Colorado casinos needed to avoid a catastrophe in June to set a new revenue record for Fiscal Year 2024. They secured that record with $93.2 million in adjusted gross proceeds, bringing the FY 2024 revenue total to just over $1.1 billion.
June’s casino revenue represented a 6% decline from May’s $99.2 million, the highest total in FY 2024. Nonetheless, it was 3.4% better than June 2023, when casinos collected $90.1 million. It was also the eighth straight month with year-over-year gains.
Casinos paid $17.7 million in taxes in June. Their FY 2024 tax contributions totaled $175.4 million, also a record, surpassing the $172.9 million in FY 2023.
Slots and table games both up yearly
June capped off a record fiscal year with yearly gains in slots and table games. This made for an all-around winning month for retail casinos, all while residents patiently wait for legislators to legalize Colorado online casinos.
Slot machines contributed the bulk of casinos’ winnings, around $80.4 million. This was 3.7% greater than June 2023 ($77.5 million) but 5.4% less than May ($85 million).
Slot machines with seven-figure revenues:
- Multi-denomination slots: $39.8 million
- 1-cent slots: $28.2 million
- $1 slots: $8.4 million
- 25-cent slots: $1.2 million
Table games accounted for the remaining $12.8 million, a 1.6% year-over-year increase (from $12.6 million) and a 9.9% MoM drop (from $14.2 million).
Table games with seven-figure revenues:
- Blackjack: $4.3 million
- Baccarat: $2.5 million
- House-banked poker: $1.8 million
- Craps: $1.7 million
- Roulette: $1.4 million
- Player-banked poker: $1.1 million
Casino towns go 3-for-3 in annual growth
All three of Colorado’s casino towns took advantage of the winning month in slots and table games.
As expected, Black Hawk casinos accounted for most of the state’s revenue due to its proximity to the Denver metro area. Black Hawk has the largest casinos and resorts in Colorado and reported $70.8 million (+2.1%) in June adjusted gross proceeds (AGP).
Colorado Springs residents are the primary patrons at Cripple Creek casinos, which reported $15.2 million in June AGP. While a fraction of Black Hawk’s totals, Cripple Creek had the highest yearly growth, up 8.9% from $14 million in June 2023.
Lastly, Central City had a 5.1% yearly growth. Central City casinos reported $7.2 million in June AGP after reporting $6.8 million a year ago.
Setting a record, but barely
The Centennial State’s $1.1 billion in FY 2024 casino revenue was around $12 million more (1.1%) than the $1.09 billion reported in FY 2023. It was the third year casino revenue transcended $1 billion.
However, the numbers suggest that the state’s three casino towns could be near their revenue ceilings.
Colorado casino monthly revenue over the last three fiscal years
| Month | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|
| July | $98.1 million | $101.5 million | $95 million |
| August | $94.2 million | $96.6 million | $88.1 million |
| September | $94.5 million | $93.6 million | $86.9 million |
| October | $86.5 million | $93.2 million | $88.1 million |
| November | $85.3 million | $81.7 million | $80.5 million |
| December | $92.8 million | $86.2 million | $82.8 million |
| January | $85.2 million | $83.3 million | $76.7 million |
| February | $85.8 million | $84 million | $76.6 million |
| March | $96 million | $95.9 million | $88.8 million |
| April | $90.7 million | $90.6 million | $90.8 million |
| May | $99.2 million | $92.7 million | $89.4 million |
| June | $93.2 million | $90.1 million | $84.7 million |
| TOTAL | $1.1 billion | $1.09 billion | $1.03 billion |
Slot revenue grew by 1.1% year-over-year after 4.9% gains between FY22 and FY23.
- FY 2024: $936.2 million
- FY 2023: $926.2 million
- FY 2022: $882.8 million
Table games grew by 1.2% in FY24 after having 12.2% year-over-year growth in FY23.
- FY 2024: $165.3 million
- FY 2023: $163.3 million
- FY 2022: $145.6 million
How much more can Colorado casinos grow?
Another year will show whether or not Colorado casinos have more room for growth.
All three of Colorado’s casino towns sit nestled in the mountains, roughly an hour from the state’s two largest cities. The towns are small, and so are the casinos.
In reality, the numbers the state’s casinos continue to post are already impressive, especially since Colorado abolished its $100 betting limit in 2021. Even with Cripple Creek’s Chamonix opening in 2023, there simply might not be much more room left for growth.
All three towns have maintained similar market shares over the last two fiscal years.
- Black Hawk: (77% market share): $849.8 million in FY24; $839.6 million in FY23
- Cripple Creek: (16% market share): $171.9 million in FY24; $166.2 million in FY23
- Central City: (7% market share): $80 million in FY24; $83.9 million in FY23
Black Hawk’s revenue grew by 1.2% in FY24. Cripple Creek’s rose by 3.4%, and Central City’s declined by 4.6%.
In FY23, Black Hawk had 7.7% growth. Cripple Creek had a 0.1% decline, and Central City had 1.7% growth.
