2008 casino revenue way down
Worst year ever
Black Hawk and Central City casinos’ revenue for 2008 was the worst since gambling came to the County in 1991. A slumping final quarter continued the year-long downward trend. Colorado Division of Gaming figures, released last week, show combined casino revenue for December of $48.6 million adjusted gross proceeds (AGP-the difference between total wagers and total payouts). In December 2007, that revenue was $58.2 million AGP. The difference represents a 16.6% drop.
Last month, Black Hawk’s 20 casinos took in $35.4 million AGP. That’s down from $41.9 million AGP in December 2007. Black Hawk’s total 2008 revenue, at $508.6 million AGP, is a 12.5% decrease from $581.3 million AGP in 2007.
Central City’s six casinos finished December with $4.3 million AGP (down from 2007’s $5.6 million AGP). Central’s 2008 total revenue plummeted by 15.9% to $67.1 million AGP, the largest drop of Colorado’s three gambling industry cities. Central’s 2007 December revenue was $79.7 million AGP.
Casinos down south didn’t fare much better. Cripple Creek’s 16 casinos brought in $8.8 million AGP in December 2008, compared to $10.7 million AGP in December 2007. Their year-end total revenues reflected a 9.6% drop from $154.9 million AGP in 2007 to $140.0 million AGP for 2008.
Wrapping up, Colorado’s casinos produced a total of $715.8 million AGP for 2008. That’s a 12.3% decline from 2007’s total AGP, $816.1 million.