The $120 million Grand Falls Casino Resort being built in northwest Iowa will default on its loans and likely be sold at a "fire sale price" if Iowa lawmakers approve Gov. Branstad's proposed 63% hike in casino taxes. Dan Kehl, head of Kehl Management, which plans to open the casino, says The proposed tax hike doesn't offer a sustainable business model for Iowa's $1.4 billion/year casino industry, which employs 10,000 people and is the state's No. 1 tourist attraction, drawing 22 million admissions last year.
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