Nebraska casinos post $89 million in profits, nearly $18 million in taxes in first year
The Nebraska casino generated more than $89 million in gross gaming revenue (GGR) in its first full year of operation.
Nebraska voters approved commercial casinos in 2020 via a statewide referendum. The result was that six racecourses were granted gambling licenses.
Five of the tracks, including Knights Park in Omaha, Lincoln Raceway, Agricultural Park in Columbus, Fonner Park in Grand Island and Fairplay Park in Hastings, are being developed with casinos. The state's gaming laws allow projects to open temporary casinos to fund development projects while permanent playgrounds are built.
Three temporary casinos came into operation last year. WarHorse Casino in Lincoln topped the list with 2023 GGR of $51.5 million, with the facility's 400 slot machines accounting for $50.2 million in profits and sports betting accounting for the remaining $1.3 million.
Lincoln's War Horse Casino opens September 24, 2022. Another casino that will open for 12 months in 2023 is the Grand Island Casino in Fonner Park.
Grand Island won nearly $30 million last year, including $27.8 million from slot machines, $1.8 million from electronic and live dealer tables and $245,000 from sports betting.
Harrah's Columbus in Ag Park opened in mid-June of last year. In the first five and a half months of the temporary casino's existence, the facility's 500 slot machines and electronic table games brought in approximately $7.4 million in revenue. Over $7 million in casino winnings came from slot machines.
At Horsemen's Park, WarHorse is also developing the route as a casino destination, temporarily opening a sportsbook but not offering slot machines or table games. The book was published in November and had grossed $224,000 through December.
Debut
Initiative 429, the 2020 Gambling Referendum, received strong support: 65% of voters said "yes" to racetrack casinos.
His supporters tout the law as an effort to recoup the estimated $400 million that Nebraskans earn each year from gambling at out-of-state casinos. The referendum was also billed as supporting riders and creating new jobs, tax revenue and economic activity.
Those behind the project say the full benefits will only be realized once the permanent resort opens. But 2023 is a good start for what they hope will be a major gaming market.
We're very pleased with the results," WarHorse vice president of marketing Pete Graziano told the Lincoln Journal Star. "We weren't sure what to expect. "
Nebraska casinos generate about $17.8 million in taxpayer funds, 70 percent of which is used to reduce property taxes. The host county and city collect 25% of the tax, totaling $4.45 million. Remaining funds are used to support problem gambling programs.
Live Racing Component
To have slot machines and other gambling games, casinos must offer live horse racing on their premises. Two of the four permanent casino resort projects involve building new racetracks.
Caesars Entertainment is moving the AgPark Raceway northwest of downtown Columbus. The $75 million development will feature a 40,000-square-foot casino with 500 slot machines, 14 live dealer tables, Caesars Sportsbook and a mile-long horse racing track.
Elite Casino Resorts is moving Fonner Park to Ogallala near Colorado's northeastern corner. The $100 million project includes a casino floor with 650 slot machines, 20 gaming tables, a 180-room hotel and an RV park. The facility, called Mack Lake Casino Resort and Racetrack, will also include a new quarter horse racing track.
Read also:
- U.S. cities with the most Swifties per capita
- Blackjack Casino Advantage: How to Beat the Odds
- Football 101: What is relegation in football?
- Tupac murder suspect hires new lawyer, rebuked by prosecutor
Source: www.casino.org
