Iowa Casino Gaming authorities are impressed by the good rise in revenue from the 19 gaming facilities in the state thus showing an improvement in the income in Iowa casinos and gambling industry.
According to a report from the gaming sector that was released on Monday, Iowa casinos industry is set to improve if gaming stakeholders join hands.
In general, the report by the Gaming and Racing Commission of Iowa said that the moderate increase in revenue collection was due to improved of casinos in the city to meet international standards.
The efforts by the state and private gaming investors to do necessary changes to the Quad-City casinos saw an increase in revenue from virtually all sections of the gaming resort industry with some seven facilities recording a rise in revenue.
However, the rest of the facilities did not perform well. In fact, the report indicates that while the improved Quad-City casinos recorded an increase in the revenue collection, the 12 resorts saw a massive decline.
This was rather scary to the commission, which said that unless drastic measures are taken, the situation will only worsen. The commission made that observation following the casinos’ year over the year failed to meet their revenue projections.
On the other hand, following the increase in revenue on the side of Quad-City casinos, the commission said that there is still room for improvement.
Of course, that argument can be based on the fact that improved city facilities did marvelously regarding their revenue collection.
Although the collection from all licensed casinos did not come at par with the 2012 record of $1.47 billion, the commission acknowledged that there was an incredible improvement.
In aggregate, all the casinos collected $1.45 billion for the period starting July 1, 2016, to June 30, 2017. The commission says this is equivalent to 1% increase from the year before.
While Iowa casino industry critics believe that the one percent increase for 12 months is negligible, the commission maintains that it still counts because the 1 percent is $15.7 million more from 2016.
“For the past 26 years the Iowa casino industry has been in operation, this is an achievement, which we cannot underestimate,” said Wes Ehrecke, from Iowa Gaming Commission. Overall, Midwest Casinos Reported Low Revenues In April 2017 But The Slot Machines Interest Soared!
Regarding the stiff competition Iowa casino industry has experienced over the years, Ehrecke observed that individual casino operators have to be commended rather than condemned.
“This is indeed a very positive indicator that with slight adjustments, the industry that has been in operation for many years can still improve for better. This year’s revenue numbers are a clear indication that even with the dollar competition, our facilities can provide premiere entertainment alternatives,” said Ehrecke.
The commission administrator for the state, Brian Ohorilko on his part said that if seven casinos would actually record a 1 percent increase, it means if the rest were to do the same, the state would meet its projects.
“You would assume how things would be if all other Iowa casinos did the same,” Ohorilko said.