In a month that saw Ohio casino revenues grow 6% and Iowa almost 1% (to $119.5 million), Illinois casinos plummeted 27% to a measly $82 million. Even a sub-50% capacity restriction doesn’t begin to explain away the problem. Predictably, Rivers Casino Des Plaines suffered least, down 8% to $34 million. This is proving to be one of many astute investments by Churchill Downs. At the other end of the spectrum, how does Argosy Belle stay afloat? Its $2 million gross was a 51% drop-off. New Twin River Holdings property Jumer’s Casino Rock Island looks like a turkey, barely reaching $3 million and tumbling 45%. Good luck recouping the $120 million purchase price on those kind of numbers. Nearest to Rivers Casino was Grand Victoria, grossing $9 million (-26.5%), while Harrah’s Joliet fell 42% to $8.5 million and Harrah’s Metropolis (above) slipped 21% to $4.5 million. A recent player at Metropolis called it “a very distant outpost of the Caesars/El Dorado empire. Lots of deferred maintenance here in the Midwest …” Deferred maintenance at a Caesars Entertainment property? The ghost of Gary Loveman must still be calling the shots.
AC: If I could bet on the date for the Plaza demo, my money would be on Carl Ichan & partners choice of schedule, not Mayor Small. Apparently, Mayor Small is unaware of the two “boutique” casino licenses (200 hotel rooms, instead of 500 rooms) authorized by the State of New Jersey about half a dozen years ago. And what about all the “casino eligible zoned” vacant land between Atlantic Ave & the ocean? Ditto for the former small Bader Field Airport. Mayor Small needs to drive around AC at night; last night 10/8, the off road ATV’s were all over Pacific Avenue, last week they were all over Atlantic Avenue. Very unsafe for residents & visitors.