Mississippi Casino Revenues Fall 3% to $162m in OctoberNovember 26, 2015 11:59 am
According to the latest statistics released by the Mississippi Gaming Commission, the state’s 29 casinos generated a total of $162 million in October, a 3 percent drop from the $166 million that was collected in the same month last year. From that tally, the 11 coastal casinos reported a 3 percent contraction in revenues to $88 million, while the river casinos were down by 2 percent to $74 million, year-over-year. While the decline was less surprising for the river casinos, who have seen their revenues shrink in 35 out of the last 40 months, it was less expected for the coastal casinos, whose October decline was just the 3rd time in 15 months.
On a more positive note, annual casino revenues in the Magnolia State are currently higher by 1 percent compared to the same period of time in 2014. At this rate, Mississippi may even manage to post a year-over-year gain by the end of 2015, which would mark just the second time it would have managed such a result in eight years.
Furthermore, the brand new Scarlet Pearl Casino is expected to bring in extra revenues for the state after it opens its doors for business in D’Iberville on December 9th. As well as offering 300 bedrooms, four restaurants, and a 36 hole golf course, the $290 million casino resort will also feature 1,300 slot machine, as well as 45 table games, and 10 poker tables. As Denise Barton, CEO of Scarlet Pearl, explains:
“The Mississippi Gulf Coast has remained relatively steady while other markets have declined. We believe that we can add to the positive momentum and grow the Mississippi Gulf Coast gaming community.”
As Denise Barton suggests, Mississippi’s casino revenues have mostly managed to hold steady over the last few years, in spite of the ever changing face of the casino industry, and the increasing level of competition coming from neighboring states. That said, annual state casino revenues have still plummeted by around $100 million since 2008.