Louisiana Casino Finances Struggling: Another Decline in July Revenue
Revenue from slot machines and table games in Louisiana's casinos has been consistently lower than the previous year for the last six months. This trend was observed in July as well, according to the Louisiana Gaming Control Board (LGCB).
The combined total revenue from the state's 15 riverboats and one land-based casino during July 2023 was around $164.1 million. This is a decrease of 6%, or a loss of $10.7 million, compared to the $174.8 million won by the 16 casinos in July 2022.
Harrah's New Orleans, Louisiana's only land-based casino, reported a revenue of $17.4 million for July 2023. This is a 23% drop from the $22.6 million it won in July 2022.
In the Lake Charles market, the total GGR was $60.5 million, showing a 7% decline from July 2022. L'Auberge Lake Charles reported a GGR of $27.1 million, a 1% drop, while the Golden Nugget saw an 11.7% decrease in win, coming down to $25.8 million. The Horseshoe's revenue dropped by 14% to $7.5 million.
Sports betting was the only positive spot for the Louisiana gaming industry in July. Oddsmakers won around $12.5 million, which is an 8% rise in revenue from July 2022.
Just like Lake Charles casinos and Harrah's New Orleans, riverboats in Baton Rouge also witnessed a dip in revenue. The three casinos in Baton Rouge including The Belle, Hollywood, and L'Auberge Baton Rouge, recorded a collective win of $19.3 million, showing a 3% decline year-on-year.
L'Auberge, which has the dominant presence in the Baton Rouge market, reported an unchanged revenue of $14.4 million compared to the previous year. Hollywood's GGR dropped by 15% to $3.7 million, and The Belle of Baton Rouge's $1.2 million win was down around 3% from July 2022.
Shreveport/Bossier City’s six casinos managed to win nearly $48 million in July 2023, an increase of a negligible 0% compared to July 2022.
The 15 riverboat casinos won $146.6 million in July 2023, a 3.8% reduction compared to July 2022.
While visiting Lake Charles over the past weekend, I noticed the sizzling heat and the considerable drought. The National Weather Service has predicted that August 23 could potentially be the hottest day on record for most parts of Louisiana. Temperatures are estimated to cross the 100-degree Fahrenheit mark throughout the state from August 23 till August 31.
High levels of sunlight radiance are being marked as "Extreme" by the National Weather Service. The afternoon Heat Index, or what it feels like, could touch 110 degrees for the same period.
Due to the extreme heat, locals have been avoiding outdoor activities, which may lead them to seek refuge in the casinos. There was a lot of activity at the Golden Nugget during my visit this weekend, and a large number of vehicles in the garage had Texas license plates, indicating that the Houston metro is a significant market for Lake Charles casino goers.
The riverboats in Bossier City and Shreveport had stable revenue. The region's six casinos earned nearly $48 million in July 2023, the same as in July 2022.
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Source: www.casino.org
