Casinos in Mississippi Generated $2.3B Revenue in 11 Months of 2022

Casinos in Mississippi Generated $2.3B Revenue in 11 Months of 2022

Mississippi casino

According to reports from the Mississippi Department of Income, Mississippi has brought in more than $2.3 billion in revenue from gambling operations throughout the first 11 months of this year.

The casinos in the Magnolia State had a fruitful performance over the period that was analyzed, which increased the overall tax payments to the state’s budget.

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Mississippi Casinos Significant Revenue Milestone in 2022

This is of utmost significance in light of the moderately low amount of taxes that Mississippi applies to casinos, which is 4% of the first $50,000 in gross income, 6% of the following $84,000 in gross revenue, and 8% of anything that generates more than $134,000 in gross revenue. 

At this time, the Gulf Coast assets are responsible for generating a total of $1.47 billion in revenue, as stated by the Mississippi Department of Revenue.

Mississippi’s casinos are expected to continue strong surge

The casinos that are located along the Mississippi River have brought in an additional $871.15 million, bringing the total revenue to $2.34 billion. 

The highest performance that casinos have recorded in a single month is $247.97 million. In November, total gross income from gaming reached $194.63 million.

The outcomes are, to a large extent, consistent with the data that were reported for the entire year of 2021. At that time, the total amount of gross gaming income generated by casinos located in the state of Mississippi was $2.67 billion. 

To this point, Mississippi’s casinos have made total tax payments amounting to $122.56 million for the fiscal year 2023.

Mississippi Casinos Showing Impressive Results in the Gambling Market 

A total of around $41.7 million has been allocated to various local governments, another one has been transferred to the general fund, and another $15 million has been designated for and transferred to the Special Bond Sinking Fund. 

The state of Mississippi has been able to drive tax revenue thanks to a savvy gambling framework. This framework has enabled the state to levy additional money through the sale of licensees and also allowed the state to adjust the tax in order to stimulate business.

The amount paid for licenses is determined by the total number of games played at each location where they are held. Even though the Magnolia State does not now support any form of mobile gambling, Mississippi has been showing impressive results in terms of the amount of money it brings in from gambling. To put it another way, all gaming is driven by gambling that takes place in person on-site at each venue.

The gaming sector in the state is responsible for the creation of 37,722 jobs among the state’s 29 casinos that are now permitted to operate.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.