The Iowa Racing and Gaming Commission has released the February gaming totals, and it was a good bounce-back month for the casinos in the state. Iowa is home to 19 brick-and-mortar casino locations, and there was some concern that those properties were starting to become less and less popular.
February is the shortest month of the year, which is why it was surprising to see the monthly revenue totals increase from January. Sports betting numbers in the state showed a monthly decline and that was to be expected.
This is not one of the most lucrative gaming markets in the country, but having 19 options does give gamblers plenty of options to choose from. Online sports betting is currently available in the state, but all of the casino gaming must be done in-person.
A Huge Month for Revenue
The adjusted gross revenue for the month of February came in at $143.3 million, and that’s a massive total for such a short month. Last February did have an extra day due to it being Leap Year, but that doesn’t account for the entire amount of growth that was seen.
That was an increase of 23 percent from the gross revenue that was reported in January, and that’s a good sign of things to come. What is surprising is that this year’s AGR in February was nearly identical to where it was a year ago.
The state of Iowa was a big winner last month as well as over $28 million was paid back to the state. That’s really the number that the lawmakers and state officials are most concerned with, while the casinos want the net revenue to be high.
Table games continue to be an option at all of the casinos in the state, but those games brought in just $13.7 million in revenue. Slot machines continue to be the gambling option that attracts the most action, and is also the most profitable.
Online casino bills have been introduced in the state, but the brick-and-mortar casinos continue to benefit without online options. Not all of the casinos in Iowa were able to see some growth, but there were some that cashed in with some major wins.
The Leading Casinos
The Riverside Casino & Golf Resort saw a 34% increase from the gross gaming revenue in January, and that location won $10.9 million. While there were other casinos that won more money, none were even close to seeing that much month-to-month growth.
Prairie Meadows Racetrack & Casino continues to be the most popular location in the state as it posted an AGR of $19.06 million during the month of February. Ameristar II was able to finish the month in second place with an AGR of $15.7 million, and those two casinos are generally pushing one another.
Several of the smaller casinos actually saw their AGR decrease when compared to the February 2023 numbers, but none of the losses were significant, or a cause for concern.
