Colorado Casino Revenue Grows 11.8% In March

Written By Hill Kerby on 05/10/2024
An upward sloping line graph with money in the background for a story about Colorado casino revenue in March

Colorado casinos had their second-best month of Fiscal Year 2024 in March, generating more than $95.9 million in revenue.

Casino revenue grew by double digits (11.8%) from February’s $85.8 million and just $19,513 (.02%) from March 2023. It was the fifth consecutive month with year-over-year growth.

The state collected $17.5 million in monthly gaming taxes, around $116,000 less than a year ago but up 13.4% from February’s $15.4 million. March’s tax bill was the highest in FY 2024 and one of only three months above $15 million.

Slot Revenue Grows 2.4% Year-Over-Year

Sports betting revenue adds tens of millions in state taxes yearly, but Colorado online casinos remain illegal, leaving even more possible revenue on the table.

Slot machines were the only vertical that outperformed its March 2023 totals. Slots had $82.3 million in revenue, roughly 86% of Colorado casino revenue, improving 2.4% from $80.4 million a year ago.

Leading slot machines:

  • Multi-denomination slots: $38 million adjusted gross proceeds (+20.5%)
  • 1-cent slots: $30.7 million AGP (-12.1%)
  • $1 slots: $9.5 million AGP (+6.7%)
  • 25-cent slots: $1.2 million AGP (-20.2%)
  • 5-cent slots: $1 million AGP (-13.3%)

Table games accounted for $13.6 million in March revenue, a 12.5% year-over-year decline from $15.5 million a year ago. The highest-performing table games were:

  • Blackjack: $5.8 million AGP (+2.4%)
  • Baccarat: $2.6 million AGP (-2.5%)
  • Craps: $1.9 million (-27.5%)
  • Roulette: $1.5 million (+4.9%)
  • Player-banked poker: $1.3 million (+14.4%)

Keno made up the final $12,761, down 19.4% year-over-year after reporting $15,825 in revenue in March 2023.

Black Hawk Maintains Market Share

The Colorado Department of Revenue’s most recent reports break down the state’s casino revenue by its three gaming towns.

Black Hawk casinos generated $74.4 million in March revenue, 77.5% of the state’s total. It was within $200,000 (-0.2%) of last March, when it had a 77.7% market share.

The next-best town was Cripple Creek, which reported $14.3 million (-0.3%)  in March revenue. The recent debut of Chamonix has shown improvements for the property but has not helped the bottom line for Cripple Creek casinos. The town’s market share was 14.9% in both March 2023 and 2024.

Lastly, Central City casinos made up the final $7.3 million. It was the only town with annual gains, up 3.3% ($234,000) from a year ago. Its market share increased from 7.4% in March 2023 to 7.7% in March 2024.

Colorado Casinos Still On a Record-setting Pace

With March’s data, Colorado casinos have now reported $818.5 million in gaming revenue for FY 2024. They have paid $122.4 million in taxes for the fiscal year.

FY 2023 is the best year on record for casino revenue, with $1.09 billion. Through March 2023, casinos had reported $816.2 million and paid $103.9 million in taxes.

Through nine months of FY 2024, casino revenue is up 0.3%. Casinos will break $1 billion for the third straight year – a feat coinciding with the state abolishing its $100 max bet limit – but they need to finish strong to set a new record.

Recent revenue by fiscal year (with FY 2021 excluded due to the COVID-19 pandemic):

  • 2023: $1.09 billion
  • 2022: $1.03 billion
  • 2020: $617.7 million
  • 2019: $840.3 million
  • 2018: $838.6 million
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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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