Mississippi Casinos Down 3% To $164m In November

Mississippi Casinos Down 3% To $164m In November The Mississippi Department of Revenue has released its casino figures for November revealing a 3.4% fall in revenue to $164.4 million compared to the same month last year. Overall, however, casino state revenue is currently $13 million ahead of that collected for the first 11 months of 2011.
Breaking the numbers down further, Mississippi’s 17 river casinos were down by 1% to $83.9 million, while its 12 coastal casinos similarly were down by less than 1% to $80.5 million. Traditionally November is a slow month for the Coast casinos and this year was no exception with the businesses reporting their lowest monthly earnings post Hurricane Katrina in 2005.
Back in 2007, Mississippi casino revenue peaked at $2.9 billion and has been in steady decline ever since with 2010 generating $2.4 billion and 2011 around $2.24 billion. In addition, over 3,500 employees have been laid off since 2007 as the recession and increased competition from nearby states, such as Louisiana, continue to eat into its business. By contrast, in November, Louisiana’s casino revenue was up by more than 10% to $193 million compared to the $175 million they generated in November 2011.
Nevertheless, Mississippi remains hopefully its casino industry will improve before long with new casino expansions planned over the next few years. For instance, Rotate Black is  proposing a $112 million, luxury four-star hotel in the Gulfport Harbor, which is expected to employ 650 staff, while other developments are planned in D’Iberville. As Mississippi Gaming Commission executive director Allen Godfrey, commented:
“Given the continued interest in the Gulf Coast for new gaming properties, I feel positive going into 2013.”

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