Experts say gambling revenues leveling off

Monday, June 25, 2001 | 10:46 a.m.

DES MOINES, Iowa -- Gambling revenues have started to level off this fiscal year after Iowa's industry experienced booming growth the last five years, gambling experts say.

Jack Ketterer, a spokesman for the Iowa State Racing and Gaming Commission in Des Moines, said when fiscal 2001 ends Saturday, the adjusted operating revenues at race tracks and riverboat casinos are expected to be close to the $879 million record set last year.

Gamblers lost nearly $810 million playing casino table games or slot machines at Iowa's three race tracks and 10 riverboats through May 31, according to commission data.

"To be honest, the last three or four years I've been saying we won't see the double-digit gains that we've been seeing, that it will be more like 4 to 5 percent, and then we'd be at 10 to 11 percent," Ketterer said. "That just can't continue."

Ketterer said that last year's attendance reached 21.3 million. He doesn't predict attendance to match that this year and blamed a harsh winter, flooding, a slower economy and high energy costs for cutting into gambling profits this year.