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The Iowa casino industry had another sluggish month as casino gaming revenue declined for the second straight month.
According to data from the Iowa Racing and Gaming Commission, total adjusted gross revenue (AGR) for the 19 casinos in May stood at $143.6 million, down 6.07% from April’s $153 million.
Although customers might be playing slots and table games less, they are still placing sports bets. Iowa sports betting revenue was up 17.7% in May compared to April. Additionally, sports betting was up 31.7% when compared to May 2022.
Iowa casino revenue drops over 6% in May
Summer slumps are common in the Midwest as local customers flee Hawkeye State for summer vacation. Regardless of the industry decline, some Iowa casinos had a profitable month.
Leading the way in adjusted gross revenue (AGR) is Prairie Meadows Racetrack & Casino, with $20.7 million in AGR. The casino generated $1.6 million in table gaming revenue and $19 million in slot machine revenue. The casino’s retail sportsbook generated $10.7 million in sports betting handle, translating to $1 million in revenue.
The top 3 Iowa casinos by AGR:
- Prairie Meadows Racetrack & Casino – $20.7 million
- Horseshoe Casino Council Bluffs – $15.5 million
- Ameristar II – $14.8 million
The casino industry saw revenue declines in all three major categories (state taxes, slot machines and table) games) compared to last month.
Iowa casino numbers for May 2023:
- Slot machine revenue: $130,325,833
- Table game revenue: $13,360,608
- State tax revenue: $28,631,669
Iowa casino numbers in April 2023:
- Slot machine revenue: $137,524,034
- Table game revenue: $15,362,075
- State tax revenue: $30,496,502
Sports betting is still performing well
For May, sports betting revenue was $17 million, up 17.7% from the $14.1 million generated in April. Iowa regulators do not break down numbers by individual category, however, it’s safe to assume customers have been placing bets on the NBA and NHL finals.
The top 3 sportsbooks by revenue:
- Diamond Jo – Dubuque (FanDuel): $4.5 million
- Wild Rose – Jefferson (DraftKings): $2.3 million
- Diamond Jo – Worth (FanDuel): $2.1 million
Overall, Iowa sports betting generated over $147 million in betting handle, translating to $17 million in revenue. Online betting continues to be the preferred option, with $135 million in handle coming from online gambling.
Sports betting numbers May 2023:
- Retail sports betting handle: $12,533,671
- Retail sports betting revenue: $1,620,726
- Online sports betting handle: $135,181,454
- Online sports betting revenue: $14,979,143
- State tax revenue: $1,060,058
