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Missouri Casinos Revenue Growth in Despite National Decline

Missouri casinos reported a slight revenue increase in July 2024, bucking the national trend of declines. Despite an 8% year-over-year drop, the state's casinos held steady, raising questions about the potential impact of legalizing online casinos.
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Branimir Ivanov | Senior News Contributor

Updated: Sep 2, 2024

Missouri Climbs Revenue Steps

August 20, 2024 — While many casino markets across the United States experienced revenue declines in July 2024, Missouri’s casinos managed to buck the trend, posting slight growth. According to data from the Missouri Gaming Commission, the state’s 13 casinos generated $155.2 million in revenue, marking a 0.3% increase compared to June. This represents a rise of over $400,000 from the previous month.

The modest gain in July comes after a challenging June, when Missouri’s casino revenue fell by 5% from May. Despite the slight month-over-month increase, July's revenue was still down 8% compared to the same month last year, indicating some long-term challenges.

 

Key Performance Insights

Among the state’s casinos, seven out of 13 reported positive revenue growth in July. Horseshoe St. Louis and Bally’s Kansas City were standout performers, with Bally’s showing a notable 5.4% increase from June and an annual growth of nearly $1 million compared to July 2023. Meanwhile, other casinos such as Isle of Capri Booneville (-18.5%) and Harrah’s Kansas City (-17.2%) saw significant year-over-year declines.

Despite the mixed results, Missouri’s casino market demonstrated resilience during a typically slow summer season, a period when many land-based casinos struggle to maintain momentum.

Missouri’s steady performance in July raises questions about the potential impact of online casinos on the state’s gaming revenue. If online casinos were legal in Missouri, estimates suggest they could have generated approximately $76.1 million in June alone, based on per-capita revenue data from other states with legal iGaming.

Online casinos have proven to be substantial revenue generators in other states, such as Pennsylvania, Michigan, and New Jersey, where monthly revenues exceed $500 million collectively. If Missouri were to legalize online gaming, the state could see significant revenue boosts, especially during periods when land-based casino earnings falter.

However, the path to legalization is far from straightforward. Concerns from land-based casino operators about potential revenue cannibalization and opposition from anti-gambling groups present significant hurdles. Moreover, Missouri lawmakers have struggled to advance even sports betting legislation, which is often a precursor to online casino legalization.

 

Outlook

July 2024 presented a mixed bag for Missouri’s casino market. While the slight revenue increase from June offers some optimism, the significant year-over-year decline underscores ongoing challenges. The state’s casinos will need to continue adapting to maintain growth, particularly in the face of potential competition from online gaming if it becomes legalized in the future.

Missouri’s performance, though modest, suggests that the market has the potential to grow further, especially if the legal landscape for gaming expands. For now, Missouri casinos have managed to hold their ground during a sluggish period, but the future remains uncertain as discussions about the potential for online gaming continue.

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