Missouri Casino Market Holds Steady Amid National Declines

July 12, 2024 – While casino markets across the United States faced significant revenue declines in June, Missouri's casino industry showcased resilience, maintaining a steady performance compared to the same period last year. Missouri casinos reported a combined revenue of $154.7 million for June 2024, nearly identical to the $154.4 million generated in June 2023. However, this figure marked a 5.1% decrease from May 2024's revenue of $163 million.

Missouri's casino market, comprising 13 properties, experienced varied performances in June. St. Joseph Frontier Casino emerged as the sole venue to report a monthly revenue increase, albeit a modest 0.5% rise. In contrast, other casinos like Isle of Capri Booneville and Horseshoe St. Louis reported double-digit monthly declines.

In June 2024, Missouri casinos generated $154.7 million, almost matching the $154.4 million from June 2023 but falling 5.1% from May 2024's $163 million.

Several casinos faced significant monthly declines. Isle of Capri Booneville's revenue dropped 15%, while Horseshoe St. Louis saw a 10% decrease. Harrah’s Kansas City and Mark Twain Casino also experienced notable declines of 10% each.

Conversely, St. Joseph Frontier Casino was the only property to report a monthly revenue increase, albeit a modest 0.5%. Other casinos, including Ameristar St. Charles and Argosy, reported minor decreases of around 2-5%.

Despite these fluctuations, some casinos saw year-over-year revenue growth. Century Casino Caruthersville's revenue increased by 6%, and Bally's Kansas City and River City Casino both saw a 4% rise. Ameristar St. Charles and Argosy also reported year-over-year growth of 5%.

 

Fiscal Year Performances and Customer Trends

Despite the mixed monthly results, four casinos reported higher year-to-date revenues compared to the same period in FY2023. Century Caruthersville led with a 7% increase, followed by Bally’s Kansas City (6%), Century Casino Cape Girardeau (2%), and Hollywood Casino St. Louis (1%).

Notably, the overall number of customers visiting Missouri casinos in June dropped by 2% year-on-year. This decline did not substantially impact revenue, highlighting increased spending per visitor or higher efficiency in casino operations.

Discussions about the potential legalization of online casinos in Missouri remain crucial. If legalized, Missouri could generate an estimated $70 million in monthly revenue from online gaming, based on projections from existing online casino markets in states like Pennsylvania, Michigan, and New Jersey. These states, combined, consistently exceed $500 million in monthly online casino revenue.

However, Missouri's path to online casino legalization is complex. Historically, states have legalized online sports betting before online casinos, a step Missouri has yet to complete successfully. Legislative hurdles and concerns about the impact on land-based casinos and problem gambling have slowed progress.

 

 

“Missouri casinos generated $154.7 million in June 2024, nearly matching the previous year's revenue but reflecting a 5.1% decline from May 2024.”

 

 

Conclusion

Missouri's casino market demonstrated stability amid a challenging national environment, maintaining revenue levels compared to last year. The potential for online casino legalization presents an opportunity for significant revenue growth, though it remains a distant prospect due to legislative challenges. For now, Missouri's land-based casinos continue to play a crucial role in the state's gaming landscape, adapting to changing market conditions and customer behaviors.