(Radio Iowa) – The Iowa Racing and Gaming Commission heard details of two studies on the state of the gambling market and the impact of a new casino in Cedar Rapids at their meeting today (Thursday) in Jefferson. Brent Wittenberg of Marquette Advisors talked about the impact of a new casino in Linn County. “You can see a statewide net impact of about 64 million in terms of new revenue, new commercial, concealed revenue flowing into the state,” he says. Wittenberg says 57 percent of the revenue for Cedar Rapids would come from existing casinos.

“Facilities at Riverside and Meskwaki and Isle of Waterloo, that’s where the impact is likely to be most felt,” he says. The other study showed similar numbers, with some 60 million in new revenue, but around 56 million cannibalized from existing casinos. Jonathan Swaim spoke for casino developers and said those predictions have been wrong in the past.

“Seventy-nine-percent of the revenue and the application for this facility we’re standing in today was to be cannibalized. That license was issued. Obviously, none of those revenue cannibalization numbers occurred,” Swaim says. Swaim says they believe the proposed Cedar Rapids casino meets all the requirements of the state. “We believe there’s 12 ‘yes’ check marks next to each of these criteria as it relates to this project, whether it’s economic impact, community support, the viability, net benefits, the tourism, employment opportunities,” he says.

A spokesman for the Meskwaki Casino spoke at the meeting against the Cedar Rapids casino, saying it would impact their operation. The I-R-G-C is set to vote on the new license February 6th.