DES MOINES, IOWA (AP) -- The recession has taken a hit on Iowa casino, where revenues have dropped for the first time since 1993.
State regulators say revenue fell by 3.5 percent for the fiscal year ending June 30. According to the Iowa Racing and Gaming Commission, Iowa's 17 state-regulated casinos reported gross gambling revenue of $1.3 billion in the last fiscal year, down from $1.4 billion in the previous year.
Commission Chairman Greg Seyfer says it's a sign the economy is taking a toll and that the state may be close to hitting the saturation point.
In 1993, Iowa law restricted gamblers to no more than $5 per wager and overall losses of $200. Lawmakers lifted the betting limits in 1994.
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