Iowa was as flat as much of its landscape last month. Amidst the prevailing revenue stasis (sign of a perfectly sized market) there were a few significant movers. Isle of Capri Casinos‘ three properties were
up a collective 2%, while Boyd Gaming had a mixed month, gaining 6% at Diamond Jo ($5 million) but ceding 3% at Diamond Jo Worth ($7 million). Customers migrated from racetracks to casinos, which cost Horseshoe Casino 9% of its business ($19.5 million) while Harrah’s Council Bluffs (left) was steady. Ameristar Council Bluffs had a slightly adverse month, down 2% to $13 million. (Where were all those Council Bluffs players going?)
The big gainers and losers were small fry like Catfish Bend (+15.5%) and Wild Rose Emmetsburg (-15%). New kid on the block Hard Rock Sioux City grossed $6 million, about par for the course for a Hawkeye State casino.
* In Ohio, upstart Hard Rock Rocksino has caught and passed Horseshoe Cleveland for the top-grossing position in the state, posting a 16.5% gain and a $17 million gross. In fact, Dan Gilbert might want to look for somebody besides Caesars Entertainment to
manage his casinos, most of which did a face-plant last month. (Total Rewards, whither art thou fled?) Horseshoe Cleveland tumbled 15.5% to $14 million and nearby ThistleDown Racino slipped 10% to $9 million. Luckily, Horseshoe Cincinnati (above) remained healthy, up 5% for a $16 million gross. Everyone else in the state was up. Belterra Park rebounded from its disastrous opening, up 51%, although its $6 million gross was the state’s lowest. Pinnacle Entertainment has a ways to go.
* Last year, Illinois was down 11% in June, so this year’s 1% dip looks like a victory. According to Deutsche Bank analyst Carlo Santarelli, foot traffic was down 6.5% but spending increased 8%. Other than Casino Queen (down 7%, $8 million), the significant
movers in the market were mostly the Penn National Gaming properties. Despite recent gains, Argosy Alton surrendered 8% ($4 million) while Hollywood Aurora dropped 5% ($10 million), leaving Empress Joliet (+7%, $11 million) to pull Penn’s chestnuts from the fire. Harrah’s Joliet had a very good month, up 7% on a $15 million gross. The Land of Lincoln grossed $118 million overall, with $35 million of that coming from Rivers Casino alone.
* Statewide gross gaming revenue in Indiana was more robust — $175 million — although a 6% drop in admissions contributed to a 2.5%
decline. Except for Belterra (+7%, $9 million), southern Indiana casinos continued to feel varying degrees of the Ohio Effect. Hardest hit was Penn’s Hollywood Lawrenceburg (-14%, $13 million) while Horseshoe Southern Indiana got off lightly (-4%, $20 million) and Rising Star (-7%, $4 million) was somewhere in between.
French Lick Resort, recently voted one of the top 10 casinos in the U.S., enjoyed an 11% increase on revenue of $6 million. Despite a 7% drop, Horseshoe Hammond reveled in a $33 million gross while main adversary Ameristar East Chicago grossed $18 million, a 2% increase. A 4% drop in business at Blue Chip Casino ($13 million) made for not-so-good news for Boyd.
