Mississippi casinos post strong June results
July 22, 2011
The re-opening of river county casinos combined with continued strength on the Gulf Coast made for a strong June revenue report in Mississippi.
Revenue in the 19 riverside casinos more than doubled in June, to $91.6 million from $42 million in May. The figure was still short of last June, when the river counties generated $102.4 million, but the results were nonetheless welcome as some casinos didn’t even re-open until June, including Isle of Capri in Natchez, which was the last to re-open on June 17.
The deficit was almost made up by gains in southern Mississippi, where the 11 Gulf Coast casinos won $93.9 million, up $7 million from last June and $10 million from June 2009. June’s Gulf Coast results would have been even better had Palace Casino not been closed two weeks for renovation. All told, total revenue for the month $189.5 million, down 2.1 percent from last June.
The report was the latest sign of a turnaround in Mississippi, particularly on the Gulf Coast, where cumulative revenues are $9 million ahead of last year, compared with a deficit of $15.5 million through the first six months of last year.
Kim Fritz, director of the Mississippi Casino Operators Association, told the Sun Herald the turnaround on the Gulf started in the second half of 2010 and has continued this year. She said the investment of Margaritaville Casino, which is under construction in East Biloxi, and the recent purchase of IP Casino Resort by Boyd Gaming, show strength in the Biloxi and South Mississippi casino market. “There are definitely signs of a positive trend,” she said.
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