Last month’s results from Missouri are as might be expected. The opening of Pinnacle Entertainment‘s River City lifted state revenues overall (6%) but at the price of a fair amount of cannibalization — mainly at other Pinnacle properties, although it swiped play from southern Illinois, too. Lumiere Place surrendered 12% of hard-won business while the doomed President (above) was down 27%. Ameristar Casinos‘ St. Charles riverboat took an -8% hit but Harrah’s Entertainment‘s nearby rival not only felt no damage, it actually gained 2% on the month.
Harrah’s was also the only gainer (+4%) in a flat Kansas City market, though the results there hardly merit detailed breakout. Ameristar continues to be #1 in the K.C. market while Harrah’s has edged it in the St. Louis one. Given the degree to which Pinnacle is competing against itself there, Harrah’s primacy looks safe.
Illinois players may be staying close to home again. A month does not a trend make — but six months of subpar results do. Weak revenues in northern Indiana last month cause one to ponder whether players from the Land of Lincoln are overcoming their aversion to smoke-free casinos. A continued growth of tribal casino product in the southwest Michigan cannot be discounted, either.
Boyd Gaming‘s Blue Chip can vouch for that, down 10% last month. A combination of poor table hold and access problems hammered Ameristar’s Resorts East Chicago boat, -24%. But even Harrah’s powerhouse Horseshoe Hammond was ever so slightly ($49 million, -1%) off last year’s pace. Go figure.
Pinnacle could certainly use its new St. Louis cash spigot as Belterra continues to slide worse than anticipated (-16%). Down along the Ohio River, it’s Hollywood Casino Lawrenceburg and Everbody Else. The Penn National Gaming flagship not only went up 11% last month, its $36 million haul puts a comfortable $10 million of distant second-place finisher Horseshoe Southern Indiana (+4%). Tropicana Entertainment‘s Casino Aztar and Cordish Gaming‘s racino were the only other southern casinos to finish ahead of last year’s pace.
Speaking of Columbia Sussex‘s aforementioned troubles, the hotelier/casino operator is unloading 14 unnamed properties at fire sale prices. Unfortunately for employees and guests, pinchpenny ColSux will continue to manage the hotels. Win some, lose some.
