Iowa's annual gambling revenues reach record

Gambling revenues in Iowa increased to nearly $1.32 billion in fiscal 2007, setting a record in adjusted gross receipts.

The revenues exceeded the previous record _ set in fiscal 2006 _ by about $171 million, fueled partially by the continued expansion of Iowa's riverboat casino industry.

Between July 1, 2006, and June 30, 2007, 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 addition of riverboats in Riverside and Waterloo to the state's existing 12 floating casinos pushed their overall revenues to slightly more than $860 million last fiscal year _ an increase of slightly more than $100 million from the previous year.

However, outside of the areas with new construction, Iowa's gaming market was relatively flat, said commission administra tor Jack Ketterer. He said the industry may be showing signs that revenues will plateau in the coming years.

"Most of the increase is the new casinos," Ketterer said. "Most of the gain is from there. The other facilities are marginally up or marginally down."

The 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.