Iowa casino revenue declines in July amid slot machine drop ?

Jenny Ortiz August 15, 2024

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Iowa casino revenue declines in July amid slot machine drop ?

Iowa’s casino industry experienced a 4 percent decline in gaming revenue for July 2024 compared to the same period last year. The state’s 19 land-based casinos collectively earned $144.7 million (€131.4 million) in revenue, according to the Iowa Racing & Gaming Commission (IRGC). This represents a 3.55 percent drop from July 2023, despite a 2.82 percent increase in revenue from June 2024’s total of $140.74 million (€127.8 million).

Most of this decline came from Iowa’s 14,175 slot machines, which saw a 4 percent drop in revenue to $130.1 million (€118.1 million). However, table games provided a slight cushion, with a 1 percent rise in revenue, totaling $14.6 million (€13.2 million).

Prairie Meadows leads in casino earnings ?

Prairie Meadows Racetrack & Casino continued to dominate the Iowa casino scene, leading the month’s revenues with $19.9 million (€18 million). Of this, $18.2 million (€16.5 million) came from slot machines, with the remainder from table games. Horseshoe Casino Council Bluffs followed closely behind, generating $16.5 million (€14.9 million) in total, while Ameristar II completed the top three with $15.5 million (€14 million) in earnings.

Horseshoe Casino also led the table games segment, reporting $3 million (€2.7 million) in revenue from its gaming tables. Other top earners for table games included Ameristar II with $1.7 million (€1.5 million) and Riverside Casino with $1.3 million (€1.1 million).

Revenue roller coaster in 2024 ?

The Iowa casino industry has experienced fluctuating revenues throughout 2024. After a slow start in January, revenues climbed in February and peaked in March at $164.3 million. The figures then dropped in April, rose again in May, and fell in June before recovering in July. Despite the July rebound from June, the year-over-year decline remains a concern for operators.

Online casinos still not legal in Iowa ?

While online sports betting has been legal in Iowa since 2019, online casinos remain prohibited. Last year, State Rep. Bobby Kaufmann introduced a bill (HSB227) to legalise online casinos in the state. However, the legislation did not advance beyond the committee, leaving Iowa casino operators to rely solely on their physical venues for revenue. ?