Mississippi’s state-licensed casinos won less money from gamblers in June than during any month since the reopening of coast casinos damaged by Hurricane Katrina in 2005.
Figures released by the Mississippi State Tax Commission show Mississippi’s 30 casinos won $189.7 million last month as the industry took in about $47.6 million, or 20 percent, less than in June 2008, when revenue was $237.3 million.
The June figure was the worst monthly showing for state-licensed casinos since December 2005, when destroyed and shuttered coast casinos began reopening after Katrina slammed into Mississippi in August of that year. The casinos won $145.7 million that month.
Casino revenue, or “win,” is the net amount of money won from gamblers. It is not profit.
The gross earnings figure represents casino revenue only – separate from hotel, restaurant or bar revenues generated by the resorts. The figures were released Friday.
A decline in revenue from last June was expected, Scott King, director of research and policy at the Gulf Coast Business Council in Gulfport, said. But he said the 20 percent slide was much larger than anticipated.
“If you compare June to previous June’s it is probably the worst since 1998,” King said. “So I think a lot of people are going to be watching to see how July turns out.” King said gamblers are still going to the casinos, but their pocketbooks and wallets have less money as the recession drags on the economy.
“Overall guest counts are not as bad as they could be, but people are just spending less,” King said. “Their gaming budgets are smaller.”
Casinos along the Mississippi River won $105.6 million in June, down from $120.9 million a year ago. Casinos along the Gulf Coast recorded a slide to $84.1 million from $116.4 million.
In May, casinos won $222.7 million, a drop from the May 2008 figure of $235.7 million.
Gaming tax collections are tracked on the state’s fiscal year, which runs from July 1 to June 30. Casino tax collections in June totaled $29.2 million and totaled $312.1 million since July 1. Collections were $344.6 million during the same period last year.
King said there is hope that the monthly losses compared to last year will narrow.
“We started seeing our big slide the second half of last year, so as we get into those months this year some of that will stabilize,” King said.
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