Miss. casino gross revenue at $237.6 M in May
Published 4:19 pm Thursday, June 21, 2007
Mississippi’s gross gaming revenues slipped to $237.6 million in May, down about $4 million from April but up $40 million from a year ago.
The gross earnings figure represents revenue with no operating costs or other expenses deducted. And it’s casino revenue only — separate from hotel, restaurant or bar revenues generated by the resorts.
In May 2006, gross revenue totaled $197.9 million, according to Mississippi State Tax Commission records.
The Tax Commission tracks gaming revenue by calendar year.
Gaming tax collections are tracked on the state’s fiscal year, which runs from July 1 to the next June 30. Casino tax collections in May totaled $31.4 million, compared to $28.3 million in April and $26.8 million a year ago.
Hurricane Katrina in August 2005 destroyed casinos along the Mississippi Gulf Coast. Many of those casinos have reopened.
In May, casinos along the coast earned $103.3 million, up from the post-Katrina level of $65.5 million in May 2006 when only a handful of casinos were back in operation. The coast casinos earned $107.2 million in April.
“It’s one month that’s slightly disappointing,” said Brian Richard, director of the Economic Development Resource Center at the University of Southern Mississippi.
“There are some seasonal effects,” said Richard, and things like the number of weekends in a month determine revenue.
With additions at Island View and Treasure Bay casinos and the anticipated July opening of Hard Rock Casino, Richard believes the coast should see another boost in revenues.
“The strong growth we’ve been seeing the past months will continue,” he said.
Along the Mississippi River, casinos reported gross revenue of $134.3 million in May, compared with $134.1 million in April and $135.3 million a year ago.
On the Net:
Mississippi State Tax Commission, http://www.mstc.state.ms.us Mississippi higher education officials said Wednesday that it will be August or September before George Ross begins his new job as president of Alcorn State University. Mississippi higher education officials said Wednesday that it will be August or September before George Ross begins his new job as president of Alcorn State University.