The state of Louisiana has a pretty healthy gambling market. It features 20 commercial casinos, 15 of them being riverboat casinos. It also rakes in an annual gaming revenue of between $2.57 billion and $2.58 billion.
Those are impressive numbers making Louisiana the state with the fourth largest gambling revenue in the country. However, there is still room for improvement as a recent report suggests.
Recently, Spectrum Gaming Group was commissioned to do a carry out a study on the Louisiana gambling market.
The study has since been completed and a 261-page report has been put together with a number of recommendations. The report proposes a few key changes to the Louisiana gambling market which would make it more competitive.
With several states expanding their gambling market, Louisiana is expected to face a lot more competition in the coming years. The state will have to make a few key changes if it wants to continue to have a thriving gambling market and fight off competition.
In a statement, Ronnie Jones, Chairman of the Louisiana Gaming Control Board Chairman, said
I believe the document is thorough and comprehensive. Further, I think it provides policy makers with sound and reasonable recommendations, which, if implemented, will promote further economic development and address competitive disadvantages faced by the industry in Louisiana.
The Spectrum study analysed and studied the state’s casino industry for eight weeks and came up with several interesting proposals. These include relocating two riverboat casinos, allowances for changing riverboat locations, and expansion of the gambling industry. The proposed changes can potentially create 9,000 new jobs and an additional $1.3 billion in revenue by the year 2025.
Additionally, infrastructure improvement like better roads can make some prime gambling locations like Lake Charles more accessible. Ever since the Golden Nugget opened in the area, Lake Charles has become Louisiana’s biggest gaming market.
Here are some of the details about the suggested changes. First, there’s the move of two riverboat casinos from the Shreveport-Bossier City area, where they don’t have much of a market, to the north shore of Lake Pontchartrain and the northeast region of the state. Residents of these two places usually take their gambling to Mississippi but, with a more accessible casino, they might be tempted to stay closer to home.
Additionally, there have been recent changes to the state’s gambling laws that could potentially lead to casino expansions. There have been several gaming companies who have started to explore the idea of expanding into the Lake Charles and Baton Rouge area.
Finally, neighbouring states have decided to legalize sports betting in their jurisdictions. Louisiana may soon want to follow in their footsteps unless they want their competition to scoop up all of the sports betting revenue.