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Miss. casinos bring in $266M in July, just shy of pre-Katrina record
 Message was posted: 09:05 Aug 18th, 2007     
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Casino news source: USAToday - http://www.usatoday.com


Miss. casinos bring in $266M in July, just shy of pre-Katrina record

JACKSON, Miss. (AP) — Mississippi's gross gaming revenues reached $266.2 million in July, just shy of the all-time record of $266.3 million in July 2002.

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.

Mississippi casinos had revenue of $236.5 million in June.

Mississippi State Tax Commission records showed coast casinos soared more than 9%, from $107.7 million in June to $122.4 million in July. It was better than the former single-month record of $118.8 million in January 2005.

For the first seven months of this year, Mississippi casinos have earned $1.7 billion.

Gaming tax collections are tracked on the state's fiscal year, which runs from July 1 to the next June 30. Casino tax collections in July totaled $35.3 million, compared to $28 million in June.

The revenue picture was helped with the opening of the Hard Rock Casino in Biloxi.

"We're very pleased and we've always said that the Hard Rock brand would add to the market and increase awareness in the market," said Joe Billhimer, president of Hard Rock Casino Biloxi. "We're just proud to be among all these other good operators that were driving revenues in July."

The eight Biloxi casinos generated $97.3 million of the $122.4 million earned by the 11 coast casinos.

"We've gone from one casino 15 years ago to $122 million today," said Rich Westfall, community development director at Isle of Capri Casino Biloxi.

On Aug. 1, Isle of Capri celebrated the 15th anniversary of becoming the first casino in Mississippi.

"July has historically been the busiest month of the year for the casino resort industry," Biloxi Mayor A.J. Holloway said in a www.sunherald.com article.

"Overall, we've seen record-revenue months in way or another eight of the past 10 months in Biloxi. This growth is what's fueling the massive construction we're seeing not only on the waterfront but throughout the city," he said.





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