Case Bets: Ohio and Indiana

Penn National Gaming had a bonny September in Ohio, up 11% across its four properties. Hollywood Toledo ($16 million) rose 10.5%, Hollywood Columbus ($18 million) gained 9%, Hollywood Dayton ($8 million) was up 12% and Hollywood Mahoning Valley (pictured, $9 million) shot up 14%. Slot/win/day ranged from $196 in Columbus to $300 (150% of industry average) in Austintown. By contrast, Dan Gilbert‘s “Jack” brand had mixed results, up 3% to $16 million in Cincinnati, but down 3% to $9 million at Thistledown and 2% down to $17 million in Cleveland. Is it just me or should that strategically placed casino be doing better?

Eldorado ResortsScioto Downs leapt 12% to $13.5 million, while Hard Rock Rocksino continued to shame the rest of the state, posting $19.5 million in revenues, a 7.5% gain. Pinnacle Entertainment‘s Belterra Park continues to close the gap between it and other racinos, grossing $7 million for a 6% increase. Privately held Miami Valley racino grossed $12 million, an 11.5% uptick. Frankly, everybody except Gilbert seems to have this casino thing figured out.

* In Indiana, casino attendance was flat but players left 6% more behind them. No surprise, Horseshoe Hammond was the champ ($34 million), up 7%. Ameristar East Chicago only grossed half that amount, although it was up 3.5% up. The two Majestic Star riverboats ($12.5 million) were flat, while Blue Chip gained 3%, to $14 million. Indiana Downs grossed an impressive $23 million, up 5%, while Hoosier Park gained 3%, to $18 million. French Lick Resort‘s $8 million was good enough for a 13.5% gain.

In the southern tier, newfangled Tropicana Evansville was up 13% to $11 million, although the dominant performer along the Ohio River continues to be Horseshoe Southern Indiana, grossing $21 million and up 8%. Belterra‘s $9 million gross nudged it up 2%, while Rising Sun grew 12.5%, to almost $5 million.

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