Gross gaming revenue fell by 3.5 percent for the fiscal year ended June 30

The recession has taken a hit on Iowa casinos, where revenues have dropped for the first time since 1993.

State regulators say revenue fell by 3.5 percent for the fiscal year ended June 30. According to the Iowa Racing and Gaming Commission, the state’s 17 casinos reported gross gambling revenue of $1.3 billion, down from $1.4 billion in fiscal 2009.

Commission Chairman Greg Seyfer says it's a sign the economy is taking a toll and that the state may be close to hitting the saturation point.