Revenue at Cripple Creek casinos increased during the summer months – up nearly $2.3 million from June to July.
Average gross proceeds, or the amount the casino keeps after paying winners, were nearly $13.6 million in July, up from $11.3 million the previous month.
Gaming analysts say revenue always increases in July, so the increase isn’t a sign that the industry is recovering from diminishing returns during the recession.
However, casino profits were up slightly from 2010 numbers, when Cripple Creek’s casinos collected $13.4 million. That’s despite the loss of one casino, and the
The average gross proceeds were up slightly over July of 2010, when Cripple Creek casinos collected $13.4 million.
Some of July’s gains could be attributed to a new casino that opened in July of this year – Big Jim’s Gambling Hall and Casino.
Cripple Creek casinos paid almost $38,000 in gaming taxes in July.
Casinos got a 5 percent tax break after the Colorado Limited Gaming Commission approved the tax deduction earlier this year. The reduction came on the heels of complaints from the gaming industry that revenues have been negative and falling for the last three years.
Community colleges, which depend on the gaming tax revenues, complained to the state and newly-elected governor John Hickenlooper asked the commission to reconsider its decision. When the commission said it could not reverse its decision, Hickenlooper removed all five board members and replaced them.