Louisiana Gaming Market Halts Revenue Slide
LISTEN TO THIS ARTICLE:Louisiana's gaming industry experienced a welcome turnaround in November, with overall revenue reaching $185.1 million for a year-over-year increase of 1.6%. This marked a reversal of the previous nine months of decline, suggesting that the industry may be on the mend heading into 2024.
Lake Charles Gaming Leads the Way
The Lake Charles district emerged as the top performer, generating $68.5 million in gaming revenue, a 4.6% jump from November 2022. Golden Nugget Lake Charles spearheaded the district's growth with $25.5 million in revenue. L'Auberge Casino Resort Lake Charles and Delta Downs Racetrack Casino Hotel followed closely behind, generating $23.6 million and $11.8 million, respectively.
Related: Louisiana Experiences Surge in October Sports Betting HandleIn the Shreveport/Bossier area, gaming revenue reached $47.5 million, a 4.1% increase compared to the previous year's November figures. Margaritaville Resort Casino led the district with $16.9 million in revenue, followed by Horseshoe Bossier City, with $11.5 million, and Bally's Shreveport Casino & Hotel, with $9.4 million.
Despite the overall positive trend, the New Orleans district faced a slight decline, reporting $42.6 million in gaming revenue, a 6.3% decrease from November 2022. Harrah's New Orleans remained the district's top performer, generating $20.8 million. Boomtown Casino & Hotel and Treasure Chest Casino followed with $9.8 million and $6.5 million, respectively.
The Baton Rouge district bucked the trend in New Orleans, registering a 3% increase in gaming revenue to $20.6 million. L'Auberge Casino Hotel led the district with $13.5 million, followed by the Queen of Baton Rouge ($6.4 million) and the Belle of Baton Rouge ($0.7 million).
In St. Landry Parish, Evangeline Downs Racetrack & Casino generated $6 million in gaming revenue, a 1.6% increase from November 2022.
Louisiana still has 15 riverboat casinos, even as many casinos move onto dry land. These won over $140.5 million in November, just barely exceeding their 2022 record month.
Exiting the Slump
The positive figures in November suggest that the Louisiana gaming industry may be emerging from a period of stagnation. The increase in overall revenue, coupled with the strong performance in Lake Charles and Shreveport/Bossier, indicates that the industry is regaining its footing.
However, the decline in New Orleans and the mixed results in Baton Rouge highlight the challenges that some markets continue to face. Still, there's a good chance, based on the total performance, that the state's gaming industry could see a new revenue record for the fiscal year if it continues to recover.
The addition of a new casino will help that growth. The Cordish Companies has begun construction of a new casino in Bossier that will serve the Shreveport/Bossier area. The company expects it to generate over $168 million in gaming tax revenues for Louisiana and $35 million in gaming tax revenues for Bossier within the first five years.
More Business News
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Louisiana Gaming Market Halts Revenue Slide