Iowa casinos continue upward trajectory after posting March results

Article by : Charles Perrin Apr 15, 2024

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Iowa casinos are continuing to gather momentum if their March revenue results are anything to go by.

After a tepid start to 2024, land-based establishments have chalked up some impressive results over the past couple of months, and revenues appear to be more robust according to the Iowa Racing & Gaming Commission.

Financial figures released by the IRGC indicate that the state’s 19 brick-and-mortar casinos combined to haul in $164.3 million in adjusted gross revenue in March.

Compared to the February figure, this represented a 14.7% monthly uptick, and year-on-year, the March return for 2024 jumped by 2.8%.

Unsurprisingly, slots were the big pulling factor, accounting for nearly 90% of the total revenue generated, hitting $147.5 million.

In contrast, table game revenue was dwarfed, pulling in $16.8 million.

Added to that, with more revenue generated, the state was able to collect $32.3 million in taxes for March. This denoted an annual increase of 1.1% and a 14.8% surge compared to February 2024.

Perhaps what is striking, is that Iowa’s gaming tax is set for an overhaul, with lawmakers from an Iowa House panel advancing a bill in February to lower rates.

Indeed, the objective of the bill is to gradually decrease the gaming tax rate from 22% to 19% by 2027, and the reason for introducing this measure is to ensure Iowa casinos remain competitive in the long term.

Anyway, drilling the March revenue results down per casino, Prairie Meadows Racetrack & Casino proved to be the top performer, as revenues climbed over 16% month-on-month to $22.3 million.

Horseshoe Casino and Ameristar II followed with revenues of $18.4 million and $18 million respectively.

As of yet, Iowa online casinos are yet to be given the green light, although it is hoped there could be a shift in opinion.

In the meantime at least, Iowa’s land-based establishments have hit their stride and these results appear to be very promising.