March Casino Earnings Continue to Decline Across Iowa

Iowa’s state-regulated casinos brought in a combined $154.7 million in adjusted gross revenue this March, reflecting a 5.8% year-over-year drop compared to the $164.3 million collected in March 2024. The latest data from the Iowa Racing and Gaming Commission (IRGC) indicates ongoing declines in both slot machine and table game income, continuing a downward trend seen earlier in the year.

Slot machines contributed the bulk of the earnings with $141 million, but this marked a 4.4% decline from the $147.4 million reported the previous March. Table game revenue experienced an even steeper drop, falling 18.4% year-over-year from $16.8 million to $13.7 million.

Five Leading Casinos Still Report Revenue Drops

Out of the 19 licensed casinos under the oversight of the IRGC, five reported monthly revenues above the $10 million mark. These included Prairie Meadows Racetrack & Casino ($21.2 million), Horseshoe Casino Council Bluffs ($17.1 million), Ameristar Casino Council Bluffs ($15 million), Riverside Casino ($11.3 million), and Rhythm City Casino ($10 million). However, all five venues posted lower year-over-year earnings in March.

Prairie Meadows, the top-performing location, saw revenue fall by 4.7% from $22.2 million. Horseshoe Casino dropped 6.8% from $18.4 million, while Ameristar recorded a more significant decrease of 16.3%, sliding from $18 million in March 2024. Rhythm City experienced a 3.2% dip, moving down from $10.3 million, and Riverside declined by 5.2%, having reported $11.9 million during the same period last year.

Despite declines in traditional casino gaming, the Iowa market recorded growth in the total handle during March. Bettors wagered a combined $287.8 million, representing a 5.6% increase over the $272.3 million posted in March 2024. However, net receipts fell to $15.7 million—down 13.4% from the $18.2 million collected last year—suggesting that sportsbooks may have paid out a higher share of winnings or experienced shifts in wagering patterns.

February Also Reflected Broader Gaming Revenue Declines

Earlier this year, revenue for the month, down 11.1% from $143.3 million in February 2024. Both slot machines and table games saw notable drops.

Slot machine income totaled $115.4 million in February, falling 10.9% from the $129.5 million reported the year prior. Table games collected $57.2 million, a 12.5% decline compared to $65.3 million in February 2024.

Only three venues sured the $10 million mark during that month. Prairie Meadows led with $17.8 million, down from $19 million. Horseshoe Casino Council Bluffs earned $12.9 million, down from $15.4 million, while Ameristar Casino Council Bluffs saw revenue fall to $12.3 million, down from $15.8 million year-over-year.

The downturn in February followed broader seasonal patterns and may reflect changing consumer habits. Shifts in entertainment spending, along with the increasing appeal of online gambling options, could be influencing the state’s land-based gaming sector. These economic and behavioral trends are expected to remain key factors impacting casino performance throughout the year.

Sports Betting in February Saw Strong Net Growth Despite Handle Decline

While casinos saw shrinking revenues in February, sports betting offered a contrasting picture. The state reported $21.3 million in net receipts from sportsbooks—an increase of 56.3% compared to the $13.6 million from February 2024.

However, the total handle dropped slightly from $220.6 million to $216.5 million. Bettor payouts also declined, falling from $207 million to $195.2 million year-over-year.

This rise in net receipts suggests that sportsbooks held a greater share of the betting volume, potentially due to shifts in betting behavior or odds settings. Events like the Super Bowl likely played a role in boosting interest in February betting, even as fewer overall dollars were wagered.

Source:

‘’GAMING REVENUE REPORT — MARCH 2025 ‘’, irgc.iowa.gov.