Mississippi Casino Revenues Flat In June

Figures just released by the Mississippi Department of Revenue reveal casinos across the state generated $174 million from gamblers in June, up by 0.4% compared to the same month in 2013. Casino revenues in The Magnolia State are now down by 4% over the last 12 months, and 25% lower than their 2007 peak of $2.9 billion. Furthermore, Mississippi casino revenues have fallen in 21 of the last 24 months.
Breaking June’s results down, Mississippi’s 18 river casinos generated 12% less revenues at $78.7 million, while its 12 coastal casinos saw revenues soar by 13% to $95.7 million, representing their best June since 2008.
Commenting on the Gulf Coast’s impressive numbers, Mississippi Gaming Commission executive director, Allen Godfrey, said: “I think this is a positive statement for the Gulf Coast. I think what you’re seeing is the reinvestments and amenities in place are making a difference. I think the market is rebounding and bringing more patrons onto the property.”
On the other hand, the river counties, most notably in the Tunica Resorts area, continued their spiral downward in June, with the $78.7 million in revenues generated representing its worst June since 1994, a time just four years after casino gambling was legalized in Mississippi. Much of the monthly decline can be attributed to the closure of Harrah’s Tunica, reflected in Tunica County reporting a decline in casino revenues to $53.6 million from $62.3 million in June 2013.
Worryingly, however, Tunica County also reported steep declines in both April and May, indicating that not only was Harrah’s custom  already evaporating, but that the county’s remaining eight casinos had failed to capture the venue’s lost business. Commenting on the trend, Tunica Convention & Visitors Bureau CEO Webster Franklin said that it showed “an overall decline in the market itself.”
Tunica’s casino market may not have hit rock bottom yet, either, and as Allen Godfrey, explains: “Do I think that’s probably where we’re headed? I’d like another month or two to see.”