March casino revenues fall 15 percent
By Joanne Kelley, Rocky Mountain News (Contact)
Originally published 01:55 p.m., April 17, 2008
Updated 01:55 p.m., April 17, 2008
Colorado casino revenues fell by more than 15 percent to $63.2 million in March, the third month since a smoking ban took effect.
The state’s gaming division showed an across-the-board drop in all three mountain gaming towns compared with the same month a year ago.
In Black Hawk, which draws the lion’s share of business, proceeds fell by 14.5 percent to roughly $46 million. Central City revenues dropped 17.2 percent to $5.9 million, while Cripple Creek posted a decline of 16.7 percent to $11.4 million.
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April 17, 2008
2:36 p.m.
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FlyfishDude52 writes:
Do you think there might be a different dynamic at work here? Like maybe an impending recession. Even most gamblers have a basic understanding of fiscal budget balancing. You can't spend more than you take in ( unless you happen to be a democratic congressman).
April 17, 2008
3:01 p.m.
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Diff writes:
OR.. a Republican President - who seems darn good at spending more that the US Treasury takes in...
I think it could be both to some degree, but I'd bet more on the economy than smoking just because I made one of my few trips up the hill shortly after the smoking ban was in effect and it seemed plenty busy to me for a Saturday afternoon - and plenty of smokers out side the doors.
Could be those smokers are still going but not spending as much because of there need to take a smoke break. I wonder if there are any good counts of "attendance" - people through the doors?
As for the economy - prolonged over-spending by the fed - is always bad for the economy plus fuels inflation ...
Last time we had a balanced budget we had a Democrat as President!
April 17, 2008
8:35 p.m.
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badbob writes:
Revenues were down considerably in Las Vegas for the 1st quarter and the last time I heard, they still allow smoking! Maybe the economy and recession (can't use this term) might be the real reason for the lost revenue and not smoking as the Colorado casinos would like you to believe!
April 19, 2008
5:22 p.m.
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legaltweety writes:
I disagree. Only 17.9% of the people in Colorado smoke. I think people are having a tough time buying gas to get to work and keeping up with rising prices of groceries, let alone gambling. The restaurant stopped smoking and people are lined up to get into them. Wait until people get their refund from the government. The casinos will be packed and they won't care if they have to go outside to smoke.
April 19, 2008
5:27 p.m.
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legaltweety writes:
We are paying off our credit cards and trying not to incur any debt right now because the economy is so unstable. People are losing their homes and trying to buy gas to get to work. They don't have as much money for frivolous spending. Groceries went up 35% last year and gas prices are out of sight.