Studies show large profits still for Riverside

The Gazette Opinion Staff
Published: March 5 2014 | 1:16 pm - Updated: 1 April 2014 | 9:11 am in

Is there still profit after being cannibalized? That should be the main question.

After reading The Gazette Feb. 26 article “Studies: It mostly would ‘cannibalize’?” regarding the two studies on what will be the impact on the Riverside Casino if Cedar Rapids gets a casino, here is my understanding of the report.

It (one study) stated Riverside would lose $25 million or 27 percent of its revenue, which means they still keep $75 million or 73 percent of their revenue. The other study states they lose $37.3 million or 42 percent of their revenue, which means they keep $62.7 million or 58 percent of their revenue, if my math is correct.

Sounds like Riverside will still make a nice profit. A true open-books study would show what would be the remaining profit. I suspect it is multimillion dollars every year. Does the Kehl group have to keep it all? Why not share the wealth?

Let Cedar Rapids have its own casino to complement all of our great additions to downtown since the flood.

Larry Sharp

Cedar Rapids

 

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