Revenue Slide Continues At Colorado Casinos, Down To $86.5M In October

Written By T.J. McBride on 12/04/2023
Photo of a slide with a Colorado state flag and casino chips on a story about slipping casino revenues in Colorado.

Colorado casino revenue continued its downward trend in October. Colorado casinos generated $86.5 million in adjusted gross proceeds in October, down 7.6% from September’s $93.6 million. It’s the third-consecutive month casino revenue has fallen since $101.5 million in July.

Still, October revenue was higher year over year, around 9% higher, than October 2022’s $79.2 million.

Adjusted gross proceeds for the current fiscal year (July-October) have grown to $373.4 million.

Slot machines in Colorado took in nearly $1B in October

Colorado allows casino gambling only in three towns: Black Hawk, Cripple Creek and Central City. Between the three mountain towns, there are 33 casinos. Colorado online casinos are still illegal.

Around $74 million in adjusted gross proceeds (AGP) was collected from $965.6 million of wagers on 10,386 slot machines in October. Those numbers were down from the previous month and last October. A year ago, $1.03 billion was dropped into slot machines with $79.2 million AGP. Slot machine handle was down 7.3% from September and slot AGP was 8.5% worse.

As usual, multi-denominational slot machines were most popular, with $455.6 million of bets placed. That was 47.2% of all slot wagers made in the state. The 3,644 multi-denominational slot machines accumulated $32.9 million in AGP thanks to a hold percentage of 7.23%.

Coming in second for most popular slot machine options in October was penny slots, which saw over $296.8 million in wagers. That led to $28 million in AGP across the 4,904 penny slots in Colorado. Penny slots also came away with the highest hold percentage across all slot machine options with 9.44%.

The bronze medal for most popular type of slot machines in October were $1 slots, which saw $143.1 million of wagers. There are 1,026 $1 slot options in the state, which accumulated $8.8 million of AGP and a hold percentage of 6.16%.

Black Hawk houses more than 50% of state’s slot machines

Black Hawk casinos led the trio of Colorado gambling towns in all slot machine categories outside of hold percentage. The town houses 5,928 slot machines, which is 57% of the state total. From those machines, $55.1 million of AGP was accumulated, nearly 75% of the total state AGP. The $713.3 million wagered on slot machines in Black Hawk also led the state. Central City led the state with a hold percentage of 7.82%.

Cripple Creek casinos feature 2,775 slot machines, which took in $172.2 million of bets leading to $12.6 million AGP. Central City casinos have 1,683 slot machines, which took in $80.1 million of wagers and created $6.3 million AGP.

Table games at Colorado casinos brought in nearly $12.6 million in October

Table games at Colorado casinos are just a drop in the pool of casino gaming success. There are only 268 table games across all 33 casinos, which is just 2.5% of all casino games in the state.

Even with the minuscule percentage of games being table games, they generated $12.6 million AGP, 14.5% of the state total from casino gaming. That number is 8% lower than September and 10% lower than October 2022.

Blackjack was the most popular table game and the most available to play. There are 106 blackjack tables across the state, which is nearly 40% of all table games. Those blackjack tables generated $4.1 million AGP in October from $17.8 million of bets placed and a massive hold percentage of 22.83%.

The only other table game that came close to the success of blackjack was baccarat, which saw $15.1 million of wagers at the 28 tables across the state. That led to $2.9 million AGP and a hold percentage of 19.65%.

More than $13.3 million of tax revenue generated in October from Colorado casinos

With October casino gambling now completed, the state reaped $13.3 million of tax dollars, which was right in line with last month.

In September, $13.4 million was contributed to the state from casino gambling. While staying in line with last month is encouraging, the tax contributions in October of this year are 8.9% lower YoY, when $14.6 million was paid to the state in taxes.

Black Hawk casinos continued to lead the pack with $11.7 million in taxes paid, 88% of the statewide total. Cripple Creek casinos came in second with $1.1 million. The remaining $493,299 came from Central City casinos.

Photo by Shutterstock / Illustration by PlayColorado
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T.J. McBride

T.J. McBride is a Denver-based writer and reporter with an extensive background in covering the NBA and Denver Nuggets. T.J. is Southern California native who provides news and analysis on the legal gambling industry across a number of Catena Media's regional US sites.

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