Wednesday, June 19, 2024

Louisiana gaming revenues down in April

by BIZ Magazine

(The Center Square) – Gaming revenues were down in Louisiana in April, according to data from the state’s Gaming Control Board.

Mobile gaming has taken over the sports wagering market, as attested by state data that shows proceeds up 72.9%. This is a product of more providers being approved by regulators to enter the marketplace, which began in January 2023 after being authorized by lawmakers.

So far this fiscal year which began July 1, $1.8 billion in wagers have been written, with nearly $170 million in net proceeds and $30.3 million in taxes.

In April, $263 million of mobile wagers were written, generating $35.1 million in net proceeds and $5.27 million in taxes

Wagers were down at sports books by 29.4% compared with the same time last year, with $19.8 million of wagers yielding $1.3 million in net proceeds and $118,818 in taxes paid.

For the fiscal year to date, sports books have generated $257 million in wagers, $26.2 million in net proceeds and nearly $2.6 million in taxes. That is down 23.6% compared to the last fiscal year.

The state’s lone land-based casino, Harrah’s New Orleans, had its revenues dip by 12.9% compared to March, falling from $22.2 million to $19.3 million. Compared to April 2023, revenues were down by nearly $2 million, a decline of 9.4%. The casino generated $19.3 million in tax revenues.

For the fiscal year to date, revenues went down from $218.6 million to $205.3 million, a decrease of 6%. The casino has paid $54.1 million in taxes this fiscal year, which ends on June 30.

Riverboat gambling revenues were down at all of the state’s riverboats, with revenues dipping from $166.3 million to $138 million, a decrease of nearly $28 million or 16.8%. The casinos generated $29.7 million in taxes in April.

Compared to the year prior, revenues were down $12.5 million from $150.8 million, a dip of 8.3%.

For the fiscal year to date, revenues are down 3%, slipping from $1.47 billion to $1.422 billion. Tax revenues are also down, decreasing from $315 million to $305.9 million.

Video poker machine revenues were also down in April by 11.4% compared to March and 4.3% less than the same time the year before. These generated nearly $19.3 million in tax revenue.

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