The One to Count On...

Riverside, Casino Reach Agreement

Posted: Tuesday, September 30th, 2014 at 6:23 am
Author: KCII News - Nathan Swenson

An eight-year contract between the City of Riverside and the Riverside Casino was signed Monday. The annexation agreement will bring the city $1.2 million annually. That figure is based on the casino’s $90 million in revenue.

According to City Administrator Rusty Rogerson the money will go toward capitol improvement projects such as storm drain improvements and water main replacements. Rogerson says their last eight-year agreement, which expired in July and brought the city $950,000 yearly, helped them build their water and wastewater treatment plants.

Contract negotiations were stalled earlier this year due to a proposed casino that threatened to cut over 30% of the Riverside Casino’s revenue. In April, the Iowa Racing and Gaming Commission decided against granting a gaming license to the group that planned to build a casino in Cedar Rapids.