Colorado Casino Industry Looks To Overcome Slow Growth In Gaming RevenueState's 33 Casinos On Pace For Modest 2 Percent Jump In Total Gambling Win |
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Colorado casinos took in a record $828.1 million in 2017, an increase of 2.1 percent over 2016. So far this year, gambling win is on pace to again jump by another 2 percent, but some casino operators are frustrated by the sluggish overall growth.
While things could obviously be worse for the state’s 33 casinos, some in the gaming industry feel that operators could be doing better given Colorado’s population surge. Additionally, Colorado residents continue to forego local gaming options for destination resorts in Las Vegas.
“There are hundreds of millions of dollars from people in Colorado going to gamble outside the state of Colorado, and those gaming tax revenues are also going out of the state,” Monarch Casino COO David Farahi told Colorado Public Radio News.
Colorado’s casinos are limited by a number of factors, the most apparent being location. Casinos are restricted to just three small, historic towns in the state. Cripple Creek is located an hour west of Colorado Springs, while Black Hawk and its neighbor Central City are at least a 45-minute drive from Denver.
Furthermore, gamblers are restricted a maximum of $100 on individual bets, and there is often a shortage of hotel rooms in these remote locations. Monarch Casino is opening a 500-room facility in Black Hawk scheduled for 2019, but casino officials are worried they will have trouble fully staffing the property.
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