Industry experts and stakeholders in Louisiana’s gaming industry opine that casino and gambling market in the state is shrinking.
Reports suggest that Louisiana casinos have had a significant and consistent decline in revenue over the past year.
While the Shreveport casinos reported an 11.6 percent decline in annual revenue, Lake Charles posted a 10 percent year-on-year decline. On the other hand, the New Orleans casinos were down five percent, and Baton Rouge the highest loser, where revenue slipped by 13 percent.
Ronnie Jones, Louisiana Gaming Control Board Chairman asserts that it’s a tough time for the gaming industry in the state.
“It’s troubling because we think Louisiana may be losing its competitive edge, and this is an industry that employs a lot of people in the state and the state is reliant on gaming revenues to operate,” said Jones.
Seven Louisiana casinos posted 10 percent or more declines in revenue year to year.
“They have just not put any capital back into the property, they’re just trying to keep the property open and running and trying to keep it profitable so they can sell it, but they haven’t found a buyer yet,” he added.
Altogether the Louisiana casino revenues slipped by 10.2 percent when compared with the previous year.