Around the horn

Iowa‘s casino revenues last month were nearly the textbook definition of “flat”: up a tenth of a percent, the first revenue-positive month since February 2009. (Hey, growth is growth. We’ll take it.) The drag anchor on revs was Harrah’s Entertainment, whose Council Bluffs casino suffered a 15% plunge. Without going heavily into detail, Isle of Capri Casinos eked out a 1% increase across its four Hawkeye State properties. The really good news came from Ameristar Casinos, which took a chunk out of Harrah’s butt in Council Bluffs, its revenues up 7%. Likewise, Penn National Gaming had a 4% increase in Sioux City. For sheer dollar volume, however, the Harrah’s Horsehoe racino is still tops at nearly $16 million (albeit with rival Prairie Meadows nipping at its heels).

Ameristar didn’t do quite so well in Indiana, where its revenues continue to be attenuated by a bridge closure in the East Chicago area. Boyd Gaming‘s Blue Chip riverboat (-7%) continues to feel the effect of new tribal competition in Michigan. The two Majestic Star boats notched gains in the 3%-4% range but nobody managed more than a very, very distant second-place finish to Harrah’s Horseshoe Hammond, a real category killer that pulled in a gargantuan $43 million (+8%).

Penn’s Hollywood Casino Lawrenceburg doesn’t dominate southern Indiana quite as much but its $36 million — a 24% gain — still makes it a big man on campus. The rival Horseshoe boat (formerly Caesars Indiana) slipped 10.5%  and Grand Victoria faded 22%. French Lick is, well, licked at $6.2 million, easily the lowest-grossing casino in the state and Pinnacle Entertainment‘s Belterra continues to fall back into the pack, -6% last month ($11.5 million). Both racinos posted modest gains, though, and Tropicana Entertainment‘s Casino Aztar was the sole riverboat to withstand Penn’s onslaught, up 5%, preserving its Little Casino That Could status.

In Detroit, the market continues to be owned by MGM Global Thingamajig, whose MGM Grand Detroit accounted for $46 million of June’s $110 million (and to think CEO Jim Murren actually shopped it around for quick CityCenter cash). MGM’s Motown pleasure palace is regaining market share, up 6%. Motor City was flat at $36.5 million while Greektown Casino continued to relinquish gains made under (stupidly cashiered) Fine Point Group. Rudderless after would-be casino managers Warner Gaming precipitately fled the scene, Greektown was down 6%, pulling in an even $27 million.

Another lousy month. Yes, it’s got to be the moribund Illinois market, which sank another 5%. Casinos in the Land of Lincoln grossed $109 million statewide (that’s right, less than hard-hit Detroit) last month. When the 2009 closure of Empress Joliet is factored into the equation, the plunge is a depressing 12%. Ugh.

Nobody was crying into their beer aboard rebounding Empress Joliet ($11 million, +193%; at left is the March 20, 2009 fire that put it out of commission for months) but it sucked business out of Hollywood Aurora (-13%), Harrah’s Joliet (-22.5%), MGM’s Grand Victoria (-6%). A comparable suction occurred in southern Illinois, where Pinnacle’s new River City casino in Missouri continues to bleed Illinois rivals. Independently owned Casino Queen fell -20% while Penn’s Alton Belle suffered a 14% falloff. Harrah’s and Boyd also suffered reverses aboard Metropolis and Par-A-Dice respectively. A new facility in a killer location continue to allow Casino Rock Island to buck the trend, up 9%. At $23 million, Grand Victoria was the state’s top grosser, followed by Harrah’s Joliet’s $20 million, while Alton Belle slipped into last place.

(As you can see from its Detroit and Elgin revenues, it would be catastrophic for MGM Mirage Resorts International to lose its Illinois and Michigan licenses. Regulators in Illinois have been running silent since they announced they would study the New Jersey Casino Control Commission‘s report on J. Terrence Lanni‘s Faustian pact with Stanley Ho. Expect Michigan and Mississippi to follow whatever course, if any, Illinois eventually takes on the matter.)