Louisiana Casinos End Nine-Month Revenue Slide, Win $185M in November
Posted on: December 22, 2023, 07:04h.
Last updated on: December 22, 2023, 09:31h.
Louisiana casinos were extra thankful in November, as the state gaming industry ended a nine-month string of gross gaming revenue (GGR) declines.
Statewide GGR in November totaled approximately $185.1 million. The gaming money comes from the state’s 13 riverboat casinos, two land-based casinos, and four racetracks that offer slot machines.
November represented a 1.6% year-over-year increase and stopped the revenue bleeding compared with months from 2022.
The three-casino Lake Charles market, inclusive of the Golden Nugget, L’Auberge, and Horseshoe, led the way with GGR of nearly $56.7 million. The market that targets Houston saw gaming revenue climb over 8%.
The five casinos in Shreveport/Bossier City — Boomtown, Bally’s, Horseshoe, Sam’s Town, and Margaritaville — won $44.5 million. That was a nearly 6% improvement.
New Orleans’ three riverboats, the Amelia Belle, Boomtown, and Treasure Chest, saw gaming win climb almost 8% to $18.7 million. Harrah’s New Orleans, one of two brick-and-mortar casinos in the state, won about $20.8 million, but that represented an 11% decline from November 2022 when the Caesars Entertainment property won $23.3 million.
In Baton Rouge, the Belle and L’Auberge, along with the newly opened Queen, a land-based property, won $20.6 million. That was flat from a year ago.
The four racinos, Delta Downs, Louisiana Downs, Evangeline Downs, and Fair Grounds, expanded their win by 1.5% to $23.8 million.
Sportsbooks Set Handle Record
Sports bettors were active last month in the Bayou State. Oddsmakers took nearly $356.5 million in bets, a record amount that easily eclipsed the previous all-time mark of $308.6 million set just in October.
Bettors fared well, as the LSU Tigers went 3-1 during the month and covered the spread in each game other than the team’s blowout loss to Alabama on November 4. Of the $356.5 million bet, oddsmakers kept just $19.4 million on a poor win rate of less than 6%.
The bulk of the record wagering, $322.9 million, was facilitated online. Parylay bets accounted for most of the net proceeds at about $13.7 million.
Third Brick-and-Mortar Casino Underway
In 2018, Louisiana lawmakers passed legislation to allow the state’s licensed riverboats to move inland so long as their brick-and-mortar gaming remains within 1,200 feet (about a quarter of a mile) from the boats’ original barges.
The Cordish Companies, a gaming and hospitality developer that operates Live!-branded casinos in Maryland and Pennsylvania, and entertainment districts across the country, earlier this month broke ground on its redevelopment of the former Diamond Jacks in Bossier City. The company has already dismantled the former riverboat in favor of building a new land-based casino adjacent to the hotel.
Cordish is investing $270 million to construct a 47,000-square-foot casino with 1,000 slots and 40 table games. The budget includes the renovation of the 550-room hotel, pool, and fitness center.
Louisiana Gaming Control Board Chair Ronnie Johns said during the groundbreaking event that he believes Cordish’s Live! Casino & Hotel Louisiana will help revitalize the entire Shreveport/Bossier City casino market.
Source: casino.org
