Louisiana casinos end nine straight months of revenue declines, win $185 million in November
Louisiana casinos were especially grateful in November, as the state’s gaming industry ended a nine-month streak of declining gross gaming revenue (GGR).
Statewide GGR in November was approximately $185.1 million. Gambling money comes from the state's 13 riverboat casinos, two land-based casinos and four racetracks that offer slot machines.
Year-over-year growth of 1.6% in November halted a decline in sales compared with the opening months of 2022.
The Lake Charles market, home to 3 casinos including the Golden Nugget, L'Auberge and Horseshoe, topped the list with a GGR of nearly $56.7 million. Gaming revenue rose more than 8% in markets centered around Houston.
Shreveport/Bossier City’s five casinos — Boomtown, Bally’s, Horseshoe, Sam’s Town and Margaritaville — won $44.5 million. That’s an improvement of nearly 6 percent.
Across New Orleans' three riverboats, the Amelia Belle, Boomtown and Treasure Chest, gaming winnings increased nearly 8 percent to $18.7 million. Harrah's New Orleans, one of two brick-and-mortar casinos in the state, won about $20.8 million. But that's down 11% from November 2022, when Caesars Entertainment had revenue of $23.3 million.
In Baton Rouge, Belle and L'Auberge and the newly opened Queen, a rural property, brought in $20.6 million. This figure was unchanged from the previous year.
Profits at the four racing tracks, Delta Downs, Louisiana Downs, Evangeline Downs and Fair Grounds, increased 1.5 percent to $23.8 million.
Sports event betting processing records
Sports betting was active in the Bayou State last month. Oddsmakers took in nearly $356.5 million in wagers, a record amount that easily surpasses the all-time record of $308.6 million set as recently as in October.
Bettors have been great, as the LSU Tigers are 3-1 on the month, with all games tied except for a tough loss to Alabama on Nov. 4. Oddsmakers kept just $19.4 million of $356.5 million in bets, a win rate of less than 6 percent.
The majority of the record-setting bets ($322.9 million) were brokered online. Parlays accounted for the bulk of net proceeds, about $13.7 million.
The third physical casino is in progress
In 2018, Louisiana lawmakers passed a law allowing the state's licensed riverboats to travel inland as long as their fixed gambling facilities are no more than 1,200 feet (about a quarter-mile) from the vessel's original barge.
The Cordish Companies, a gaming and hotel developer that operates Live!-branded casinos in Maryland and Pennsylvania and in entertainment districts across the country, earlier this month unveiled the redevelopment of the former Diamond Jacks in Bossier City Groundbreaking. The company has demolished the former riverboat and built a new land-based casino next to the hotel.
Cordish is investing $270 million to build a 500,000-square-foot casino with 1,000 slot machines and 40 gaming tables. The budget includes renovations to the 550-room hotel, pool and fitness center.
Louisiana Gaming Control Board Chairman Ronnie Johns said at the groundbreaking ceremony that he will support Cordish’s Live! Louisiana Casino Hotel which will help revitalize the entire Shreveport/Bossier City Casino market.
Read also:
- Football 101: What is relegation in football?
- Tennis association combats player abuse with 'threat matrix'
- ESPN Bet quickly outperforms Barstool Sportsbook
- Caesars stock gets mixed reviews from analysts
Source: www.casino.org
