Louisiana Revenues Slide During June at Casinos & Racinos
Louisiana casino and racino revenue fell 3.6% in June compared to May.
All four sectors of the Louisiana gaming market – video gaming, riverboat casinos, one land-based casino and racinos (slots at racetracks) – dipped slightly in a month-over-month comparison.
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June ended a streak of three consecutive months where combined revenue exceeded $300 million for Louisiana gaming. The Bayou State’s revenue in June was $294,951,445, off by about $11 million from the $305,898,831 recorded in May.
Breakdown of June Revenue
None of the four segments of Louisiana gaming took a major hit in June; the steepest drop was for video gaming, which decreased more than $4 million, from $77.65 million in May to $73.4 million, according to monthly figures posted by the Louisiana Gaming Control Board.
The other three segment fell off by somewhere between $2 million and $3 million. The state’s 13 operating riverboat casinos declined from $168.1 million in May to $166.1 million; the land-based casino at Harrah’s in New Orleans fell from $26.75 million to $24.6 million and the four racinos dropped from $33.4 million to $30.9 million.
June was the second straight month where revenues fell; the May total was down 4.6% from the April figure of $320.5 million in combined revenue.
Sports Betting Preparation ramping up
It was not all bad news for Louisiana casinos in June. The state is continuing to ramp up its efforts to prepare for the eventual launch of sports betting.
The latest piece of that puzzle happened at Coushatta Casino in Kinder, which secured a deal with International Game Technology to supply sports betting.
Louisiana has been making progress toward launching sports betting since November, when voters in 55 of 64 parishes approved a ballot measure to legalize it. Gov. John Bel Edwards signed sports betting legislation into law in June, but there is no exact timetable for its implementation.
Daily fantasy sports is also very close to a launch in Louisiana after a couple of years of delays. DraftKings has received its DFS license from the LGCB and is close to launching, though no exact date has been set.