Louisiana has a month of decline in June for casino revenue

0

Louisiana is sweltering in the summer, and that could be a factor in chilling casino action.

Louisiana casinos and racinos revenue in June totaled $265 million across four industries, down 4.2% from the $276.7 million reported in May.

The June figure was the lowest in the state for all four categories combined — land-based casinos, river casinos, racetrack slots (racinos) and video terminals — since January, when the state took in $253.7 million. of dollars.

Last month’s revenue was also down about $27 million from June 2021, when the statewide total hit $294.95 million.

However, the news was better in terms of comparing the 2021-22 fiscal year, which ended in June, with the 2020-21 fiscal year.

Meanwhile, sports betting also declined in June, a typical development nationwide in a slow sports month.

Louisiana has yet to make real money online casinos a legal reality.

Here are three takeaways from the game in Louisiana for June.

Three of the four sectors are experiencing a monthly decline

The only Louisiana gaming component to see an increase in revenue from May was the state’s only land-based department store, Harrah’s New Orleans Casino. That facility brought in $21 million in revenue in June, according to the Louisiana Gaming Control Board, a 1.2% increase from $20.75 million the previous month.

The biggest drop in a month-to-month comparison came in racinos, which reported an 8.3% drop from $29.58 million in May to $27.11 million on last month.

Video game terminals (VGT) brought in $64.9 million in June, down 6.5% from May’s $69.4 million. More than 12,000 machines are available at hotels, bars, restaurants, roadhouses and OTBs at Louisiana racetracks.

And the 13 river casinos operating in the Bayou State generated nearly $152 million in revenue last month, down 3.2% from about $157 million in May.

Fiscal Year Numbers Rise in Louisiana

For fiscal year 2021-22, riverside casinos combined generated just over $1.8 billion in revenue, a 12% increase from the $1.62 billion recorded in fiscal year 2020- 21, which ended in June 2021.

Harrah’s New Orleans Casino grew 7% from $213.2 million in 2020-21 to $228.3 million in the fiscal year just ended.

Racino’s revenue increased 3% from $321.5 million to nearly $330 million, and VGT increased 8% to $829.3 million in fiscal 2021-22 .

The new 2022-23 fiscal year began on July 1.

Latest Louisiana Sportsbooks

A summer swoon in sports betting is nothing to worry about, even in a state where betting on such events is legal for the first time.

Across the country, legal and regulated sports betting markets record their lowest months for the handle (or bet amount) at this time of year, when there is no NFL or football. university.

This applies just as much, if not more, to football-crazed Louisiana, where the Saints and LSU Tigers tend to dominate sports interest and are sure to generate tons of action when these games become legal to bet online for. the first time during the coming fall season. .

The in-state handle of online and retail sportsbooks combined was $132.4 million in June, down 22.6% from $171.1 million in May. Online sports betting continued to dominate as it has since the launch of this part of the market in January, with mobile operators taking 86% of wagers made in the state (retail sports betting in Louisiana began in October 2021).

Revenue fell even further, dropping 57.7% from $25.33 million the previous month to around $10.7 million in June.

Share.

About Author

Comments are closed.