What’s News: Gambling Jackpot Continues

Well, the coronavirus epidemic may have slowed down gaming action in 2020 and killed nearly all special events in Cripple Creek.

But the industry is back on track, in the form of betting action and casino winnings.

That’s according to the latest reports provided by the Colorado Division of Gaming.

At last week’s council meeting, Finance Director Paul Harris stated that the industry is rebounding much better than any anticipated, and is far exceeding their pre-COVID-19 numbers.

In fact, he reported that the local casino industry hit the jackpot for more than $14 million in adjusted gross proceeds (AGP) in the most recent report. “This is a great trend,” said Harris. “We haven’t seen those numbers for a long time.”

He cited recent figures as the best since 2009, when the casino industry operated with the highest number of betting devices.

According to experts, the reasons for the surge in casino activity has been attributed to the unseasonably warmer weather, the desire for more people to get out and the legalizing of unlimited stakes wagering on single bets.

The industry’s coin-in activity, which represents the total bet volume, experienced a substantial hike compared to the same month two years ago.

And the industry’s AGP figures, which amount to the casino’s overall winnings, completely skyrocketed.

City officials hope these trends continue.

On the downside, these increases have not translated into more betting devices for the town.  The fees operators pay for these devices is the main funding tool for the city government.

The council may consider a fee hike on these devices in 2022. Further negotiations are expected between gaming operators and city officials.