State of Misery

In fairness to Missouri, things weren’t much better in Indiana, where casinos grossed $144 million in a 17% declivity. “Results for the month reflect a deceleration/downshift versus prior months due to higher COVID-19 new cases, similar to other regional markets,” writes JP Morgan analyst Joseph Greff. The landing was softened by $4.5 million in new revenue from table games at Harrah’s Hoosier Downs and Indiana Grand. Perhaps the most alarming result was that of Blue Chip, free falling 35.5% to $8 million. By contrast, all was comparatively well at Horseshoe Hammond, off just 5% to $30.5 million, while Ameristar East Chicago slipped 9% to $16.5 million. The two Majestic Star boats grossed $6 million (-15%) and $3 million (-22.5%) between them.

Farther to the south, French Lick Resort took a 47% shellacking, down to $4 million. Belterra Resort fell 27.5% to $6 million and Tropicana Evansville posted a horrid $8 million (-36%), bad news for incoming owner Twin River Holdings. The best gross was Indiana Grand’s $18 million (-13.5%) while Hoosier Downs fell 18% to $13 million. Caesars Southern Indiana did fairly impressively in this context, grossing $16 million and 7% off the pace. Rising Star guarded its tiny revenues ($3 million) well, ceding only 9%. Penn also took its lumps at Hollywood Lawrenceburg, where a 19.5% decline translated into $12 million of win.

Sports betting was the Hoosier State’s saving grace, hitting a new record with $251.5 million in handle. That flowed through to $25 million in sports book win. “Indiana has largely managed to shrug off increased competition from its neighbors, which is a good sign for the future of the state’s industry,” stated PlayUSA analyst Dustin Gouker. Added colleague Jessica Welman, “I think some of the worries that Indiana would slip as its neighbors legalized sports betting are calming. The market in the Hoosier State is proving to be quite dynamic.” Expect the numbers to improve further in December as the Indianapolis Colts continue their playoff drive, and Indiana University and Notre Dame jockey for bowl games. Then there’s the return of the NBA, which seems to scarcely have departed …

Jottings: Vital Vegas author Scott Roeben turns up as a close friend of Tony Hsieh in this Daily Beast probe of the troubled mogul’s waning days. In the meantime, the cause of Hsieh’s death gets more mysterious with time, not less … Congratulations to American Gaming Association President Bill Miller and Senior Vice President of Governmental Relations Chris Cylke. They’ve been named among the top lobbyists in Washington, D.C., by The Hill, which cited those who “who stand out for delivering results for their clients in the halls of Congress and in the administration.” Heck, they deserve it just for getting small casinos and suppliers from being redlined in the Paycheck Protection Program. Well played.