Louisiana’s Gambling Market Sees Revenue Continue To Drop In 2023
In October, the Louisiana Gaming Control Board (LGCB) reported a total gambling revenue of $174.5 million, indicating a 2.5% year-over-year decrease. This marks the ninth consecutive month of year-over-year declines in gaming revenue in the state. Retail sports betting in Louisiana contributed $3.3 million in revenue, with a handle of $32 million in October.
The Lake Charles district led in gaming revenue among Louisiana properties, reaching $63.4 million, a 4.2% decline compared to the previous year.
Golden Nugget Lake Charles was the top performer in Lake Charles, with a gaming revenue of $23.6 million, followed by L’Auberge Casino Resort Lake Charles with $22.2 million.
Delta Downs Racetrack Casino Hotel generated $10.9 million in revenue, while Horseshoe Lake Charles contributed $6.7 million.
In the Shreveport/Bossier district, properties reported revenue of $44.8 million, showing a year-over-year increase of 3.6%. Margaritaville Resort Casino led with earnings of $14.4 million in October, followed by Horseshoe Bossier City with $13.3 million and Bally’s Shreveport Casino & Hotel with $8.1 million.
The New Orleans district experienced a 12.2% year-over-year decline in casino revenue, reaching $39.9 million. Harrah’s New Orleans contributed $19.6 million in revenue, followed by Boomtown Casino & Hotel with $8.6 million and Treasure Chest Casino with $6.3 million.
In the Baton Rouge district, properties reported revenue of $20.6 million, indicating a year-over-year increase of 13.3%.
L’Auberge Casino Hotel led the district with $13.4 million in gaming revenue, and the Queen of Baton Rouge reported a 50.8% year-over-year increase, posting $6.4 million. The Belle of Baton Rouge reported revenue of $0.8 million.
Evangeline Downs Racetrack & Casino in St. Landry Parish generated $5.9 million, experiencing a 2.5% year-over-year decline.
While casino revenue has continued to drop, the story is different for sports betting. In October, Louisiana’s sports betting industry saw a record-breaking month with wagers totaling $308.6 million, marking the highest amount since the legalization of sports gambling in the state two years ago.
The second-highest month was January 2023, with wagers totaling $282.3 million, according to the LGCB.
Notably, mobile sports betting accounted for the majority of wagers, with 89% of the total $308.6 million being placed through mobile portals.
However, it’s essential to note that higher wager amounts do not necessarily translate to increased tax revenue, as sports betting can lead to significant payouts, impacting both the sports betting companies and state tax collections in certain months.
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