Colorado casinos’ revenues drop 15 %
Black Hawk’s 18 casinos had us$ 40.6 million in revenue, Cripple Creek’s 16 casinos had us$ 10.9 million and Central City’s six casinos had us$ 5.2 million, according to data released last week by the Colorado Division of Gaming.
The industry has posted revenue declines every month in 2008 amid the economic recession, a smoking ban that extended to casinos in January and high gas prices during the first half of the year. Through November, casinos reported total revenue of us$ 667.2 million, down 12 % from 2007 when they posted revenue of us$ 757.8 million.
The industry is banking on a recovery in 2009 as changes under Amendment 50 go into effect. Under the measure, approved by statewide voters, the local gambling jurisdictions can hold elections to raise the bet limit from us$ 5 to us$ 100 and allow casinos to operate 24 hours a day and add craps and roulette.
Cripple Creek residents approved the changes this week, and Black Hawk and Central City plan to hold elections early next year. The changes can go into effect July 1.
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