Colorado’s mountain-casino revenue dropped nearly 17 percent in December, wrapping up a year in which the industry suffered declines every month.
For 2008, casinos statewide reported adjusted gross proceeds, or total bets minus payouts, of $715.8 million, down 12 percent from $816.1 million in 2007, according to data released Wednesday by the Division of Gaming. It was the worst annual drop for the industry since casino gambling launched in the state in October 1991.
The industry has attributed the struggles largely to the sluggish economy and a smoking ban that went into effect in January 2008. Some officials have also pointed to high gas prices during the first half of last year.
Black Hawk’s 20 casinos generated $508.6 million in adjusted gross proceeds in 2008, down 12.5 percent from $581.3 million in 2007. Cripple Creek’s 16 casinos produced $140 million, down 9.6 percent, and Central City’s six casinos totaled $67.1 million, down 15.9 percent.
For December, casinos in the three historic towns posted $48.6 million in adjusted gross proceeds, down 16.6 percent from $58.2 million in December 2007.
The industry is banking on a recovery during the second half of 2009 as the maximum bet is boosted from $5 to $100. Casinos will also be able to stay open 24 hours and add craps and roulette tables. The changes stem from Amendment 50, which statewide voters approved in November.
Andy Vuong: 303-954-1209 or avuong@denverpost.com
