International edition
October 23, 2020

Casinos took in us$ 2.36 billion for the fiscal year that ended June 30

Louisiana casino take falls 7.1 % in 2009-10 fiscal year

(US).- Battered by less consumer spending and fewer discretionary dollars, Louisiana's state-licensed casinos finished their latest fiscal year with a 7.1 % drop in winnings from the previous year.

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or the state fiscal year that ended June 30, the 13 riverboat casinos, Harrah's Entertainment's land casino in New Orleans and the four race track casinos took in us$ 2.36 billion, down from us$ 2.54 billion in 2008-09.

The take from about 14,700 video poker machines at bars, restaurants, off-track betting parlors and truck stops slid 9.8 % to us$ 605.7 million, giving players at casino-type games a tab of us$ 2.97 billion for the year, down 7.2 % from us$ 3.2 billion the previous year.

Cory Morowitz, who follows the casino business for Galloway, N.J.-based Morowitz Gaming Advisors, said the drop exceeded those in other casino states with the exception of Atlantic City, which has been battered by competition from Pennsylvania, and destination markets such as Las Vegas. "You still have the macroeconomic data about consumer spending," Morowitz said. "Despite the talk, we're not out of the woods yet. This is a very dull recovery."

Morowitz said that if the moratorium on deepwater petroleum drilling remains intact, the gambling business will take its share of grief along with the rest of the southern Louisiana economy.

In June, the casinos won us$ 184.7 million, down 4.5 % from us$ 193.4 million in June 2009. The riverboats won us$ 128.8 million, the New Orleans casino took in us$ 25.5 million and the track casinos won us$ 30.4 million.

Among the state's casino markets: Shreveport-Bossier City, with five riverboats and the Louisiana Downs casino, continued showing strain from increasing competition from Oklahoma Indian nation casinos. Last month, those outlets won us$ 59.1 million, down from us$ 61.5 million in June 2009 and us$ 68.8 million in June 2008.

The Lake Charles market, with three riverboats and the Delta Downs casino, won us$ 50.4 million last month, down from us$ 53.8 million in June 2009 and us$ 56.9 million in June 2008. Earlier this year, Pinnacle Entertainment canceled plans for its second riverboat casino-hotel in that market, which, like Shreveport-Bossier City, is heavily dependent on Texas players.

In New Orleans, with Harrah's, two riverboats and the Fair Grounds casino, players lost us$ 48.2 million last month, down from us$ 50.2 million in June 2009 and us$ 56.4 million in June 2008.

The two riverboats in the Baton Rouge market won us$ 15.2 million last month, down from us$ 16.2 million in June 2009 and us$ 18.4 million in June 2008. Pinnacle Entertainment is moving ahead with plans for a third gambling boat in that market.

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