Revenue At Louisiana Casinos Continues To Fall

With profits continuing to fall in the casino business all over the country, Louisiana’s financial numbers are in and they show little signs of ending the trend.

For the fiscal year ending this past June 30th, Louisiana’s 13 riverboat casinos, Harrah’s in New Orleans along with the state’s four race track casinos took in 7.1 percent less in profits from 2008-09.

In 2009-10, the gambling industry won $2.36 billion, down from $2.54 billion from the prior period.

According to financial experts, Louisiana saw more of a drop in revenue than almost every other state in the union. Only New Jersey took a bigger hit, as Atlantic City suffered huge losses due to casino expansion from Pennsylvania and other neighboring states.

In New Orleans, the state’s largest tourism market, Harrah’s, the two riverboat gambling venues and the Fair Grounds casino has seen a losses over the past few years. However the gap may be getting smaller.

Gamblers in this area lost $48.2 million last month, down from $50.2 million in June 2009 and $56.4 million in June 2008.

While, at the very least, those numbers may seem to be moving in the right direction for casino owners, they have to know that they have a long road left in front of them.