Gaming tax revenue from Vicksburg’s five casinos was up slightly in January, but the year-to-date figures are down by a slim margin from last fiscal year. While many in the gaming industry speculated the opening of Riverwalk Casino in late October would expand the market and lead to more tax revenue, it appears to only be insulating the market from larger declines seen across the state and country.

However, Mississippi Gaming Commission Deputy Director Allen Godfrey said there’s not enough data yet to assess with any certainty the Vicksburg market.

“We’re going to need a couple more months to make an accurate comment on the Vicksburg market,” said Godfrey.

With a third of the fiscal year gone, the total 3.2 percent tax collected by the state and divided by the city, county and school district totals $2,507,730.53 — down by roughly $10,000 or 0.3 percent from a year previous. In January, the 3.2 percent tax netted $632,875.58, up from $614,207.28 in 2008.

Statewide, Mississippi casinos closed calendar year 2008 with a 5.9 percent decrease in gaming tax revenue from $2.89 billion to $2.72 billion. With the addition of a fifth casino three-quarters of the way through the calendar year, Vicksburg casinos ended 2008 with a 3.2 percent decrease in gaming tax revenue.

Godfrey said the battered economy and flat gaming market nationwide makes it difficult to draw conclusions from the local numbers.

“Although a drop in revenue is obviously not what you want to see, we feel good about the Vicksburg market and our statewide market when you compare them to the double digit declines the larger markets such as Vegas and New Jersey are experiencing,” he said.

Godrey also noted that 2007 was the best revenue year for casinos since they opened in Mississippi in 1993. He said he doesn’t expect the industry to rebound until late this year, but is hopeful casinos in Mississippi will have an easier time regaining gamblers than those in Las Vegas or Atlantic City.

“We’re not a fly-in destination like those markets. We rely more on customers within driving distance. When people feel good about the economy again, I think they’ll come back,” he said. “We like to think that will be sometime in 2009, but it will probably be later than sooner.”  

A total of 65 percent of the the 3.2 percent revenue tax in Vicksburg goes to the city, while 25 percent goes to Warren County and 10 percent to schools. A second revenue tax is a 0.8 percent share of the state’s 8.8 percent revenue tax. It is split based on population proportions between Vicksburg and Warren County. A $150 fee per gaming device is also paid annually to the city by each casino. 

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Contact Steve Sanoski at ssanoski@vicksburgpost.com.

Vicksburg’s five casinos pay a 3.2 percent revenue tax to the State of Mississippi that is divided, with 10 percent going to schools, 25 percent to Warren County and 65 percent to the city. A second revenue tax is a 0.8 percent share of the state’s 8.8 percent revenue tax. It is split based on population proportions between Vicksburg and Warren County. Each casino is also required to pay $150 for each gaming device annually to the city. Two casinos have paid the device fee thus far this year. These are the latest receipts.

January 2009

City………………..$777,451.32

County……………$233,255.61

Schools……………$63,287.55

Fiscal year to date 2009

City…………….. $2,348,542.32

County……………….. $924,298

Schools………………..$250,773

January 2008

City……………………$695,230.10

County……………….$226,208.27

Schools……………….$61,420.73

Fiscal year to date 2008

City………………….$2,290,723.46

County…………………….$926,983

Schools…………………..$251,718