The Colorado Department of Revenue has updated its gaming statistics report, revealing that the state’s casinos combined for $94.2 million in adjusted gross proceeds (AGP) last month. The September 2024 total marks a 0.3% decrease compared to the same month the previous year when Colorado casinos generated $94.5 million. At the same time, AGP fell 5.6% month-on-month, compared to $99.9 million in August.
Casino AGP Drops Despite Cripple Creek Growth
There are three regions in Colorado where land-based casinos can legally operate, and rather than splitting its numbers by casino as many state regulators do, the Colorado Department of Revenue provides its casino figures by region.
Despite state-wide casino AGP falling, Cripple Creek Casino posted significant growth, with revenues of 12.8% more than in September 2023. However, Central City revenues fell 6% year-on-year, hitting over $6.5 million in September 2024.
| City | September 2023 | September 2024 | Change |
|---|---|---|---|
| Black Hawk | $72,494,665.48 | $70,729,421.81 | -2.4% |
| Central City | $7,011,384.55 | $6,592,252.62 | -6.0% |
| Cripple Creek | $14,987,978.42 | $16,900,182.59 | +12.8% |
| Statewide total | $94,494,028.45 | $94,221,857.02 | -0.3% |
Black Hawk accounted for more than 75% of the total revenues collected by Colorado casinos, so even though revenues there only fell by 2.4%, this was enough to offset the significant growth from Cripple Creek.
Drop in Slot Revenues Significant Factor in Colorado Revenue Performance
Slots are a significant contributor to casino revenues in any establishment in the US, and slots accepting all denominations saw revenues decrease in September 2024. The most prevalent slots in CO are $0.01 slots, which collected more than $25.1 million in AGP and accounted for more than 68% of the total AGP for slots in September 2024.
However, this figure was still a 22.3% drop from September 2023, a pattern reflected across all denominations. All slots except one reported revenues dropped above 10%, with the most significant change to $0.10 slots. These games posted an over 40% drop in AGP, going from $1.06 million in September 2023 to over $873,500 in September 2024.
| Slot Type | September 2023 | September 2023 | Change |
|---|---|---|---|
| $0.01 | $32,332,079.52 | $25,107,214.68 | -22.3% |
| $0.05 | $1,065,907.01 | $873,873.10 | -18.0% |
| $0.10 | $479,500.81 | $287,225.25 | -40.1% |
| $0.25 | $1,415,508.98 | $1,174,877.15 | -17.0% |
| $0.50 | $305,616.26 | $230,506.68 | -24.6% |
| $1.00 | $9,445,036.39 | $8,405,676.42 | -11.0% |
| $2.00 | $4,559.13 | $105,160.27 | +2206.6% |
| $5.00 | $920,988.64 | $705,086.80 | -23.4% |
The one exception to this slide was $2.00 slots, although an incredibly low AGP of under $5,000 in September 2023 contributed to its huge 2206.6% growth year-on-year, collecting over $105,000 in September 2024.
Struggles for Colorado Casino Market Ahead
These significant drops in figures do not paint a bright future for the Colorado casino market, which has seen several efforts to increase revenues throughout 2024. Three casinos in Black Hawk were rebranded to feature the Bally’s name, while another casino introduced retail sports betting on the property, but neither of these measures helped.
Combined with the recent news of RCI Hospitality Holdings withdrawing its applications for three casino licenses in CO, which were supposed to help invigorate the industry, these numbers may be a sign of more struggles for Colorado casinos.
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