Mississippi Casino Revenue Drops 9% To $161m

Mississippi Casino Revenue Drops 9% To $161mThe Mississippi Department of Revenue has now released its casino results for January, revealing a 9% fall in revenue to $161.2 million. The latest figure represents the state’s worst January win since 1997.
Breaking January’s revenue figures down further, Mississippi’s 18 river casinos were off by 13% to $77.9 million, compared to the same month last year; while the 12 coastal casinos fell by 5% to $83.3 million from $87.8 million in January 2012.
Worryingly, Mississippi’s year-over-year casino results have now shown a steady decline in each of the months since July. This is in spite of the fact that in 2012 Mississippi’s casinos showed a 1% improvement in revenue over the previous year for the first time since 2007 when state revenues reached their peak. However, the meager gain in 2012 was mostly due to the state’s casinos recovering from the floods which devastated the southern state in 2011 and caused an estimated damage to the local economy of $2.8 billion.
Mississippi’s gambling industry began in 1992 at a time when there were few other casinos open outside of Las Vegas and New Jersey. Since then there has been increasing competition to its casino industry from neighbouring states. They also seem to be faring better than Mississippi, and while Louisiana’s casino revenue was mostly flat in January, Arkansas reported a 12% increase in its gambling revenue  compared to January 2012.
Nevertheless, Mississippi Gaming Commission Chairman John Hairston was quick to dismiss this as the only factor affecting local casinos and duly pointed out that “We are in a recessionary period.”

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