Casino news source: The Sun Herald - http://www.sunherald.com/
BEST SEPTEMBER EVER
Casinos take in $109.8M
By TOM WILEMON
tewilemon@sunherald.com
BILOXI - Coast casinos surpassed their pre-Katrina revenues for the first time in September, taking in $109.8 million. It was the most money casinos ever made during the month of September since gambling was legalized in 1992.
"We've been telling everyone all along that Mississippi gaming would return with more revenue, more taxes and more jobs than it had pre-Katrina," said Larry Gregory, executive director of the Mississippi Gaming Commission. "We fully anticipated the increase due to all the openings in August and September."
The recovery of the Coast casino market follows the late summer reopenings of Beau Rivage, Grand Casino Biloxi, Hollywood Casino and Island View Casino. The Coast revenues pushed the statewide figure to $241 million, the most so far this year. Casinos in Tunica and along the Mississippi River also brought in their best September ever with winnings of $131.2 million.
The $109.8 million that Coast casinos took in compares to $86.5 million in September 2004 and $93.3 million in September 2003. The Mississippi State Tax Commission released the monthly report for September on Wednesday.
"I think these numbers indicate that this is a growing market, not one that is just spreading the dollars around," Gregory said. "Most importantly, the investors' eyes have been wanting to see these numbers. I think these numbers are positive for future development."
Matthew Jacob of Majestic Research said the trend in Mississippi is similar to what happened when Louisiana's casinos reopened. His firm has been tracking business at the Coast casinos through the use of scouts and other data-gathering methods.
"I'm not sure if I expected it to be this strong," Jacob said. "We definitely expected very strong growth in September. Our data was indicating the usage level was real high. It does seem like a good start for the return of the market."
Grand Casino Biloxi reopened in mid-August, Beau Rivage reopened Aug. 29, Hollywood Casino in Bay St. Louis opened Aug. 31 and Island View Casino in Gulfport opened Sept. 18.
"We weren't open but for 13 days in September," said Rick Carter, one of the owners of the Island View. "Those were very encouraging days. We still got a long ways to go. Our real numbers are going to start when we get the addition open in April."
The next Coast casino to open will be the Silver Slipper in Hancock County on Nov. 9. |
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