The Illinois Gaming Board has recently released the casino revenue report for August, shedding light on the performance of the state’s eleven casinos. While there was a slight dip of 4.5% from July’s revenue, the year-on-year growth stands at an impressive 10.4%. Additionally, the upcoming opening of the Golden Nugget casino in Danville, Illinois, promises to further boost the state’s gaming industry and contribute to economic development. Let’s delve deeper into the key aspects of the report.
State’s Casino Revenue Highlights:
In August, the eleven casinos in Illinois collectively generated $117.3 million in revenue. Although there was a slight decrease from July’s $122.9 million, the year-on-year growth remained strong at 10.4%. Slot revenue accounted for the bulk of the earnings, amounting to $87.5 million, representing a decline of 6.9% from July. However, DraftKings at Casino Queen defied the trend, posting a 6.3% increase in slot revenue, reaching $5.4 million.
Table Games and VGTs Show Positive Trends:
Despite the overall drop in revenue from July, both table games and Video Gaming Terminals (VGTs) showed positive momentum. Table games revenue recorded an impressive 3.2% increase month-on-month, reaching $29.8 million. The Harrah’s Joliet Casino & Hotel and Hollywood Casino Joliet played a significant role, contributing a combined $2.9 million in table revenue, a notable increase of $730,000 from the previous month. Rivers Casino also reported a healthy increase in table revenue, with a total of $19 million.
VGTs, on the other hand, experienced a slight uptick in net terminal income (NTI), reaching $226.9 million, up 0.5% from July. These figures indicate a promising growth trajectory for the gaming terminals segment.
Implications for State Taxes and Economic Development:
The state coffers received $29.4 million in taxes from casino wagering in August. With the continued growth of the gaming industry in Illinois, the state’s tax revenue is set to benefit, supporting various public services and infrastructure projects. Moreover, the upcoming opening of the Golden Nugget casino in Danville, scheduled for March 2023, is expected to create new job opportunities and stimulate economic development in the region. Danville Mayor Rickey Williams, Jr., expressed optimism about the casino’s impact on the city’s economy.
Long-term Industry Growth:
The casino industry in Illinois has shown remarkable progress in the first eight months of the year, with total revenue amounting to $890.5 million. This marks a significant 17.5% improvement compared to the previous year when there were ten casinos in operation. This sustained growth signals a thriving market with ample opportunities for both existing and new gaming establishments.
Illinois’s casino industry continues to exhibit resilience and growth, evident from the impressive year-on-year revenue increase despite a slight dip in August. The addition of the Golden Nugget casino in Danville holds the promise of further enhancing the state’s economic development while providing an additional avenue for entertainment and leisure for residents and visitors alike. As the industry evolves and new opportunities arise, it remains essential for stakeholders to monitor trends and ensure sustainable growth in the future.