Missouri casinos got exactly the start to Fiscal Year 2025 that they didn’t want in July.
July’s adjusted gross revenue totaled $155.2 million, representing a 7.9% yearly decline. In July 2023, casinos reported $168.5 million in revenue, a 1% year-over-year dip from 2022.
Last month’s revenue was around $450,000 (0.3%) more than June’s $154.7 million, which cemented a 1.5% year-over-year drop in revenue for Fiscal Year 2024.
Despite the slight monthly growth, Missouri casinos find themselves behind the eight-ball to begin the new fiscal year.
Kansas City casinos hit harder than St. Louis ones
The Show Me State’s declines in casino revenue represent a stagnant casino industry in a state with an unfavorable gambling climate. State legislators have failed to legalize Missouri sports betting for three years, though voters could pass a referendum in November, and Missouri online casinos remain off limits except for sweepstakes and social casinos.
Missouri has 13 riverboat casinos, with most near the state’s two largest metropolitan areas. The top three adjusted gross revenue (AGR) producers in July came from St. Louis.
- Ameristar Casino Resort Spa St. Charles: $24.1 million (-6.2% YoY)
- River City Casino Hotel: $20.7 million (-7% YoY)
- Hollywood Casino & Hotel St. Louis: $20.6 million (-7.6% YoY)
The next three casinos were in Kansas City. Two had double-digit yearly AGR declines.
- Ameristar Casino Hotel Kansas City: $16.8 million (-4.6% YoY)
- Argosy Casino Hotel & Spa: $13.4 million (-10.8% YoY)
- Harrah’s Kansas City: $12.7 million (-17.2% YoY)
Only two casinos show YoY growth
Two other casinos had eight-figure AGR totals in July. Horseshoe St. Louis Casino ($11.9 million) posted a higher total than Bally’s Kansas City ($11.8 million) after falling below Bally’s in June.
However, Horseshoe’s revenue fell 17.2% yearly, the second worst in the state. Bally’s revenue grew by 8.8%, the best in the state and only one of two casinos to improve from July 2023.
The five remaining casinos posted the following AGR totals in July:
- Isle of Capri Booneville: $6.7 million (-18.4% YoY)
- Century Casino Cape Girardeau: $5.8 million (-7% YoY)
- St. Jo Frontier: $4 million (+2.8% YoY)
- Century Casino Caruthersville: $3.9 million (-0.7% YoY)
- Mark Twain: $2.8 million (-11% YoY)
Admissions down as well
In addition to revenue declines, admissions dropped by 8.5% from a year ago. July’s total admissions were 2.3 million, or around 217,000 fewer than in 2023.
This total was 60,000 (1.9%) more than in June but took place over 31 days versus 30. June’s average daily admission total was around 1,000 more than July’s.
Of Missouri’s 13 casinos, only Bally’s Kansas City had a yearly increase in admissions. Its 259,000 was 40,000 (18.4%) more than a year ago. Five casinos had double-digit drops in July admissions, led by Horseshoe St. Louis, which saw attendance plummet by more than 20%.
- Horseshoe St. Louis: -21.2% (179,532 admissions)
- Isle of Capri Booneville: -17.9% (94,274 admissions)
- Harrah’s Kansas City: -17.5% (164,838 admissions)
- Century Casino Caruthersville: -13.7% (53,689 admissions)
- River City: -11% (331,492 admissions)
The decrease in admissions correlates with yearly drops in AGR. While correlation does not equal causation, it does create an uphill battle for Missouri casinos to overcome in FY 2025 revenue.
Come November, Missouri voters may have a chance to pass a referendum for a new casino on Lake of the Ozarks. If passed, it would become the state’s 14th casino and its first in over 12 years.
That said, Missouri casino expansion won’t save the state’s declining revenue anytime soon. Any new casino would require at least a year-and-a-half construction period.
