Monday, February 16, 2009

Illinois smoking ban influence on St. Louis casinos

Looks like St. Louis casinos made some great business changes starting January 1st, 2008. Or, could it be there was some outside factor?

Take a look:

St. Louis Casino Revenues FY 2008-2009 from Missouri Gaming Commission: http://www.mgc.dps.mo.gov/rb_fin_nav/mo_mkt_anal_nav.htm

Month-Year AGR in 000's Year/Year
07-07 $58,862 -0.86%
08-07 $57,390 0.02%
09-07 $54,818 -5.50%
10-07 $53,127 -0.80%
11-07 $52,846 -3.10%
12-07 $58,351 -3.10%

llinois Smoking Ban Goes Into Effect 01-01-2008

01-08 $60,036 +7.82%
02-08 $63,884 +13.10%
03-08 $69,957 + 9.62%
04-08 $63,666 +11.06%
05-08 $71,983 +22.72%
06-08 $64,105 +11.13%
07-08 $68,413 +16.23%
08-08 $70,129 +22.20%
09-08 $59,669 +8.90%
10-08 $60,239 +13.40%
11-08 $64,274 +21.60% \
12-08 $63,604 +9.00%
01-09 $67,706 +12.80%


Comment from Tony Palazzolo:

"These numbers are certainly compelling - but its only part of the story. We can calculate how much extra revenue was brought to Missouri from the ban ($19 million) in calender year 2008. But how much extra was brought in by the extra traffic. How much extra revenue did the city get from extra employment, extra sales, hotel revenue, bar revenue and others. That impact would be far greater than the gambling revenue. That would take an economist.... It would mirror the loss they had on the other side of the river. Since I live in Missouri - I should send a thank you note to the Illinois legislature."