In April, Louisiana's riverboat gaming revenue went down due to a tough comparison with the numbers from the previous year.
In April, the Louisiana riverboat gambling market and land-based casinos faced difficult year-over-year comparisons, causing a significant drop in revenue. The Louisiana Gaming Control Board recently revealed that the state's 14 riverboat casinos generated $138.3 million in gross gaming revenue, a decrease of $12.5 million from April 2023, representing an 8.3% reduction.
The Shreveport/Bossier City boats saw a $40.1 million loss, down 14% from April 2023's winnings, while the Lake Charles properties earned $55 million, a decrease of 11%. New Orleans' three casinos reported $20.1 million in GGR, a paltry 1% reduction. Interestingly, the Baton Rouge region's three properties won $23.1 million, a notable increase of 5.5%.
The two remaining land-based casinos in Louisiana, The Queen Baton Rouge and Horseshoe Lake Charles, recorded declines as well. These casinos have undergone recent brick-and-mortar transformations, but the LGCB still refers to them as riverboats.
Harrah's New Orleans, which is due for a rebranding as Caesars New Orleans this fall, saw GGR plummet by 9.4% from the previous year, totaling $19.3 million. Slot revenues at the state's four racetracks dropped by nearly 7% to $26.6 million.
The difficult gaming revenue picture for April 2024 can be attributed to a comparison with the prior year's month, which featured two fewer weekend days.
April's Rainy Day for Gaming Revenue
The gaming industry in Louisiana experienced a gloomy April, with riverboat revenue plunging by 8.3% from April 2023. Overall, the earnings for the month were 17% down from the $166.2 million captured in March.
Caesar's New Orleans casino, whose revenue fell 13% to $19.3 million, is moving towards a rebrand as the new Harrah's New Orleans. The racetrack slots also saw a 17% drop from the previous month.
April's disappointing results could be attributed to the tough year-over-year comparisons. However, it's worth noting that Louisiana's overall gambling revenue decreased by 2% in 2023.
Fourth Brick-and-Mortar Casino on the Horizon
Despite the downwards trend in Louisiana's gaming revenue, the state is expecting an uptick with the opening of a fourth land-based casino in Bossier City. Cordish Companies is leading the charge with a $270 million investment to construct the Live! Casino & Hotel Louisiana integrated resort. This venture entails repurposing the former Diamond Jacks riverboat into a land-based casino.
This week, Cordish made a significant hire, welcoming gaming industry veteran John Chaszar as the executive vice president and general manager of Live! Louisiana. Chaszar departed from Tropicana Casino in Evansville, where he played a crucial role in transforming the former riverboat into a land-based casino.
Set to open in the first quarter of 2025, Live! Louisiana will boast over 1,000 slot machines, 40 live dealer table games, a sportsbook, a renovated 550-room hotel, a resort-style pool and fitness center, and multiple dining, entertainment, and nightlife options.
Ronnie Johns, the outgoing LGCB Chair, anticipates that Live! will revitalize the Shreveport/Bossier City gaming market, which has been struggling since the pandemic.
Throughout the first ten months of the year, the five Shreveport/Bossier City riverboats have welcomed more than 3.64 million visitors and earned $431.37 million in gross gaming revenue. Comparatively, the same period in 2019, when Diamond Jacks was still in operation, drew in approximately 6.39 million visitors and generated over $523.3 million in gambling earnings.
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Source: www.casino.org
