Mississippi Casino Revenues Down 5% in MarchApril 26, 2016 12:46 pm
The Mississippi Department of Revenue has released its latest casino results, revealing that the state’s coastal and river casinos generated $188 million in March, lower by 5% compared to the $198 million that was collected in the same month last year.
While Mississippi’s 12 coastal casinos reported a 4% decline in their revenues to $103 million in March, the contraction was even more pronounced for the state’s 16 river casinos who won $85 million last month, down 7% year-over-year.
Despite March’s results, The Magnolia State’s casino revenues are still higher by 2% compared to the first quarter of 2015, as last month’s 5% decline was offset by positive growth in both January (+8%), and February (+5%).
Mississippi’s casino market peaked at $2.891 billion in 2007, but has since suffered six years of contracting revenues as competition from neighboring states has drawn gamblers away from their venues. While in 2015 business was up by 3.2% compared to the $2.07 billion generated in 2014, both figures were significantly down on the $2.136 billion collected in 2013.
In related news, a daily fantasy sports bills was recently passed in both the Mississippi House and Senate, and now just needs to be signed by Governor Phil Bryant to pass into law. The new piece of legislation proposes a Fantasy Contest Task Force be established to oversee and regulate the industry, and commenting on the news FanDuel released the following statement:
“The bill will allow fantasy players in Mississippi to continue to play — protected by firm consumer regulations all fantasy companies must abide by — while the state continues to study the issue. We are confident after comprehensive review the task force will recommend Mississippi embrace well-regulated fantasy sports for the legions of fans in the state who love to play.”