- Legal States
Fiona Simmons December 28, 2022 2 min read
Mississippi’s Casinos Drive $2.3B in Gross Revenue in 11 Months of 2022
The state of Mississippi has raked in more than $2.3 billion in gambling revenue over the first 11 months of the year, the state’s Department of Revenue has reported
The Magnolia State casinos enjoyed a robust performance in the surveyed period, boosting overall tax contributions to the budget significantly.
This is especially important given the fairly low rate of taxation Mississippi levies casinos with, including 4% for the first $50,000 in gross revenue, 6% for the next $84,000 in gross revenue, and 8% for anything over $134,000 in gross revenue. Presently, the Mississippi Department of Revenue reports that Gulf Coast properties have generated a total of $1.47 billion.
Mississippi’s Casinos Continue to Drive Robust Results
Those located along the Mississippi River have amassed another $871.15 million, with the total revenue sitting at $2.34 billion, and the highest performance registered by casinos in a single month at $247.97 million. Gross gaming revenue hit $194.63 million in November.
The results are more or less in line with the numbers reported for the full year of 2021. Back then, casino properties in Mississippi generated a total of $2.67 billion in gross gaming revenue. So far, Mississippi casinos have paid $122.56 million in overall tax for the fiscal year 2023.
Some $41.7 million has been directed to local governments, with another one forwarded to the general fund, and another $15 million earmarked and delivered to the Special Bond Sinking Fund. Mississippi has been able to drive tax through a smart gambling framework which has allowed the state to levy additional money through the sale of licensees and also adjust the tax to stimulate business.
The fees for licenses are calculated based on the number of games offered at each venue. Mississippi has been posting solid results in terms of gambling revenue and this comes at a time when Magnolia State does not offer mobile gambling. In other words, all gambling is driven by in-person gambling on-site at each venue,
The industry in the state generates 37,722 jobs across the 29 casinos that are currently licensed.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
Industry December 28, 2022
Industry December 28, 2022