Revenues at Iowa gambling parlors – race tracks and riverboat casinos – declined 1.5 percent during fiscal 2013 to $1.44 billion, reflecting a nearly 6 percent drop in admissions at the state's 15 riverboats and flat admissions at the four state-licensed race tracks.
The decline in admissions and adjusted gross revenues at Iowa gambling parlors is sure to add to the debate over whether the state should issue additional gambling licenses. A Cedar Rapids group, after getting voter approval for gambling in Linn County, is expected to submit a request for a license in the coming months.
The race tracks and riverboat casinos posted record revenues of $1.466 billion in fiscal 2012, but the strong showing didn't carryover during the past 12 months despite improved economic conditions in the region.
During fiscal year 2013 ended June 30, the state's 15 riverboat casinos generated $991 million in revenue, a 1.7 percent decline compared with just over $1 billion in revenue during fiscal 2012. The race tracks (which derived the vast majority of revenue from slot machines and table games) posted adjusted gross revenue in fiscal 2013 of $453 million, a 1 percent decline compared with $458 million in fiscal 2012.
Admissions at the state's riverboat casinos fell nearly 6 percent – nearly 1 million people – in fiscal 2013, dropping from 16.7 million gambler visits in fiscal 2012 to 15.7 million admissions in fiscal 2013. Admissions at the state's four race tracks totaled 6,138,393 in fiscal 2013, nearly identical to the previous fiscal year.
As a result of the lower gambling revenues, state tax revenues fell from $284 million in fiscal 2012 to $281 million in fiscal 2013.
CLICK HERE to download the complete fiscal 2013 gambling report from the Iowa Racing and Gaming Commission.
