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  Stability in casino revenues

Revenues generated by the Mississippi in June were generally flat due to the recovery by the gambling halls along the Mississippi river making up for losses on the Gulf Coast. As declared by the Mississippi Department of Revenue on Tuesday; from June 2011, the overall revenue had gone up by less than one percent, i.e. $18.9 million whereas the revenue of the whole state in May was down less than $150,000. An amount of $89.9 million was collected in June by the twelve coastal casinos from the customers, i.e. down by 4.3% than the amount of $94 million collected in June, 2011. The figures of seventeen river casinos from Tunica to Natchez showed the amount of $97 million, i.e. higher by five percent from the figure of June, i.e. $92 million during the last year when the riverfront casinos were facing the floods, leading to massive shutdowns. Figures of Choctaw Indian casinos are not reflected here as they are not required to submit the same to the state.
In spite of the fact that June is the first full month at Margaritaville Casino & Restaurant in Biloxi, facilitating license to the Jimmy Buffett-themed casino for expansion of overall gambling in Mississippi, the coast has shown a downward trend in terms of casino revenues. Margaritaville would go ahead with a branch at the Resorts Casino Hotel in Atlantic City, N.J. in 2013, i.e. its fourth casino. After the slump, the gambling halls in Mississippi have been struggling hard to regain their status. Expansion of casinos is still on the cards for many investors. An exemption of property taxes for twelve years has since been announced by the Biloxi City Council on Tuesday for a new 154-room hotel tower at the Hard Rock Casino Biloxi. The facility is being provided to support Leucadia National Corp., the owner of Hard Rock. Three other ownership groups are seeking the approval from the Gaming Commission to construct the gambling halls. Natchez will have another casino that is under construction. In June, an amount of $203 million was collected by Louisiana’s state-licensed casinos, i.e. three percent higher from June 2011 but less than May 2012.


   2012-08-03






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