2009 Fiscal Year The Worst Ever For Casino Revenue In Colorado

Colorado has recently made changes to their laws that will encourage more casino gambling. It apparently comes at the right time after the Colorado Division of Gaming released poor revenue figures Thursday for the 2009 fiscal year.

The fiscal year ended on June 30th and the state is reporting that its share of the revenue was $94.9 million for the year. That figure is down from $108.17 million in 2008. The economy is to blame for much of the revenue loss.

"In this economy people simply do not have extra cash laying around to spend gambling at a casino," said observer Maury Gropes, "hopefully the new laws will help revive the casino industry, and get the revenue figures back to what the state and the casinos are accustomed to."

It has been a rough couple of years for Colorado casinos. The revenue decline in 2009 marks the second consecutive year that revenue tax money has declined in the state. In 2008, it dropped almost four million from the previous year.

Central City is one of the three areas where casino gambling is permitted in Colorado. The revenue from their six casinos dropped 14.9% over the previous year. Other areas were not hit as bad.

In Black Hawk, which has the most casinos in the state at eighteen, revenue fell 9.6%. Over in Cripple Creek, the sixteen casinos produced a revenue decrease of 5.1%. All three areas are hoping the new laws will help increase business.

July 17, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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