Just what Shreveport-Bossier does not need—another publicly funded report that throws cold water on the local economy.
Does it really require a 250 page (plus) to make a point that is old news, like almost ancient news? The Indian tride casinos in Oklahoma are hurting Shreveport-Bossier gaming. Daa...
Louisiana has 15 state licensed casinos. It also has 4 federally licensed Indian casinos.
Locally there are 6 local casinos; Boomtown, Diamond Jacks, El Dorado, Horseshoe, Margaritaville, Sam’s Town, and Harrah’s Louisiana Down’s racino.
The total earnings from July 1, 2018 through March 31, 2019, along with the statewide rating by income, of each are:
Horseshoe $141.2 million - number 3 in the state
Margaritaville $122 million - number 4 in the state
El Dorado $87.8 million number - 7 in the state
Sam’s Town $55.8 million number - 10 in the state
Boomtown $41.1 million - number 11 in the state
Diamond Jacks $26 million - number 14 in the state
Total revenues $ 473.9 million for 10 month period.
The report’s findings:
a) The New Orleans market is not achieving its potential. It estimates more than $225 million per year in leakage to Mississippi;
b) The Lake Charles casino market continues to grow and can support more gaming positions. Houston is the primary feeder for this area;
c) The Shreveport-Bossier market is down 21 percent since 2007 due to competition from the Oklahoma tribal casinos for the Dallas-Ft Worth area patrons.
The local casinos are criticized for standing pat in the face of increasing competition. The report says they did not make significant capital investments in their properties in recent years.
Spectrum also says that the 2014 opening of the Margaritaville did not fuel the local casino market. It merely shifted revenue in a declining market rather than growing it.
The 6 riverboat casinos and Harrah’s Louisiana Downs racino made the local market the strongest region in the state for the first 15 years of gaming in Louisiana. However, gross gaming revenues in the local market have declined 21 percent since 2007.
Spectrum concludes that the local market is over served.
The dagger to the heart is the Spectrum recommendation that Boomtown and Diamond Jacks be relocated to Lake Pontchartrain and the northeast region of the state. The report estimates an additional $14 million in gaming revenues for the state by these relocations.
Such a move would supposedly recapture gambling dollars being exported to Mississippi. Reportedly, it would also strengthen the remaining casino boats in Shreveport Bossier.
The recommendations ignore obvious economic realities, like how detrimental could a casino move(s) be to the local economy?
So much for the April “Comprehensive Gaming Analysis” delivered by Spectrum Gaming Group to the state gaming board this month.