NewsMarch 14, 2002
ST. LOUIS -- The economy might be sputtering, but not at Missouri's casinos. Revenue jumped 18 percent statewide in February compared to a year ago, and two St. Louis area gambling boats had their best months ever. The state's 11 casinos earned $103.9 million in adjusted gross revenue in February, up from the $87.1 million earned in February 2001, according to figures released this week by the Missouri Gaming Commission. ...
Jim Salter

ST. LOUIS -- The economy might be sputtering, but not at Missouri's casinos. Revenue jumped 18 percent statewide in February compared to a year ago, and two St. Louis area gambling boats had their best months ever.

The state's 11 casinos earned $103.9 million in adjusted gross revenue in February, up from the $87.1 million earned in February 2001, according to figures released this week by the Missouri Gaming Commission. The figures refer to money collected from gamblers minus payouts to winners.

The state has added two casinos since last year -- the Mark Twain in the northeast Missouri town La Grange and the Isle of Capri in Boonville in mid-Missouri. Those two casinos generated a combined $7.45 million of the increase.

St. Louis area casinos saw a 13.7 percent increase. Kansas City area casino earnings jumped 7.1 percent. The President Casino in downtown St. Louis, with earnings of $7.45 million, and Ameristar St. Charles, with $13.07 million, both set records.

Gaming Commission analyst Jim Oberkirsch expects even bigger numbers in March, typically the best month of the year for casinos as the weather improves and people start spending tax refunds.

Receive Daily Headlines FREESign up today!

"I think there's going to be a lot of records this month," said Oberkirsch.

Much of the recent surge can be attributed to nickel slot machines. In 2000, 25-cent slots accounted for 52 percent of casino winnings, while nickel and dime slots -- but mostly nickels -- accounted for 16 percent. Last year, quarter slots generated 42 percent of revenue, lower-denomination slots 28 percent.

Figures for 2002 aren't yet available, but Oberkirsch believes the trends are continuing both ways.

That's good news for the casinos. Gaming Commission statistics show that while casinos keep 6.4 cents for every dollar played in a quarter-slot, they keep 10.3 cents for every dollar played in a lower-denomination slot.

In the past year, casinos have added improved nickel slots that offer interactive themes and new technology that no longer requires coins, making them more attractive and user-friendly, Oberkirsch said. Now, gamblers can use larger denominations and play off credits.

Only one casino, Harrah's Kansas City, earned less in February than it did a year ago. Meanwhile, earnings at Isle of Capri in Kansas City and Ameristar Kansas City rose significantly. Oberkirsch said Harrah's benefitted last year while part of Isle of Capri was closed for expansion.

Story Tags

Connect with the Southeast Missourian Newsroom:

For corrections to this story or other insights for the editor, click here. To submit a letter to the editor, click here. To learn about the Southeast Missourian’s AI Policy, click here.

Advertisement
Receive Daily Headlines FREESign up today!