Mississippi exceeds $2.3B in gaming revenue in first 11 months of 2022

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Casinos and hotels line the coastline in Biloxi, Miss. Tourism to the Gulf Coast has been a boon to the gaming industry in 2022. Rob Hainer / Shutterstock.com

Gambling revenue in Mississippi has generated billions of dollars in revenue this year.

The Mississippi Department of Revenue reported that through the first 11 months of the year, the state has had more than $2.3 billion in gross receipts from gambling generated at casinos around the Magnolia State.

According to the Department of Revenue, gambling revenue is taxed at 4% for the first $50,000 in gross revenue. A 6% tax is placed on the next $84,000 in gross revenue, and all gross revenue over $134,000 is taxed at 8%.

Casinos operating in the Gulf Coast have brought in $1,471,798,808.50 this calendar year. Those gaming houses situated along the Mississippi River have brought in $871,153,076.71, absent of December’s numbers.

The total revenue generated from casinos equates to $2,342,861,855.21, as of Tuesday. March was the highest month for gambling revenue as $247,970,068.99 was brought into casinos.

In November alone, casino revenue stood at $194,634,357. December’s figures won’t be available until Jan. 20 at the earliest.

In 2021, according to the Department of Revenue, Gulf Coast counties generated $1,608,201,421.48 in revenue, while Mississippi River counties generated $1,062,359,093.31. For the year, the state conducted $2,670,560,514.79 in gambling revenue.

From July through November, according to the Department of Revenue, tax revenue generated from gambling has put $65,852,246.71 into the general fund, with another $15 million going into the Special Bond Sinking Fund. Each month, $3 million in tax revenue from gambling is placed into the account.

Meanwhile, $41,713,070.87 has been directed to local governments through gambling tax revenue.

In total, $122,565,317.58 in tax revenue has been generated from gaming in fiscal year 2023.

Gambling in Mississippi also generates revenue from gaming establishments and licenses, according to the Department of Revenue. License fees are set at $5,000 for each applicant for a license to conduct gaming, and each licensee must pay an annual license fee of the same amount.

Fees collected by the department for manufacturer, sellers, or distributors in the state stands at $1,000 for a manufacturer license and $500 for a distributor or seller. Fees are due before the license will be issues and are due annually on the anniversary date of the license.

The state also collects license fees based on the number of games. For a single game, a $50 fee is charged and $81,200 plus $100 for each game over 35.

According to previous reporting from The Center Square, the state finished fiscal year 2022 with $310.5 million in revenue. The state came out ahead of 2021 receipts when the state had just $283 million, which followed a dip to $215.5 million in 2020, which was the first year of the COVID-19 pandemic.

Tourism, as previously reported, was a key component to the rise in gambling revenue, primarily from the Gulf Coast region.

Mississippi does not have mobile sports gambling; Senate Bill 2462 would have changed that fact but didn’t make it out of committee during the legislative session earlier this year.

There are 29 casinos operating in the state that support 37,722 jobs, according to the American Gaming Association.

Republished with the permission of The Center Square.