{"id":109685,"date":"2019-07-20T00:58:04","date_gmt":"2019-07-20T07:58:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=109685"},"modified":"2019-07-20T10:40:59","modified_gmt":"2019-07-20T17:40:59","slug":"louisiana-riverboats-endure-june-swoon-only-one-sees-revenues-rise","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/louisiana-riverboats-endure-june-swoon-only-one-sees-revenues-rise\/","title":{"rendered":"Louisiana Riverboats Endure June Swoon as Only One Sees Monthly Revenues Jump from 2018"},"content":{"rendered":"

June was not a lucky month for Louisiana\u2019s riverboat casinos.<\/p>\n

\"\"
The Boomtown Bossier City riverboat casino has struggled recently, like other Louisiana riverboats, to attract patrons. Boomtown saw its adjusted gross revenue decline by more than $2 million in Fiscal Year 2019. (Image Boomtown Bossier City)<\/figcaption><\/figure>\n

Data from the Louisiana Gaming Control Board showed that of the state\u2019s 15 boats, only one of them saw an increase in revenue last month compared to June 2018. That winner was the Margaritaville Casino Resort in Bossier City.<\/p>\n

It\u2019s $13.9 million in revenue last month was just $80,181 higher than its June 2018 totals. Still, the .6 percent growth made it the best performer. In all, the riverboats took in $151.7 million in June, that\u2019s down about 10.2 from last year\u2019s take of nearly $169 million.<\/p>\n

\n

The steepest declines took place in Baton Rouge, which saw its three casinos decline by more than 13 percent from June 2018. The biggest loss came from the Belle of Baton Rouge. Its $2.3 million for \u00a0June 2019 was more than $1.7 million \u2013 or 43 percent \u2013 off last year\u2019s total.<\/p>\n<\/div>\n

According to the Greater Baton Rouge Business Report<\/em>, it marked the 22nd consecutive month the city\u2019s riverboats endured a year-over-year decline.<\/p>\n

Fiscal Year Reports Not Much Better<\/h2>\n

The fiscal year-end reports do not paint a much better picture for the state. Of the 15, only four saw increases in adjusted gross revenue in Fiscal Year 2019, which ended on June 30. The Golden Nugget Lake Charles took over the top spot among the state\u2019s boats thanks to a $6.5 million, or 2.1 percent, jump from FY2018. With $319.6 million in revenues, it was $8.5 million better than L\u2019Auberge Lake Charles.<\/p>\n

Others that saw year-to-year increases were Margaritaville, a 2.8 percent jump to $162.5 million; the Amelia Belle, a 4 percent increase to $44.7 million; and Boomtown New Orleans, a 1 percent jump to $118.1 million.<\/p>\n

The state\u2019s other casino gaming venues saw very modest gains. Harrah\u2019s New Orleans<\/a>, currently the state\u2019s only land-based casino, saw a $3 million, or 1 percent, increase in gross gaming revenue to $291.5 million.<\/p>\n

The state\u2019s four racetracks, which offer slots, saw marginal revenue increases at three venues. Delta Downs reported adjusted gross revenues of $184.2 million, just .2 percent better than last year. Evangeline Downs reported a 1.2 percent increase to $83.1 million, and Fair Grounds Race Course\u2019s slots revenue jumped 2.8 percent to $43.7 million. Harrah’s Louisiana Downs was the only decliner among tracks, with its $44.1 million down just $200,000 – or .5 percent – from 2018.<\/p>\n

Competition, Tax Rates Hurting Louisiana<\/h2>\n

In April, the Louisiana Department of Economic Development received a report from Spectrum Gaming Group that analyzed all forms of gambling currently available legally in the state. Since 2008, casino gaming has seen revenues declined by 1.5 percent.<\/p>\n

One of the main reasons for the decline has been the increased competition in nearby states. The casinos in the Bossier City and Shreveport areas have been hurt by Oklahoma\u2019s tribal casinos, which are closer to the Dallas-Fort Worth metropolitan area.<\/p>\n

Mississippi casinos continue to siphon Louisiana gamblers,\u201d <\/span><\/strong>the report stated.<\/span> \u201cThe Mississippi Gaming Commission estimates that in 2018 there were 3.3 million visits by Louisiana residents to the Gulf Coast casinos and 500,000 to the state\u2019s Central Region casinos.\u201d<\/span><\/strong><\/p><\/blockquote>\n

Mississippi\u2019s casino tax rate is much lower, 11.6 percent, compared to Louisiana\u2019s 26 percent. In addition, Mississippi does not tax free plays. The Spectrum study said the tax discrepancies mean companies owning casinos in both Louisiana and Mississippi are better off investing and marketing their Mississippi venues to Louisiana patrons.<\/p>\n

\u201cAfter all, the same player with the same gaming budget is simply worth more to the casino operator in Mississippi,\u201d it stated.<\/p>\n

Last year, the state legislature approved a bill allowing riverboat casinos to move inland<\/a>. Spectrum anticipates two venues doing just that by 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

June was not a lucky month for Louisiana\u2019s riverboat casinos. Data from the Louisiana Gaming Control Board showed that of the state\u2019s 15 boats, only one of them saw an increase in revenue last month compared to June 2018. That winner was the Margaritaville Casino Resort in Bossier City. It\u2019s $13.9 million in revenue last […]<\/p>\n","protected":false},"author":45,"featured_media":109697,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nLouisiana Riverboats Endure June Swoon, Only One Sees Revenues Rise<\/title>\n<meta name=\"description\" content=\"Of the 15 Louisiana riverboast casinos, only the Margaritaville Casino Resort in Bossier City reported a revenue increase from June 2018 to June 2019.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Louisiana Riverboats Endure June Swoon, Only One Sees Revenues Rise\" \/>\n<meta property=\"og:description\" content=\"Of the 15 Louisiana riverboast casinos, only the Margaritaville Casino Resort in Bossier City reported a 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