Published: November 20, 2008 10:19 am            

MS--Mississippi-Casino Revenue

JACKSON, Miss. (AP) — Mississippi's casino revenues rebounded by $9 million in October from a hurricane-plagued September but are down nearly 3 percent from a year earlier amid the national economic malaise.

Mississippi casinos took in $211.1 million in October, up more than 4 percent from September, according to figures from the State Tax Commission.

That is 2.7 percent less than in October a year ago, when revenues totaled $217.1 million, and down 4 percent for the first 10 months of this year at $2.3 billion, compared to $2.4 billion from January through October 2007.

Win, or casino revenue, is the net amount of money won from gamblers. It is not profit.

The gross earnings figure represents revenue with no operating costs or other expenses deducted. And it's casino revenue only — separate from hotel, restaurant or bar revenues generated by the resorts.

The Mississippi River casinos took in $114.2 million, up about $7 million from September. The coastal market took in $98.8 million, up $12 million from September.

"Those are good, stable, consistent numbers given the state of the economy," said Gaming Commission chairman Jerry St. Pe. "I think the statistics continue to reflect that we're doing better here in Mississippi, not just in gaming, but in other businesses."

The casino industry saw an 18.8 percent drop in revenue in September from August. The downturn came during a double whammy of Hurricanes Gustav and Ike.

Gaming Commission officials had expected some slowdown in response to the sluggish economy.

When compared to October 2007, revenue for the coastal casinos held steady while casinos along the Mississippi River took in about $13 million less than a year ago.

The October figures reflect earnings from the 29 state-regulated casinos. Revenues from the state's 30th casino — the Riverwalk in Vicksburg — will show up in November revenue figures.

Gaming tax collections are tracked on the state's fiscal year, which runs from July 1 to June 30. Casino tax collections in October totaled $22.7 million and $106.4 million since July 1.

Tax collections in the fiscal year that ended June 30 totaled $344.5 million.

        

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