to keep Iowa casinos competitive with neighboring states.
• Officials believe the adjustment could encourage reinvestment and long-term industry growth.

Top Performing Casinos

• Prairie Meadows Racetrack & Casino led the pack, with revenues climbing over 16% month-on-month to $22.3 million.
• Horseshoe Casino followed with $18.4 million.
• Ameristar II rounded out the top three at $18 million.

As of yet, Iowa online casinos have not been legalized, but optimism remains that a shift in opinion could emerge. In the meantime, the state’s land-based establishments are hitting their stride, and the latest figures signal a promising trajectory for Iowa’s casino industry.