Mississippi Casino Revenue Down 6% To $192m In JulyAugust 27, 2013 12:28 pm
The Mississippi Gaming Commission has released its casino results for July, revealing a sharp 6% fall in revenue to $192.1 million compared to the same month last year. The state’s latest figures adds to concern about Mississippi’s casino industry, which has been in steady decline since 2007, mostly due to the global recession and growing competition from nearby states, such as Louisiana. Since July 2012, casino revenue has now declined in all but one month with Mississippi casinos collecting roughly 75% of the amount they collected in 2007.
Also adding to the disappointment is the fact July is typically the best month for casinos in Mississippi, but since the state’s single-month winnings record of $268 million was hit in July 2008, revenue has declined every July since, culminating in last months figure of $192 million.
Breaking July 2013’s casino results down further, Mississippi’s 12 coastal casinos generated $97 million in revenue, down 8% from the $105.4 million they won the previous year, while the state’s 18 riverboat casinos won $95.2 million, down 4% from the $93.7 million they took in July 2012.
Highlighting the challenges facing Mississippi’s gambling industry, this year saw January’s casino result drop to its lowest point since 1997, February’s since 1998, and April’s revenue fall to its lowest tally since 1998. Commenting on the situation, Mississippi Gaming Commission executive director Allen Godfrey, said:
“People are more cautious with their money now..They just stopped coming. And we have to come up with the amenities to bring them back.”
Ways in which Mississippi has tried to reverse the continuing dramatic decline in its lucrative casino market recently includes several casino offering a $1 million giveaway promotion every Saturday night called the Millionaire Maker.