Colorado casinos had their best month of the past year in July, reporting $96.4 million in revenue.
However, it was 1.8% less than last July’s $98.1 million.
As a result, the state collected 4.1% less in taxes from a year ago. The state’s three casino towns paid $5.9 million in taxes, nearly all of which ($5.7 million) came from Black Hawk.
Slots and table games both bear the brunt
Three historic Colorado mining towns offer legal gambling for residents and visitors. Each town – Black Hawk, Central City and Cripple Creek – has six to 15 casinos and at least one onsite hotel.
Throughout history, the state’s gambling laws have progressed to abolish betting limits and legalize sports betting. Slots and table game players can find all their favorite games in the three towns, but legal Colorado online casinos remain prohibited.
Both slots and table games saw yearly revenue drops in July.
Bettors wagered nearly $1.09 billion in slot machines, and casinos held $82.8 million (7.6%) of that. A year ago, wagers totaled $1.11 billion (-2.6%) and revenue $84.2 million (-1.7%).
Multi-denomination slots ($41.1 million) and 1-cent slots ($28.2 million) comprised more than 83% of all slot revenue. $1 slots ($9.3 million) and 25-cent slots ($1.3 million) had seven-figure totals, with all remaining denominations accounting for the final $2.9 million.
Table games brought in the remaining $13.6 million in July revenue, roughly $322,000 (-2.3%) less than a year ago.
Despite yearly growth in blackjack, casinos’ most popular table game, big losses came from the tables. Blackjack generated $22.1 million in wagers (+3.1%) and had a 21.5% hold, resulting in $4.8 million in revenue (+31.9%).
Unfortunately, the other five verticals with more than $1 million in monthly revenue were in the red and washed away blackjack’s success.
- Baccarat: $2.3 million (-25.9%)
- House-banked poker: $2 million (-10.4%)
- Craps: $1.8 million (-19.4%)
- Roulette: $1.4 million (-2.1%)
- Player-banked poker: $1.3 million (-0.3%)
Cripple Creek has yearly growth
Even with a yearly fall, Cripple Creek casinos pulled their weight in July.
Cripple Creek’s 12 casinos are up the mountain from Colorado Springs and represent the second-largest gambling town in the state. Those casinos reported $17.1 million in July revenue, a 12.4% boost from $15.3 million a year ago.
But Colorado’s casino revenue essentially goes as Black Hawk goes. An hour from Denver, the town has 15 casinos, including all of the state’s largest resort-style venues.
Black Hawk casinos reported $72.4 million in July revenue, a 75% market share. Still, revenue was down 3.9% from $75.3 million a year ago.
A mile up the road, the much smaller Central City casinos (six) reported the final $6.9 million in July revenue, a 9.4% yearly fall (from $7.6 million).
Casinos have work to do, but FY 2025 could set another record
July’s 1.8% yearly revenue decline means that Colorado casinos started Fiscal Year 2025 in the red by $1.7 million compared to FY 2024.
Still, it’s a solid monthly total, and casinos in the Centennial State can overcome the difference. Casino revenue grew 3.4% from June’s 93.2 million, a month that cemented a record $1.1 billion in FY 2024 revenue.
Despite having a larger total in July 2023, casinos faced an even more significant yearly deficit. Casinos reported $101.5 million in July 2022, meaning they overcame $3.4 million (3.3%) throughout the rest of FY 2024.
Casinos had three months with yearly declines in revenue during FY 2024. All three months came by October.
- July 2023: $98.1 million (-3.3%)
- August 2023: $94.2 million (-2.5%)
- September 2023: $94.5 million (+1%)
- October 2023: $86.5 million (-7.2%)
From there, casinos finished FY 2024 with eight consecutive months of yearly gains. At the end of the fiscal year, their $1.1 billion in revenue outpaced FY 2023’s $1.09 billion by around $12 million (1.1%).
- November 2023: $85.3 million (+4.4%)
- December 2023: $92.8 million (+7.7%)
- January 2024: $85.2 million (+2.3%)
- February 2024: $85.8 million (+2.1%)
- March 2024: $96 million (+0.1%)
- April 2024: $90.7 million (+0.1%)
- May 2024: $99.2 million (+7%)
- June 2024: $93.2 million (+3.4%)
That said, Colorado’s casino industry has not grown significantly over the last year. That alone will make it tougher to break this year’s record than last year’s, and instead, it suggests the state will plateau in the same ballpark from the previous two fiscal years.
Of course, a billion-plus-dollar industry is nothing for three mountain towns to scoff at, even if FY 2025 does not break new records.
