Louisiana Casinos Not Experiencing Much Revenue Movement
The casino gambling industry in the US has been struggling for so long, that it has become a moral victory for casinos and states when their gaming revenue holds steady. That is the case in Louisiana, where gambling revenue has stayed stagnant over the past couple of months.
In April and May, Louisiana casinos did not drop in revenue, and that can be considered a positive in today's gaming industry. For May, Louisiana casinos won $203.2 million. That number was only slightly down from the $203.6 million the casinos won in May of 2010. When the numbers are that close, analysts believe it could just come down to a lucky gambler here and there.
"That type of drop off of less than a million dollars could easily be explained by the weather, or a gambler who happened to get lucky and hit big in one month," said Gaming Analyst Brad Dawkins. "It doesn't make much sense to read more into it than that. The fact that they are staying close to even is a good thing for the industry's future."
In April, gamblers lost $202.5 million, again on par with the May figures. While the rest of the country has dealt with the economic recession, Louisiana has also had to overcome Hurricane Katrina in 2005, and various storms in the past couple of years that have forced casino closures.
The industry has not only survived the economic challenge, but they have started to expand. Pinnacle Entertainment is prepared to open a new riverboat casino in Baton Rouge. The casino will be competing with another riverboat casino set to open in Lake Charles. Creative Casinos LLC is developing the Lake Charles casino.
The Gulf Coast is dealing with competition from all over the US as many states have expanded their casino options. Mississippi, another Gulf Coast state, is expected to see much lower revenue than Louisiana casinos after tough weather caused many Mississippi casinos to close in May.
Las Vegas and Atlantic City, the two biggest gaming markets in the US, have both experienced double digit declines in revenue in the past couple of years since the recession. Nevada casinos have started to rebound, with the World Series of Poker taking place at the Rio in Las Vegas from May until July. many AC casinos are trying to survive by re-branding themselves.
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