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Mississippi Casinos Look to Change Decline

MISSISSIPPI – As reported by the (Memphis, Tennessee) Commercial Appeal: "Tunica casino operators went through something last year they had not seen since the first gambling boat opened 11 years ago - a year-to-year drop in revenues.

"Revenues at the nine casinos around Robinsonville and one down the road in Lula, Miss. - at $1.46 billion - were off about $20 million last year compared with 2002, according to Mississippi Gaming Commission figures.

"Gaming executives offer different explanations for the decline at individual properties and profess optimism for 2004 and beyond.

"Competition inside and outside the market is a key factor.

"…The Tunica market is also mature.

"…About the biggest project among the casinos last year was Hollywood Casino's $8 million remodeling of its hotel rooms. Fitzgeralds renovated more than 100 rooms of its 507-room hotel.

"…'Tunica is a very, very competitive market,' said Steve Marshall, marketing director at Fitzgeralds.

"…Competition took its toll on the property everyone considers the market leader, Horseshoe Casino, which is about to be acquired by Harrah's Entertainment Inc., which has its own property in Tunica.

"…While a revival in the economy would help all nine properties, it will take more than that to produce substantial growth, analysts and executives said.

"…'Tunica has potential if there is additional capital investment,' said Mark Falcone, gaming analyst for Deutsche Bank in New York. That means expanding nongaming offerings, he said.

"…Meanwhile, the thinking is that the current properties will survive…"

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