Mississippi’s Casinos Drive $2.3B in Gross Revenue in 11 Months of 2022

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.