Gambling re-started in Louisiana May 18, albeit with some significant casualties. Harrah’s New Orleans and Fair Grounds racino weren’t able to wade in until the end of the month and Diamond Jack’s is kaput. Despite mad business early in reopening, casino revenues were down 68%, with same-store business off 5%. Admissions per day were down 38% but individual spending rose 57%. “Our net takeaway here is that the May data from Louisiana supports recent company commentary that they are seeing the benefit from better quality/higher volume players, but it does seem that benefit is being offset by lower levels of visitation,” wrote JP Morgan analyst Joseph Greff.
Pages: 1 2
