Published on: September 25, 2024, 12:39h.
Last updated on: September 25, 2024, 12:39h.
Louisiana casinos saw a 12% increase in gaming revenue in August compared to the previous year. This surge in revenue was mainly driven by the casinos’ retail and mobile sports betting operations.
The Louisiana Gaming Control Board (LGCB) reported that commercial casino revenue in August reached around $191.5 million. Gross gaming revenue (GGR) from slot machines and table games increased by 7.9% to $166.1 million, up $12.1 million from the previous year.
Oddsmakers retained $25.4 million out of the total $234.5 million wagered online and in person. The majority of bets, $218 million, were placed online.
The sports betting revenue in August showed a significant growth of 49.5% compared to August 2023. This boost in sportsbook revenue contributed to a year-over-year increase of approximately $20.5 million in statewide GGR.
After experiencing year-over-year declines in April, June, and July, the August results were a welcome relief for the state’s casino industry.
Successful Sports Betting Month
Louisiana oddsmakers had a profitable month, mainly due to the popularity of parlay bets among state bettors. Parlays involve combining multiple bets into a single wager, offering higher odds and larger payouts.
Unfortunately for the bettors, the odds favored the house last month. Sportsbooks revealed that over $14.4 million of the $25.4 million in revenue came from parlay bets.
Football contributed $3.3 million, while baseball bets accounted for $2.3 million in GGR. Basketball brought in $208K in revenue.
Other sports like golf, boxing, and more collectively generated $4.5 million in sportsbook revenue.
Overall Market Growth
All of Louisiana’s monitored gaming markets, including Lake Charles, Shreveport/Bossier City, New Orleans, and Baton Rouge, saw an increase in GGR last month. The figures below exclude sports betting revenue and focus solely on income from slots and table games.
In Lake Charles, the state’s premier casino market, gaming revenue rose by 2% to $57.3 million. L’Auberge Casino led the way with almost a 12% increase in GGR to $26 million.
The Penn Entertainment-owned property surpassed Golden Nugget in the western Louisiana casino market, with GGR climbing by 1.6% to $25.6 million. However, Caesars Entertainment’s Horseshoe struggled in Lake Charles, with GGR plummeting by over 26% to just $5.7 million.
Visitors from neighboring Texas prefer to stay at Golden Nugget or L’Auberge in Lake Charles, whether in the hotel rooms or RV parking lots shared by the casinos.
In Shreveport/Bossier, GGR increased by 13% to $45.7 million, with Horseshoe leading the market with $15.6 million in revenue.
The Shreveport/Bossier market will welcome a sixth casino next year when Live! Casino & Hotel Louisiana opens. The Cordish Companies is investing $270 million to transform the former Diamond Jacks complex into a land-based casino resort.
New Orleans was the third-largest market, with GGR reaching $41.4 million, a 14% increase from the previous year. Harrah’s New Orleans saw a 5% rise to $18.9 million, while the city’s three riverboats together reported a 29% jump to $23.6 million.
The newly opened Treasure Chest casino in Kenner fueled the riverboat action in New Orleans, with revenue reaching almost $6.8 million, up 83%.
Baton Rouge’s three casinos generated $20.6 million in revenue, an 8% increase. Among the capital city’s casinos, L’Auberge topped the list with $13.2 million in GGR.