Around the Midwest

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 HET Council Bluffsup 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 Cincinnati_Casino_Renderingmanage 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 HarrahsJolietmovers 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% belterradecline. 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.

This entry was posted in Ameristar, Boyd Gaming, Dan Gilbert, Full House Resorts, GLPI, Hard Rock International, Harrah's, Illinois, Indiana, Iowa, Isle of Capri, Neil Bluhm, Penn National, Pinnacle Entertainment, Warner Gaming. Bookmark the permalink.