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Casino revenue takes a hit in January | Casinos

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Casino revenue takes a hit in January | Casinos

Rising gas prices and increased competition cut into the winnings at casinos across Mississippi in January.

The Mississippi Department of Revenue reports the winnings at the Coast casinos separately from the river casinos. Most months, the combined revenue at the 12 Coast casinos is lower than at the 18 river casinos.

In January, however, the Coast casinos saw a 5 percent drop in winnings to $83.3 million and the river casinos' winnings dipped more substantially -- 13 percent from a year ago to $77.9 million.

It was the eighth straight month the river casinos were down year over year.

Across Mississippi, casinos won $161 million, a drop of 9 percent from January 2012.

Increased competition from Arkansas has cut into the revenue at the river casinos. Arkansas reported its gambling revenue in last month increased by $55 million or 12 percent compared with January 2012.

Louisiana casinos won $185.2 million in January, down slightly from the $185.7 million in January 2012. New casinos opening there this year could affect winnings at Coast casinos.

On Thursday, the Mississippi Gaming Commission adopted new regulations that will require developers to build upscale casinos with amenities that will grow the market and compete with properties in other states.

Gaming Commission Chairman John Hairston said when the industry began in Mississippi in 1992, there were few casinos other than in Las Vegas and New Jersey. Now gambling is legal in most states and Hairston said it will take something unique to keep drawing people to Mississippi casinos.

The visitor count at Coast casinos hasn't bounced back to pre-Hurricane Katrina levels.

Read more http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG_ZnPwbl5x-cNkCj_sXXJXzeqOPQ&url=http://www.sunherald.com/2013/02/22/4483983/casino-revenue-takes-a-hit-in.html

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