It’s an extraordinary circumstance when a 19.5% drop in gambling revenue is a cause for celebration. But it happened in Louisiana, suggesting a stronger-than-expected comeback from the casino shutdown. Given that there was one fewer weekend day last month, the numbers may be even better than they initially appear. Harrah’s New Orleans and Fair Grounds racino were only open for 18 days, and paid the price, plunging 75% and 49% respectively. The New Orleans market had the worst of it (-47.5%) while the happy surprise was Baton Rouge, off a mere 4.5%. Lake Charles did second best, in terms of recovery, down 7%. Partly due to the Diamond Jacks closure, Shreveport/Bossier City missed by 17%.
Harrah’s New Orleans grossed a mere $5.5 million while Fair Grounds brought home $2 million. Boomtown New Orleans only missed 6% ($9 million), Treasure Chest was 27% down at $7 million. Amelia Belle sank 41% to $2 million. (It was a bad month for Boyd Gaming generally, a good one for Penn National Gaming.) L’Auberge Baton Rouge was flat (a triumph!) at $12 million, Casino Rouge was down 2.5% at $4.5 million while doomed Belle of Baton Rouge plummeted 31.5% to $1.5 million. L’Auberge Lake Charles slipped 6% but still took first place in its market with $24.5 million. Close behind with $24 million was the Golden Nugget, down 7.5%. Isle Grand Palais (due for overhaul) shed 19.5% to $6.5 million while Delta Downs was off 2% to $15 million.
