Missouri’s casinos have reason to celebrate as they recorded an 8% year-on-year increase in adjusted gross revenue in February, according to the Missouri Gaming Commission (MGC). A total of 11 out of the state’s 13 casinos saw growth in their revenue during this period.
Key Contributors:
Notably, Bally’s KC, Argosy, Horseshoe St. Louis, and River City casinos collectively accounted for over 50% of the revenue generated. Among these establishments, the Isle of Capri stood out with impressive year-on-year growth of 16%. However, the biggest leap in revenue came from Ameristar St. Charles, contributing $2.2 million to the overall $10.2 million rise in February revenue.
Sports Betting Legislation:
In addition to the positive revenue report, the Missouri House has taken steps toward legalizing both online and retail sports betting in the state. House Bill 556, which would regulate sports betting, recently received first-round approval in the Missouri House. A formal roll call vote is scheduled to take place later this week.
Bill Highlights:
The bill permits up to 39 mobile skins for Missouri’s casinos and sports teams.
In-person sportsbooks could operate within the state’s 13 riverboat casinos.
Sports teams would have designated exclusion zones around their venues.
Regulation and oversight of sports betting would be under the purview of the Missouri Gaming Commission.
The minimum age for sports betting would be 21.
Licensing and Taxation:
For licenses, the bill proposes an initial application fee of $100,000 for gambling excursion boats and $150,000 for interactive wagering platform licenses. Renewal fees are set at $50,000 and $125,000, respectively.
A 10% sports betting tax on net revenue is established by the legislation, which is projected to contribute over $20 million annually to the state’s finances.
Missouri’s casino industry continues to thrive, with notable revenue growth in February. Simultaneously, the progress of sports betting legislation suggests that the state is on the path to further expand its gambling offerings, potentially opening up new revenue streams in the near future.