New Partner Announced in Linn County Casino Push

The backers of a casino project proposed in Linn County have announced a new partner that would run the casino, if the state gaming commission grants a license to Linn County.

JNB Gaming, Inc. would be the operator and partner after being awarded the operating agreement to manage the casino development and operations, according to a news release from the Cedar Rapids Development Group, which is backing the Linn County casino. 

Jonathan Swain, Natalie Schramm and Brent Stevens are top brass in the company, according to the news release. 

Linn County voters approved opening a casino, which the investors would like to build in downtown Cedar Rapids. The Iowa Racing and Gaming Commission must still decide whether to grant a license. 

Here is the full statement about the partnership from CRDG:

The Cedar Rapids Development Group, the local company leading the proposed Linn County casino project, announced the Casino Operator and Partner today. JNB Gaming, LLC was awarded the operating agreement to manage the casino development and operations, if the Iowa Racing and Gaming Commission grants a gaming license to Linn County.

“JNB Gaming is a gaming hospitality management company recently established under the leadership of its key partners Jonathan Swain, Natalie Schramm and Brent Stevens,” said Steve Gray, lead investor for Cedar Rapids Development Group. Stevens was one of the founders of Peninsula Gaming, LLC and served as the company’s Chief Executive Officer, while Swain served as Chief Operating Officer, and Schramm served as Chief Financial Officer. By 2012 Peninsula Gaming had become the fastest growing privately held casino company in America with more than 2500 employees. Peninsula Gaming, LLC operated five casinos in three states including Diamond Jo Dubuque, Diamond Jo Northwood and others until Boyd Gaming Corporation purchased Peninsula Gaming, LLC in November 2012.     

“The fact that they have defined themselves as one of the top operators in Iowa was important during our review process,” Gray continued. “But what really resonated for our local investors was the fact that they shared our vision for economic development and revitalization in downtown and on the Westside riverfront.  They have a proven track record of developing and operating casinos that have become community centers and have led the industry in growth.”

Speaking for JNB Gaming, LLC, Brent Stevens commented, “We are excited to partner with the Cedar Rapids Development Group. In addition to its strong leadership we believe that this opportunity is consistent with what we would look for in a new casino development—one which is seeded in community partnership. It’s an opportunity to build a facility that will be the pride of its community and a catalyst for further growth.  If we are fortunate enough to be awarded a license, we are committed to creating a facility that will be great for the community, great for Linn County, and also great for the State of Iowa.”

Recognizing that a new casino development could present a tremendous opportunity and play a role in the area’s revitalization efforts, a small group of local investors and supporters began preparing for the casino referendum. The group thought that by providing a new and exciting entertainment venue it could become a catalyst for growth in Cedar Rapids’ downtown. Now with the strong support for a local casino, the proposed project is taking shape. There are a number of local qualified investors in the project, and an affiliate of JNB Gaming, LLC has also become a significant investor.  

The proposed casino project will cost in excess of $110 million and the application for a casino license will be submitted in conjunction with the Linn County Gaming Association, the non-profit license holder, to the Iowa Racing and Gaming Commission in September. “By selecting a regarded and accomplished operator that also shares our commitment to community, we know that we’re on track to achieve the best possible outcome for Linn County residents,” Leah Rodenberg, board member and secretary/treasurer for Linn County Gaming Association said. In addition to being the license holder for the proposed casino, the Linn County Gaming Association would receive gaming revenue share from the casino and distribute it to local non-profits. The proposed casino development will be the anchor attraction for the newly designated Kingston Village on 1st Ave between 1st Street SW and 3rd Street SW.