How are MS Coast casinos doing during the pandemic? Maybe better than you’d think.
The 12 Coast casinos were closed for most of two months during the coronavirus shutdown, and after reopening May 21, Mississippi reports revenue is down — but not by much.
There are fewer people coming to the casinos, and a higher percentage of them are from Mississippi.
With many of the buffet restaurants still closed and the entertainment venues and other amenities dark, there are also fewer people working at the casinos.
Here are the numbers just released for July by the Mississippi Gaming Commission:
Revenue is almost back
Gross gaming revenue for May from a year ago was down almost $68 million since the casinos didn’t open until May 21. Coast casino revenue was down $4.4 million in June from June 2019. The difference in July was less than $2 million.
July 2020 — $115.8 million
July 2019 — $117.4 million
Sports betting getting a kick
The loss in gaming revenue can be attributed to reduced sports betting. With professional golf and baseball playing again, wagers rose considerably from the $898,425 in June.
Football is by far the biggest game in Mississippi sports betting, and once professional and college teams start playing, the bets will rise. Coast casino sportsbooks wrote:
$5 million in wagers in July
$8.7 million in wagers in July 2019
Who’s playing?
Fewer people are coming to the Coast casinos with the coronavirus still spreading:
▪ July 2020 saw 1,045,000 visitors, with 41% of visitors from Mississippi
▪ July 2019 had 1,561,000 visitors, with 34% of them from Mississippi
Less amenities, fewer employees
▪ Total employees for July were 7,938 compared to 10,641 in July 2019, or 2,703 fewer. More than 900 employees returned since May.
▪ Hotel employees, which are reported separately, totaled 1,560 in July compared to 2,104 in July 2019, a difference of 544.
▪ Payroll at the 12 Coast casinos was $24.4 million in July compared to $36.2 million in July 2019.
Cutting back
The importance of Biloxi’s eight casinos on the city’s economy and taxes is being felt as Biloxi starts the budget year down $5 million, due primarily to the loss of casino revenue for two months and the reduction in sales tax.
Gross revenue from the amenities at the Coast casinos in July was $123 million, down from $164 million a year ago.
Casinos are reducing investments on slot machines, reducing the number to 8,716 from 13,929 a year ago to achieve social distancing. Table games are down to 422 from 467 in July 2019.
They also are cutting operating expenses, which were $92.2 million in July compared to $127.4 million a year ago.
All the numbers are much better than April, when every casino in the state was closed and most of their staffs were furloughed or laid off by COVID-19.
The Mississippi Gaming Commission didn’t issue revenue or expenditure reports for April.
