Mississippi Casinos Down 7% To $174m In JuneJuly 23, 2013 2:01 pm
The Mississippi Gaming Commission has released its casino figures for June, revealing a 7% decline in gross revenue to $174.5 million, compared to the same month in 2012.
Last June, the state’s casinos actually recorded a 1% increase in revenues as casinos rebounded following the dramatic 2011 Mississippi River floods, but year-over-year casino revenues have now dropped in 11 of the last 12 months. Overall, however, Mississippi casino revenues have actually been in steady decline since 2007, mostly due to the US economic downturn as well as increased competition from neighbouring states. Particularly affected has been casinos located along the river, such as in Tunica, Lula and Greenville, as they face greater gambling competition from nearby Arkansas.
In fact, the past 12 months have seen Mississippi casinos generate only 75% of the money they did in 2007, leading to fewer jobs as casinos reduce the number of employees required. Also down over the same period are state gambling tax collections which have now fallen to just $60 million.
Breaking June’s results down further, revenues at Mississippi’s 18 river casinos were down by 8% to $89.3 million compared to $97 million in June 2012; while the state’s 12 coast casinos generated $85.2 million, down 5.2% from $89.9 million June 2012.
The US casino industry as a whole is continuing to recover from a painful economic downturn that has been affecting the entire gambling industry for several years. Also reporting lower casino revenues in June was St. Louis down 13.2% to $83.5m; Atlantic City down 12.6% to $240m; and Ohio down 4.9% to $68.6m.