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Posted At : September 4, 2008 03:50 PM | Posted By : D McKee
Related Categories:
Penn National,Harrah's,Isle of Capri,Iowa
Not a lot new here, so I'll try to be brief. Losses are down and cash flow is up, particularly impressive in a quarter in which Mississippi River flooding forced the temporary closure of two casinos. An Oregon expansion was written off, and capital is being concentrated on the improvement of core assets in Mississippi.
Florida, England and the Bahamas look like a total bust, while the Iowa riverboats are getting surprisingly modest "bounce" from the Illinois smoking ban. (Note the big improvement at the re-branded Lady Luck Caruthersville, however, formerly a Casino Aztar boat.) Analysts seem happy with the numbers, which never hurts. It's going to take a while to get this boat turned around, but it's definitely moving in the right direction.
Just skimming the overall Iowa numbers for August, I see that Harrah's Entertainment lost market share, while Penn National, Ameristar and Isle of Capri all grew. An extra weekend day helped the state to a 5% gain over August '07. Judging by the stories that disenchanted Diamond and Seven Stars players share with me, it doesn't come as a shock to see Harrah's losing business to its competitors.
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