The Missouri gaming industry has witnessed a positive start to the year, with casinos generating $153.7 million in adjusted gross revenue for January. This marks a significant 5.7% increase compared to the same period in the previous year. The Missouri Gaming Commission’s (MGC) report reveals that the majority of the state’s casinos experienced year-on-year revenue growth, contributing to the overall uptrend.
Broad-Based Revenue Growth:
Ten out of the state’s 13 casinos played a pivotal role in driving the 5.7% year-on-year revenue increase. Notably, Bally’s KC, Argosey, Horseshoe St. Louis, and River City emerged as key contributors, collectively accounting for 75% of the overall revenue growth. While Ameristar SC and Hollywood Casino St. Louis maintained steady revenue figures compared to the previous year, Century Casino Cape Girardeau experienced a 5% decline in revenue, totaling $5.3 million.
Revenue Drivers and Contributions:
The concerted efforts of specific casinos, including Bally’s KC, Argosey, Horseshoe St. Louis, and River City, have played a significant role in shaping the positive revenue trajectory for Missouri’s gaming sector. Their collective contributions underscore the appeal of their offerings to patrons, resulting in robust revenue growth.
Sports Betting Landscape:
Despite the positive revenue trend, it’s important to note that sports betting remains illegal in Missouri. Governor Mike Parson had previously indicated that the topic of legalizing sports betting would be a focal point in the 2023 legislative session. However, his stance on the potential outcome remained noncommittal. The absence of legal sports betting also reinforces the notion that the casino industry itself is a driving force behind the state’s gaming revenue growth.
The notable increase of 5.7% in adjusted gross revenue for Missouri’s casinos in January reflects the industry’s resilience and appeal to patrons. The participation of ten out of the 13 casinos in this positive uptrend further underscores the state’s thriving gaming landscape. As the gaming sector continues to evolve, factors such as strategic offerings, customer engagement, and potential legislative changes in areas like sports betting will likely shape the industry’s trajectory moving forward. The proactive efforts of both the casinos and relevant stakeholders will continue to play a pivotal role in determining Missouri’s gaming revenue dynamics in the months ahead.