Mississippi casino revenues on pace for 15-year low
May 21, 2013
JACKSON, Mississippi – Mississippi casinos could be headed to a 15-year low in gross gaming revenues, if the trend from the first four months continues the rest of the year.
April figures released by the Mississippi Gaming Commission this week show another month of revenue decreases as casinos attempt to reverse the trend of out-of-state gamblers staying out of state.
“People are more cautious with their money now and they tend to stay closer to home,” said Godfrey.
He added that out-of-state visitors decreased dramatically from 2008 to 2012, falling from 36.5 million to just under 25 million.
“They just stopped coming,” he said. “And we have to come up with the amenities to bring them back.”
Casino revenues in the state have been dropping since 2007, because of the recession and increased competition. Casino analysts point to the need for more amenities in the Tunica area and along the coast to reverse the downward spiral.
In an effort to stop the trend, some Tunica casinos have instituted a $1 million giveaway every Saturday night and are planning a new advertising campaign to counter negative-stereotype ads from a greyhound park and casino in Arkansas. The search is also on for new amenities on the coast. The latest effort came last week when the Biloxi City Council added its support to an effort to build a stadium and bring a Double-A baseball team to the city.
[Stadiums don't create economic development.]
http://msbusiness.com/businessblog/2013/05/21/mississippi-casino-revenues-on-pace-for-15-year-low/
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