State Revenue Department released its report this week which showed the statewide income from the casinos fell 2 percent for the year to $2.08 billion.
When Hurricane Katrina devastated the Mississippi' Gulf Coast casino, the revenues of the state suffered quite a lot. The casinos that got destroyed in the storm poured $500,000 tax revenues into the Mississippi's coffers every day.
Revenues of 12 coastal casinos saw rise of less than 1 percent to 1.9 billion. Winnings' revenues rose 7 percent in December to $99 million, the year's second-strongest gain since November.
River casinos posted revenue declines every year which peaked in 2006 when it fell to $885 million. The casinos in Tunica County and Lula, in particular, have suffered the most from increasing competition from racetrack casinos in Arkansas.
An accounting firm, Rubin Brown reports state that Mississippi has the third-lowest effective tax rate on casinos among states. According to Rubin Brown, Mississippi collected about $250 million in gambling taxes in 2017. It was the sixth-largest gambling state nationwide, and according to the American Gaming Association, it was the eighth largest casino market.
Michael Bruffey, Deputy Director of the Mississippi Gaming and Hospitality Association, has finished-off with his annual report of 2017 which is decided to be posted on its website on 24th January.
“The gaming revenues statewide went down 2 percent last year with the North River market down 6 percent, the Central River market down 3 percent, but Gulf Coast market went up to almost 1 percent, making it best year in gaming revenue since 2008,” he said.
“ This report shows the impact the gaming industry has had in Mississippi during 2017 from tax revenues, to jobs and wages paid, to charitable giving,” he said, “and we look back at 25 years of gaming in Mississippi and the growth of casino industry. We also examine visitation trends and give a glimpse of what we think lies ahead in 2018.”
He also said that he plans to open a new casino, something that would boost casino revenue in South Mississippi, Island View Casino in Gulfport would open its smoke-free Beach Casino at Island View on the south side of US 90.