Casino Revenues' Luck Rebounds Slightly

LAKEWOOD, CO-They didn’t exactly hit the jackpot, but Colorado casino revenues rebounded slightly in November, after a dismal October, reports the Colorado Division of Gaming, which is based in this city.

Gaming establishments in three mountain towns generated $56.8 million in adjusted gross proceeds in November, an increase of 1.9% from the $55.5 million in October and up 6.3% from the $53.2 million November 2002, shows the latest report from the division of gaming. AGP is defined as the amount wagered by bettors less payouts from casinos.

Black Hawk’s 20 casinos earned $41.8 million in AGP in November, up from $40.3 million in October and $38.4 million from November 2002.

Cripple Creek’s 17 casinos produced $11 million in AGP in November, down slightly from the $11.1 million in October, but up from $10.4 million a year earlier.

Central City’s five casinos’ AGP dropped to $3.7 million from $3.9 million in October and $4.3 million from November 2002.

During November, Black Hawk casinos captured almost 74% of the statewide market. Cripple Creek casinos came in second with 19.5% and Central City casinos with 6.5% followed it.

Casinos paid more than $8.7 million in gaming tax proceeds in November, up from $7.3 million in October.

Casinos pay on an annual basis beginning each July. They pay 0.25% on the first $2 million in AGP, 2% from $2 million to $4 million; 4% from $4 million to $5 million; 11% from $5 million to $10 million, 16% from $10 million to $15 million and 20% above $15 million.

In November, 16 casinos were in the 0.25% tax range, eight at the 2% rate, three in the 4% range, six at 11%, one at 16% and eight at 20%.