Wendover

Illinois takes a dive; Okada gets nabbed

Illinois takes a dive; Okada gets nabbed

Illinois casinos had been bumping along nicely in the Trump economy until they hit a plain old speed bump last month, with revenues down almost 4%, on a gross of $119 million, $39 million of which was generated by Rivers Casino alone. Rivers was one of the few revenue-positive casinos, up a point. Gamblers spent 6% more statewide but that wasn’t enough in the face of a 9.5% plunge in foot traffic. Reporting positive results were Harrah’s Joliet ($15.5 million, +1.5%) and …

Caesars excels, MGM disappoints; So long, Paradise Park

Caesars excels, MGM disappoints; So long, Paradise Park

You know how I thought May’s visitation numbers representing Las Vegas finally finding bottom in a visitation decline? Never mind. June was down 1%, mainly driven (pardon the pun) by fewer drive-in visits from California. Fortuitously for the casinos, luck was on their side last month and most jurisdictions reported revenue-positive results. Room rates in Las Vegas, however, dipped 1.5% to an average of $126, with revenue per available room of $115. The numbers would have been worse without the Infocomm and American Water Works Association conventions, which brought 58,000 attendees to Sin City. Even so, midweek occupancy was down 3% for a monthly average of 90.5%.

Nevertheless, Caesars Entertainment reported “strong operating results” in 2Q18, according JP Morgan analyst Daniel Politzer. Cash flow came in at $623 million, well ahead of

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