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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