Mississippi Casinos Have Second-Best March Ever On Strength Of March Madness

• Casinos along the Gulf Coast pulled in $124 million in revenue during March.
• Sports betting and March Madness are credited with this increase.
• Mississippi’s riverfront casinos fared worse, primarily due to increased competition from nearby Arkansas venues.

JACKSON, Miss. – Thanks to the legalization of sports betting, Mississippi casinos had their second-best March ever, raking in $212 million from gamblers all across the state. Nearly $5 million of that came from sports wagering, much of it on March Madness.

The total ‘Win’ is up five percent year-over-year, as the same venues scored a $201 million take in March 2018.

Most of the gains came from the dozen Mississippi casinos in and around Biloxi on the Gulf Coast. These 12 venues saw a revenue increase of 13 percent, earning $124 million in March.

This represents the second-highest March total ever, with only July 2007 posting bigger figures.

While it isn’t clear if sports wagering is primarily responsible for this uptick in business, that seems to be at least partly the case. Casino revenues are up four percent over the last 12 months since the repeal of the federal sports betting ban.

The Mississippi Gaming Commission (MGC) has not done any formal impact studies on how the presence of legal sports betting lounges at Mississippi casinos are affecting the bottom line, but Jay McDaniel, deputy director of the MGC, doesn’t think it’s a coincidence, particularly given the popularity of the NCAA Division I Men’s Basketball Tournament.

“They saw really good numbers associated with March Madness. We figure that it’s got to be sports betting.”

Chett Harrison, general manager of the Golden Nugget Biloxi, agrees that sports wagering has led to an influx of business from new clients.

“Sports betting is certainly contributing the most to our increased revenue, but it is hard to put actual numbers on the non-gaming components. We do know that…those who are sports betting are staying the night, gambling, and eating at our hotel and casino.”

Other Factors Impacting Mississippi’s March Numbers

Though it seems reasonable to suggest that sports wagering was the main driver of Mississippi’s excellent March haul, there are a couple of other factors to consider – and one potential red flag going forward.

First, Mississippi gamblers tend to spend more money in March, with the majority of area players receiving – and then spending – their income tax refunds during this time.

March is also a popular month for vacationers nationwide, with business coming in from Spring Breakers throughout the south and Midwest. This is especially true for the state’s Gulf-aligned properties.

Despite the above, a cautionary outlook is also necessary. One big factor regarding March’s gambling numbers is the fact that they could have been even better.

However, the 13 or so casinos along the Mississippi River in towns like Vicksburg, Greenville, and Tunica Resorts are actually down month to month.

Despite March Madness and the ubiquity of Mississippi sports betting, these inland gambling venues made a profit of only $88 million. While still very good historically, this is actually a four percent loss compared to February’s total take.

Of particular note is the fact that Caesars Entertainment closed their Tunica property – the Tunica Roadhouse Casino and Hotel – in January. Though this was the area’s smallest gaming venue, its absence could be the main factor in the regional revenue downturn.

Still, gambling revenues at these casinos are up two percent over the last year, and this comes despite increasing competition from expanded gambling opportunities just across the border in Arkansas.

There is still some bad news, though. Two months from now, another Tunica Resorts venue will shutter, as Penn National Gaming announced that it will close its Resorts Casino Tunica property on June 30.

Whether or not sports wagering will keep Mississippi’s riverfront gambling market afloat remains to be seen. The numbers certainly seem to indicate as much, but there could still be a few rough patches ahead.

News tags: March Madness | Mississippi | sports betting