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Gambling News by Gambling Headquarters

Friday, March 24, 2006

Prairie Meadows Urged to Build Hotel

 

 As reported by the Des Moines Register: "State regulators are urging Prairie Meadows Racetrack and Casino to construct a hotel and parking garage to spur more business, contending the Altoona gambling operation is underperforming in its market.

"The Altoona track already has one of Iowa's most profitable gambling properties, raking in $174 million in gross casino revenue last year from 2.7 million customers who lost an average of $64 apiece.

"But Jack Ketterer, administrator of the Iowa Racing and Gaming Commission, said Prairie Meadows has more potential for increasing its profits than any other Iowa casino.

"…[Prairie Meadows Chairman Jack Bishop] said he was reluctant to make any commitment to a hotel project because Prairie Meadows already has a $60 million expansion under construction. The county-owned business has a limited ability to borrow more money, he added, because Polk County voters will decide in 2010 whether casino gambling will continue…"

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