Gaming revenue taxes down in FY ‘14

Published 10:54 am Monday, January 27, 2014

December closed out another year of falling revenue at Mississippi casinos and a slightly down first quarter for gaming tax revenues paid to Vicksburg and Warren County government.
Statewide, casino revenue was $168.3 million in the last month of 2013, down 9.5 percent from December 2012, according to the Mississippi Department of Revenue.
For the month, the 12 casinos on the Gulf Coast won $85.6 million from gamblers, down 5.2 percent from the same time in 2012. The 18 on the Mississippi River, which includes the four in Vicksburg, won $82.7 million, down 13.5 percent from December 2012.
Revenue-based taxes from Vicksburg casinos are down a few points through fiscal 2014.
Through January, the city has taken in $1,214,951 in revenue taxes from area gaming venues, down 4.3 percent from the same time last year. Warren County has collected $768,501 so far, up 0.4 percent from the same period in fiscal 2013. Each started their respective fiscal years Oct. 1.
The Vicksburg Warren School District has taken in $157,608 so far this fiscal year, down more than $7,000 from this time last year.
Casinos in Vicksburg pay a 3.2 percent revenue tax to the state that is divided among the city, county and public schools. Broken out, 65 percent goes to the city, 35 percent to the county and 10 percent to public schools. A second revenue tax is a 0.8 percent share of the state’s 8.8 percent revenue tax, paid to Warren County, and is determined based on the population split between the city and county. The revenue taxes are separate from property taxes, which are assessed at the same time as most homes and businesses.
For calendar 2013, revenue from casinos statewide fell 4.7 percent, to $2.14 billion. The mark is a 17-year low, as casinos showed less winnings than they did in 1997. Revenue peaked in 2007, at $2.9 billion. Casinos nationwide have shed thousands of jobs to cut costs since the onset of recession and slow recovery for luxury industries.
The numbers exclude Choctaw casinos, which aren’t required to report winnings  to the state.