Iowa casino revenue suffers setback
The licensed casinos in the state reported a weak financial year that was characterised by poor weather.
US.- Floods in Iowa in the last fiscal year made casinos in the state report weak performances. Iowa casinos experienced a setback and their revenues decreased by approximately US$6.8 million in the last fiscal year.
The 19 casinos licensed by the Iowa Racing and Gaming Commission registered US$1.45 billion for the 12 months that ended on June 30. This figure is approximately half of a per cent from the US$1.46 reported in gross adjusted revenue the previous year.
Iowa commission administrator Brian Ohorilko said that the majority of the decline came from the West Coast of the state. Very bad weather impacted revenue at casinos in Council Bluffs and Sioux City, the commission administrator explained. He added that their yearly take decreased US$23 million. “That market in the western part of Iowa was a major contributor to the overall decline.”
Wes Ehrecke of the Iowa Gaming Association said that it seemed like every weekend they had brutal weather. “The rains came and the floods came and so I think that speaks to the casinos being good premiere entertainment destinations that people would still try to make it out and visit them.
“If you look at the kind of weather we had this spring at various locations, and to be able to keep it flat and fairly stable in spite of the storms and the flooding we’ve had since the beginning of the year, that has a major impact on people wanting to come to our casinos when they are dealing with bigger issues with their farmland and other things,” he added.
Ohorilko added that casinos likely would have posted an overall positive year if it wasn’t for the poor weather conditions.
