Peninsula Pacific Entertainment Focused on Iowa After Churchill Downs Buy
Peninsula Pacific Entertainment (P2E) is without physical casino assets after to the highest degree of the company’s portfolio was acquired past Churchill Downs earlier this month.
The $2.75 1000000000000 acquisition unsympathetic on Nov 1. The sell included Del Lago Resort & Casino inward Waterloo, NY, the Hard Rock Hotel & Casino in Siouan City, Iowa, and the Colonial Downs Racetrack inward New Kent, Va.
Churchill Downs to boot obtained half dozen Rosie’s Gaming Emporium historical horse racing (HHR) facilities inward Virginia. The P2E takeover allows Winston Churchill Downs to establish upwards to v additional Rosie’s locations that can collectively control 2,300 historical racing machines.
Churchill Downs is also at present the developer of the $400 zillion Rose Gaming Resort in Dumfries, Va., a gaming and amusement resort hotel coordination compound that will lineament to a greater extent than 1,100 HHR terminals. It additionally takes o'er P2E’s evolution partnership with media conglomerate Urban One for a possible cassino externalise inward Richmond, Va.
With P2E at present flush with immediate payment but without physical property, the accompany is prepping its next play past way of Cedar Rapids, Iowa.
PAC Not Packing its Bags
In June, Ioway Gov. Kim Sir Joshua Reynolds (R) signed legislation that prohibits the Ioway Racing and Gaming Commission (IRGC) from issuing young gambling casino licenses until at to the lowest degree July 2024.
The legislation was supported by the state’s 19 commercial message riverboat and land-based casinos. They lobbied that on-going gaming expanding upon in neighboring Cornhusker State stands to poach business concern from their properties. The gaming industry also sound that a market stabilization full point was warranted in the viewing of the COVID-19 pandemic.
Officials inwards Cedar Rapids, many of whom hold been for years lobbying the land for its own casino resort opportunity, opposed the statute. P2E did, too.
Since 2014, P2E has been trying to put on the state’s mount to build a cassino inward Cedar Rapids, a townsfolk the IRGC denied a gambling casino licence to inwards 2014 and once more inwards 2017 because of marketplace saturation concerns.
Cedar Rapids officials say they’ve been wrongly denied the same economical opportunity afforded to many other cities. In an exertion to generate funding to allow a gambling casino inward Iowa’s second-most populated city, P2E is ramping upward its political lobbying efforts through and through its Iowa political sue committee, the “Cedar Rapids Development Group PAC.”
In the last billet before the 2022 midterms, the PAC gave simply shy of $50K to both Republican and Democratic tell lawmakers onwards of the Nov 8 election.
Unwavering Commitment
Though P2E is headquartered inwards Los Angeles, the gaming strong has maintained an power inwards Iowa for more than a decade. The local corporate office governed the company’s Hard John Rock Siouan City gambling casino and also handled P2E’s lobbying efforts for Cedar Rapids.
Though the firm no yearner has a stakes inwards a electric current cassino in Iowa, P2E President Jonathan Swain says the company’s PAC disbursement demonstrates Peninsula Pacific Ocean wants to stick around in Iowa and establish the state’s next casino.
We have got been section of the biotic community for to a greater extent than 10 years and remain committed to bringing a gaming facility to Linn County,” Swain said. “That inscription is for the long term, and participating inwards the political unconscious process is division of that commitment.”
Before the two-year moratorium on young casinos was signed by Reynolds, P2E had proposed ii casino schemes for Cedar Rapids. One was a $165 trillion send off with 840 one-armed bandit machines, 22 tabularise games, and a sportsbook. The other pattern was for a $105 billion evolution featuring only if 550 slots, 15 tables, and sports betting.
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