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 decrease gross revenues, when the other 4 had an increase. Attendance was up for the 3 tracks though the riverboats all round had been down.
The president of your Iowa Gaming Association credits the decline to negative weather, video lottery competition in Illinois, competitors neighboring states along with the poor economy.
Commission chairman Jeff Lamberti does not appear too worried about the decline.
“It’s a pretty soft economy nonetheless and gambling tends to become people’s discretionary entertainment spending, and so plenty of entertainment-type items are down a little bit at the same time. That is what we’ve been hearing via the market, that it was slightly soft. Not terrible, but soft,” he said.
Instead, he’s staying constructive that the business enterprise will choose back up within the close to future.
“There still are good points happening,” he added. “Moving forward, I believe everybody would really like to view the economy choose up the pace somewhat bit, but I do not consider it is something that is providing us any real concern. I consider it’s just that softness within the economy.”
Gambling was legalized in Iowa in 1989 with the initial casino opening in 1991. The state’s casino tax income goes towards improving infrastructure, schools and tourism projects. At present, the 18 casinos employ about 9,558 individuals in total.
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