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Mississippi Casinos Hopeful

Posted on January 23rd, 2011

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With the first month of the year almost coming to an end, some casino industries in the the country have already registered marked increases in revenue and overall visitorship. Of course, no official reports were made but developers have seen firsthand the much welcome signs of recovery. This comes as a welcome news to most of the casinos operating across the country because most of these have posted losses for the year 2010. Among these casinos are Mississippi’s state-licensed casinos, all of which have registered marked losses for the last month of the previous year.

Although figures show only a 3 percent drop from registered numbers in 2009, it still is a significant amount considering that developers and analysts alike have been expecting signs of the industry’s recovery to manifest during the last months of 2010. With a 3 percent loss, it would mean that casinos in the state have performed much worse than they did in 2009—which was considered to be the worst year for the industry. The same industry in different states have suffered varying fates. The casino industry in Atlantic City, New Jersey, has been brought down on its knees by the increased competition brought about by its neighboring state, Pennsylvania, expanding their gambling capabilities. From 2006 to 2010,the Atlantic City casino industry has registered a devastating loss amounting to a whopping 31 percent. The increased competition in neighboring states have led state officials to take drastic measures in order to limit the damage it has caused to their local economy. Meanwhile, the Louisiana has registered a 3.3 loss from figures reported for 2009. However, casinos in the state have reported an increase in their December revenues which is a cause for celebration since analysts and developers agree, once figures begin to rise, it will be the start of the industry’s recovery.

Back in Mississippi, analysts maintain that the figures may not necessarily translate accurately the situation of the casino industry in the area. According to them, these figures, reported by the Mississippi Department of Revenue, do not include facilities owned by tribes as these are not required by law to publicize their winnings. While figures may still be on the negative side of things, developers are still hopeful that the new year will usher in better figures for the casinos. This optimism is brought about by the more than stellar performance of the casino industry in Asia. While comparing Asia’s gambling industry to that of the country may seem futile, analysts believe that there will eventually be a global spillover which will usher the country’s casino industry back to the limelight. Before then, however, casinos may need to hold on tight as the recession has not, in all sense of the word, been reported over.

While some industries, the casino industry included, have reported signs of recovery, particularly in the last months of the past year, analysts agree that full on recovery may still be far away. While some trends have been showing slight signs of recovery, it still doesn’t mean that the casino industry will be operating normally any time soon, not this year at least. “Across the U.S., except for small pockets, we don’t expect the consumer to be back for three to five years. This isn’t your normal recession. People are trying to pay off debt and we are waiting for unemployment to come down,” Cory Morowitz, a casino analyst with Galloway, N.J.-based Morowitz Gaming Advisors, said.

If anything, signs of recovery may mean more work for the casino industries across the country. It is, according to analysts, the most crucial part of getting out of the recession. The developers are urged to gradually adjust their strategies in order to cater, little by little, to increases in revenue. Developers have been warned to not spend extravagantly, expecting the recovery to be right around the corner. There is much work to be done, and now, of all times, should developers exercise care in the operations of their facilities.

With all the glum news though, casinos in Mississippi are looking forward to a great year. While none of these are expecting instant recovery, they are still optimistic that 2011 will be better for business.