Even slight improvements in consumer spending weren’t enough to help Pennsylvania. Gross gambling revenue fell 6%. Thanks to strong table play, Sands Bethlehem was able to buck the trend, staying flat for 
September. By contrast, Harrah’s Philadelphia — in a crowded market — got hit hard, posting steep declines both at the slots and tables, down $16.5 million. Other Philadelphia casinos did not suffer nearly so badly, with Parx Casino still dominating the market, down only 2%. Outstate, the Presque Isle racino continued to bleed market share to Ohio, down 14%.
Despite its central location, Penn National Gaming‘s eponymous racino also had a hard month, down 12%. Withstanding new competition from Isle of Capri Casinos‘ operation at Nemacolin, relatively little play was wrested away from huge Rivers Casino in Pittsburgh, down 4.5%. In these economic conditions, it’s just insanity adding another casino to the Philadelphia market but I’ve grown tired of saying so. Let the chips falls where they way.
Down in Lousiana, the advent of Margaritaville in Shreveport hasn’t grown the gaming market but it has slowed its decline. What was an 8% fall in gambling revenue becomes a 13% declivity when Margaritaville is removed from the equation. Except for the hitherto beleaguered Shreveport market (-3%) everybody took a hard hit, even Lake Charles (-12%). It should be noted that Margaritaville sucked a lot of business out of the rest of the Bossier City flotilla, which was down 21%. Baton Rouge was 12% down and New Orleans -17%.
Pinnacle Entertainment‘s Boomtown-branded riverboats’ performance was pretty dire. L’Auberge Lake Charles (-17%, below) lost 
business to Isle of Capri Lake Charles (+3%), while L’Auberge Baton Rouge was also 17% down. But Baton Rouge punters seem to have just stayed home: Nobody made gains in that market. Isle was the only major operator to positive a positive month. Harrah’s New Orleans (-5.5%) saved some face for the company, which got skunked at Horseshoe Bossier City (-25%) and again at Louisiana Downs (-14%). Boyd Gaming‘s five properties posted a 10% decline between them and Penn National would prefer to forget September entirely: down 26% and grossing a meager $5.4 million aboard Casino Rouge.
If there’s one lesson to be taken home from this latest round of monthly financials it’s this: Wall Street‘s constant babbling about Americans’ “pent-up demand” for gambling is just a load of malarkey. More and more product goes onto the market and yet the demand does not materialize.
If you’re in Vegas and want a burger, Thrillist shows you where to find the toniest ones in town. Me, I get gallstone pains just looking the photographs but, for the rest of you, bon appetit!
