Iowa’s 18 state-licensed riverboat casinos and racetracks generated a record $1.46 billion in revenue in fiscal year 2012, a percent improvement over last year’s numbers.
The results were aided by the first full year’s revenue from Grand Falls Resort in the northwest portion of the state and an above-average economy. Iowa’s unemployment rate is at 5.3 percent, well below the national rate of 8.2 percent. A milder winter and improved consumer confidence also helped, according to Wes Ehrecke, president and CEO of the Iowa Gaming Association.
“There’s maybe still some uncertainty, but I think there’s more consumer confidence than there was back in 2008 and 2009,” Ehrecke told theSioux City Journal. “Because of the economic downturn, I think people maybe don’t have the budgets to travel as far, but still want some entertainment. I think Iowa has done very well in providing some premiere entertainment destinations along with great customer service. I think that keep things fairly stable with some uptick in growth here.”
Overall, 11 of the 15 Iowa riverboats posted year-over-year revenue increases, while four operations saw their gross adjusted revenues decline from last fiscal year, the
Journalreported. Racetrack casinos in Altoona and Council Bluffs posted higher revenue this past year, while the Dubuque facility declined.
Iowa casinos post record FY2012 results
July 11, 2012