Lyon County Riverboat Foundation and Lyon County Resort & Casino, LLC Submit Gaming Application to Iowa Racing and Gaming Commission
The Lyon County Riverboat Foundation and Lyon County Resort & Casino, LLC, operated by Kehl Management submitted their gaming application to the Iowa Racing and Gaming Commission Monday. The application is for the construction of a $110 Million Resort that would be located on the Iowa-South Dakota border adjacent to Highway 9 (5 miles NW of Larchwood, IA).
According to the study done by GVA Marquette Advisors for the Iowa Racing and Gaming Commission, Lyon County presents the strongest case to increase the state’s revenue, “...our analysis does show that a casino development in Lyon County could result in marked increase in Iowa’s capture of gaming expenditures from outside the State, due to Lyon County’s proximity to the Sioux Falls market and the current distance of casino facilities from this significant population base.”
According to the application submitted the resort is expected to generate annual revenues of $83 Million ($70 Million in gaming revenue), which would create over $15 million in tax revenue for the State of Iowa annually.
The resort would be the largest employer in Lyon County with 739 employees and have a unique ownership structure that would allow for local investment in the Iowa owned company. It is projected in the application that the Lyon County Riverboat Foundation would receive payments of $2.7 million annually and Lyon County would receive $1.6 million annually from property and gaming taxes.
The features projected for the resort are:
- A casino floor with 900 slot machines, 24 table games, and 8 poker tables
- 100 bed-high style hotel
- 1200 Seat Event Center
- 250-seat Buffet
- Fine Dining Steak & Seafood Restaurant
- Luxurious Full-Service Spa
- Gift Shop
- Boutique
- Indoor/Outdoor Pool Complex
- Show Lounge
- 18-hole Golf Course designed by renowned golf course architect, Rees Jones (projected to open in 2013)
If a gaming license is granted for the project, it is anticipated the resort will open fall of 2011.
“I’m proud of the residents of Lyon County and our friends in NW Iowa for strongly supporting our application. With this project we will not only develop a $110 Million resort we can be proud of, but create over 700 good-paying jobs, fund our local nonprofit to benefit our communities and schools, and have local ownership in the project so the profits remain locally” stated Jeff Gallagher, President of the Lyon County Riverboat Foundation. “We look forward to the coming months and the chance to showcase our application, project and area to the Commissioners.”
