by: Glenn Haussman.
Gaming revenues in many U.S. jurisdictions took a hit in September as many states reported a decrease in casino gaming profits.
While it’s too early to tell if this is just Lady Luck favoring players, watchful eyes are keeping close tabs on gambling revenues.
In Indiana, the Indiana Gaming Commission reported that statewide gaming revenue decreased 1.1 percent in September to $211.2 million, while the Missouri Gaming Commission has reported gross gaming revenues for the month of September was down 2.9 percent to $129.2 million in gross gaming revenues. Missouri slot revenues were down 2.2 percent for the month and table revenues decreased 8.3 percent. While Louisiana saw statewide gaming revenue increase actually increase 0.6 percent year over year in September to $210.4 million from $209.1 million. However, a more accurate measure of revenue is following same-stores open at least a year. So excluding the Amelia Belle which opened in May, gross gaming revenues in Louisiana actually fell 1.3 percent year over year.
When looking at same store revenue in Indiana the picture gets much worse. The recently opened French Lick contributed $9.0 million in gaming revenues during September, so factoring out that property Indiana revenues were down 5.3 percent in September on a same store basis. The south Indiana region was up 4.9 percent year over year to $111.2 million, but on a same store basis, revenues actually fell 3.6 percent. Revenues in north Indiana (Chicago-land) were down 7.0 percent to $100.0 million from $107.6 million.
Farther south in Louisiana, the Shreveport/Bossier market fell 1.9 percent, while New Orleans riverboats saw a huge pop of an 8.2 percent revenue growth in September. Baton Rouge revenues decreased 7.5 percent and Lake Charles was up 0.9 percent. Harrah’s New Orleans, however, is continuing to increase revenue growth. During September it was up a hearty 6.6 percent. Harrah’s New Orleans is the only casino in downtown New Orleans, is steps away from the French Quarter and is also located near the convention center.
Also in Louisiana, Pinnacle Gaming’s aggregate revenues fell 2.2 percent. According to statistics L'Auberge partially offset declines at other Pinnacle properties by growing revenues a robust 8.3 percent. Boomtown New Orleans revenues declined 11.0 percent while Boomtown Bossier revenues decreased 15.8 percent year over year in September. Boyd Gaming saw aggregate revenues declined -1.3 percent in September. Treasure Chest led the decline, down 2.7 percent year over year, while Sam's Town and Delta Downs revenues fell 1.1 percent and 0.3 percent, respectively. Revenues at Penn Gaming’s Hollywood Baton Rouge (formerly Casino Rouge) property decreased 0.1 percent in September. Isle of Capri’s properties -- Grand Palais and Lake Charles -- were down 11.1 percent in September.
Back in Missouri the Kansas City market, which has four properties, experienced a decline year over year as gross gaming revenues fell 0.6 percent to $59.2 million. Penn Gaming’s Argosy Riverside was the region’s biggest winner seeing a colossal increase in revenue of 11.5 percent to $15.3 million. A recent addition of a new 258 room hotel is driving gaming revenues at that property. Harrahs’ North KC property generated gross gaming revenue of $16.7 million, which was a drop of 3.1 percent year over year. Ameristar’s regional revenues fell 4.9 percent to $20.5 million while Isle of Capri’s revenues fell 5.2 percent to $6.7 million.
In the St. Louis market, which has three properties, revenue decreased 5.5 percent in September, generating gaming revenues of $54.8 million. Harrahs’ Maryland Heights property saw revenues fall 3.9 percent year over year to $25.6 million. Ameristar St. Charles revenues decreased 5.5 percent to $24.2 million as Pinnacle’s President Casino saw revenues decrease 13.2 percent to $5.0 million.
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