Mississippi Casino Revenue Down 4.3% To $178 Million In September

Mississippi Casino Revenue Down 4.3% To $178 Million In SeptemberThe state of Mississippi has released its casino results for September revealing a 4.3% fall in revenue to $177.9 million compared to the same month last year.
Breaking the figures down further, the 17 river casinos recorded a 10% drop in revenue to $91.2 million, compared to $101.6 million in September, 2011; whilst the 12 coastal casinos saw a slight increase of 2.8% in revenue to $86.7 million from the $84.3 million they won in September last year.
The southern US state with a population of 3 million people has received over $2.1 billion in casino tax revenue since gambling was legalized in 1992. Worryingly, however, this year the Mississippi River counties have seen their takings plummet with Tunica county laying off around 3,500 staff since 2007.
Commenting on the overall results, CEO of the Tunica Convention and Visitors Bureau Webster Franklin, said the recession, increased competition from neighboring states, as well as the 2011 Mississippi River Flood had a triple whammy effect on business, and added: “You see discretionary spends in households go down and gaming is part of that. We’re hoping it’ll turn around, and we have to position ourselves to be ready for that to happen.”
Mississippi casinos will also have to contend with lower takings since a new casino, the L’Auberge Casino & Hotel Baton Rouge, opened at the beginning of September. In its first month of operation, the casino raked in an impressive $13.3 million in revenue, whilst nearby Harrah’s Casino saw its takings fall $5.5 million to $25.2 million compared to a year earlier. The remainder of L’Auberge Casino’s taking likely derived from Mississippi Gulf Coast casinos, with confirmation of their results expected out soon.
Meanwhile, neighboring state Louisiana saw revenue at its casinos increase to $199.7 million in September, up from $196.6 million for the same month in 2011.

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