Casino revenue drops 8.8 percent in meltdown year

State News

October 23, 2009

Anonymous Picayune Item Fri Oct 23, 2009, 07:18 AM CDT

Biloxi — The year after the September 2008 national economic meltdown took a big bite out of gambling revenue for Mississippi’s state-licensed casinos.

For October 2008 through September 2009, gamblers left behind $2.53 billion, down 8.8 percent from the $2.77 billion the casinos took in from October 2007 through September 2008, according to figures compiled from Mississippi State Tax Commission reports.

Despite the rough year, the business is showing some signs of a recovery — and gambling companies are showing interests in additional casino sites, even though credit is still tight, a state regulator said.

“We’re still below double digits,” said Allen Godfrey, deputy director of the Mississippi Gaming Commission. “That’s better than a lot of the larger markets, such as Atlantic City and Nevada.”

In September, casinos along the Mississippi Gulf Coast actually had a better month than the previous September, winning $85.3 million, up a tad from $84.7 million. Casinos along the Mississippi River — including Tunica, Vicksburg and Natchez — won $101.5 million last month down from $107.5 million in September 2008. Statewide, the revenue total was $186.6 million last month, down 2.8 percent from $192.2 million the previous September.

First and foremost in the decline was the state of the national economy, Godfrey said. He said Mississippi was following a pattern seen in Nevada — roughly the same number of guests, but carrying tighter wallets.

“They’re still coming, but they’re not staying as long and not spending as much money,” Godfrey said. “That’s pretty well universal.”

Godfrey said casino companies are still showing interest in developing new sites, although actual development may be delayed until credit markets loosen up further. In Biloxi, the $700 million Margaritaville Casino & Resort, a partnership between Harrah’s Entertainment Inc. and Jimmy Buffett, remains on hold, one of numerous casino projects nationwide that has been put on ice by the recession.

In August, Mississippi casinos won $205.2 million. The figures do not include Indian reservation casinos, which are not required to report their winnings to the public.

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