Louisiana Casino Revenue Hits $2.37 Billion In 2011January 20, 2012 12:33 pm
The state of Louisiana has released its casino figures for December 2011, showing a 1.2% decline in revenue to $201.9 million compared to the same month in 2010.
Breaking the figures down further, around 2.6 million people visited Louisiana casinos in December with revenue at the state’s 13 riverboat casinos declining by 1.7% to $138.6 million compared to last year. Meanwhile, revenue at the only land-based casino in the state, Harrah’s, was also largely flat down 0.2% to $32.1 million, while the state’s four racetrack casinos similarly saw their revenue change by a mere margin, up 0.1% in December yoy to $31.2 million
Collectively, Louisiana casinos generated $2.37 billion in revenue in 2011, a figure largely the same as the year before. Furthermore, the amount excludes three Indian reservation casinos which are exempt from publicly reporting their winnings.
At a time of economic downturn in the US, Louisiana casinos therefore appear to be weathering the storm well and chairman of the Louisiana Gaming Control Board, Dane Morgan, has stated that around $1 billion has already been earmarked for new casino projects and developments.
In addition, next year Louisiana is poised to benefit from a new 400 room hotel-casino, complete with a convention center and an 18-hole golf course. Currently, Las Vegas casino developer Creative Casinos is in the process of completing financing for the $400 million Mojito Pointe Casino Resort in Lake Charles, with construction scheduled to begin around February 18th and completion in 2013.
However, the Creative Casinos and MGM Resorts International collaboration is dependent on the funding first being there, and as Dan Lee from Creative Casinos explains:
“All of the commitments are contingent on us having all of the money. Nobody wants to own part of an unfinished building.”