Mississippi Casino Revenue Down By 2% in 2017
The Mississippi Department of Revenue has recently published a report which revealed that 2017 revenue was 2% down when compared to the year before. According to the figures, revenue fell by more than $40 million to $2.08 billion.
December results showed a slight improvement over the corresponding month of 2016, with gambling industry recording a 3% increase to $176 million.
Numbers Going Down
The state’s coastal casinos barely made it to the plus column, recording an increase of less than 1% ($1.19 billion).
Such as it is, this result marks the fourth consecutive year the coastal casinos in Mississippi record growth in revenue. December was the second-best month of the year in terms of revenue increase since $99 million represented a rise of 7% over the same month of 2016.
2017 was another bad year for the river casinos operating in Mississippi, but this nothing new bearing in mind that their revenue has been dropping every year since 2006. In 2017, the state’s 16 river casinos grossed $885 million, 5% less than in 2016. December wasn’t as bad as the rest of the year, with a drop of only 1.4% to $77 million.
Facing Tough Competition
Gambling venues in Lula and Tunica County experienced a significant drop in revenue, mainly due to heavy competition from casinos in neighboring Arkansas.
During 2017, the state collected around $250 million in taxes whose rates are among the lowest in the United States (the third-lowest, to be precise).
Mississippi is the nation’s sixth-largest gambling market, with the Golf Coast being the eighth-largest casino market in the US, and the Tunica/Lula the 17th largest, but bear in mind the figures don’t include the results recorded by Choctaw Indian casinos since they are in no obligation to report their winnings.