Iowa Casino Gambling Revenue Experiences Year Over Year Decline2013 Fiscal Report is Down $21.76 Million |
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Iowa’s three racetrack and riverboat casinos brought in an estimated $1.444 billion in gambling revenue for the 12-month period that ended in June. That was a $21.76 million dip from the 12-month time period.
Eleven of Iowa’s riverboats reported lower gross revenues, while the other four had an increase. Attendance was up for the three tracks while the riverboats overall were down.
The president of the Iowa Gaming Association credits the decline to bad weather, video lottery competition in Illinois, competition neighboring states and the poor economy.
Commission chairman Jeff Lamberti doesn’t seem too worried about the decline.
“It’s a pretty soft economy still and gambling tends to be people’s discretionary entertainment spending, and so a lot of entertainment-type things are down a little bit as well. That’s what we’ve been hearing through the industry, that it was a little soft. Not terrible, but soft,” he said.
Instead, he’s staying positive that the business will pick back up in the near future.
“There still are good things happening,” he added. “Moving forward, I think everybody would love to see the economy pick up the pace a little bit, but I don’t think it’s anything that’s giving us any real concern. I think it’s just that softness in the economy.”
Gambling was legalized in Iowa in 1989 with the first casino opening in 1991. The state’s casino tax revenue goes towards improving infrastructure, schools and tourism projects. Currently, the 18 casinos employ about 9,558 people in total.
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