Mississippi Casino Revenue Down In November To $179.6mDecember 27, 2010 10:11 am
After three months of positive results, Mississippi’s casinos have now posted a fall in their year on year gambling revenue for November by $5.8 million.
Not including Indian tribal casinos which are exempt from public scrutiny by law, Mississippi’s thirty casinos generated $179.6 million of revenue in November, compared to $185.4 million in November 2009.
The 19 casinos located between Tunica and Natchez in the Mississippi River region accounted for much of the decline in revenue and were down $4.2 million for the month to $94 million, compared to last year.
Alternately, the 11 Coast casinos were off $1.5 million in November to $85.7 million compared to $87.2 million in the same month last year.
Despite Mississippi’s November casino gambling revenue being down, its third quarter results for 2010 is still $11 million better off than 3Q 2009. However, the state’s revenue is $10 million down overall on last year and unlikely to bridge the gap with just December’s results to be counted.
Overall, Mississippi state received $21.1 million in casino gambling taxes for November, with gaming taxes from the start of the fiscal year (July 1st) totaling $119.1 million.
Commenting on the latest figures, Gaming Analyst Steve Schwartz said:
“What we saw in November in Mississippi is typical of the casino industry in the latter months of the year. People started to get ready for the holidays earlier this year than usual, and that meant that much of their spending money went to gifts instead of slot machines and poker tables.”
Over the past few years the casino industry in the US has been undergoing a transformation and has experienced plenty of upheavals as states try to balance their budgets.
Mississippi’s gaming industry seems to has been less affected than the USA’s main gambling desinations of Nevada and New Jersey, both of whom are in the doldrums and experiencing declining monthly revenues.
However, the real success stories belong to newcomers Pennsylvania, Maryland, Maine, and Delaware, which have seen their fledgling industries consistently growing over their recent history