{"id":18648,"date":"2016-08-08T11:47:52","date_gmt":"2016-08-08T19:47:52","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=18648"},"modified":"2016-08-08T11:47:52","modified_gmt":"2016-08-08T19:47:52","slug":"new-casinos-propel-iowa-cal-neva-goes-bankrupt","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/new-casinos-propel-iowa-cal-neva-goes-bankrupt\/","title":{"rendered":"New casinos propel Iowa; Cal Neva goes bankrupt"},"content":{"rendered":"

We don’t report Iowa<\/strong> casino results very much, partly because the market overwhelmingly consists of small casinos with grosses to match. Given their modest grosses, a minor fluctuation can be magnified. Even so, last month’s 5% bounce is worth discussing. The \"IowaHawkeye State was propelled upward by a couple of dramatic revenue swings. Both the novelty factor and conversion to land-based gaming put a tailwind behind Isle of Capri Bettendorf<\/strong> and Rhythm City Casino<\/strong>. The former grossed $8 million, a 27% boost, and the latter banked $6 million, a 53% propellant. In sheer dollar volume, the traditional winners remained the same. Prairie Meadows Racetrack & Casino<\/strong> grossed $16 million (up 4%), Caesars Entertainment<\/strong>‘s Horseshoe Casino & Bluffs Run Park<\/strong> pulled in almost $16 million (flat) and Ameristar Council Bluffs<\/strong> roped in $15 million (up 3%). The state’s big underachiever was Wild Rose Clinton<\/strong>, down 12% on a $3 million gross. Gainers of note, however, included Harrah’s Council Bluffs<\/strong>, up 7% on nearly $7 million, and Hard Rock Sioux City<\/strong>, rising 8% on a $7 million gross. Boyd Gaming<\/strong> had mixed results, with Diamond Jo Dubuque<\/strong> flat at $6 million but Diamond Jo Worth<\/strong> grossing more ($7.5 million) but posting a 5% decline.<\/p>\n

* As reported here at the time, the Republican National Convention<\/strong> and all the flurry surrounding it had a dampening effect on revenues at Jack Cleveland<\/strong>, down 12% ($15.5 million). The “Jack” brand doesn’t seem to be resonating in Cincinnati<\/strong> yet, where revenues were off 7% ($15 million) but it’s doing the unthinkable for ThistleDown Racino<\/strong>, where revenues rose 11%, to $10 million. Perhaps \"thistledown\"it was benefiting from Jack Cleveland drive-in customers who were discouraged by the RNC and its attendant restrictions of access. (We’ll soon find out if Philadelphia<\/strong> casinos were hurt by the influx of the Democratic National Convention<\/strong>.) Hard Rock Rocksino<\/strong>, however, was the biggest beneficiary, dominating Ohio<\/strong> with a 10% increase to $21 million.<\/p>\n

Miami Valley Gaming<\/strong> had a big month at its racino, up 16% to $12 million, while Pinnacle Entertainment<\/strong> continues to slowly improve performance at Belterra Park<\/strong>, posting $7 million for a 19% increase. A 3% decline at Hollywood Toledo<\/strong> ($16.5 million) was the only blot on Penn National Gaming<\/strong>‘s report card. Improving slot\/win\/day \"Hollywoodbusiness helped drive Hollywood Columbus<\/strong> up 2% to just under $19 million. Penn’s two racinos continue to perform well, with Hollywood Austintown<\/strong> reaching a mind-boggling $289\/slot\/day — Plainridge Park<\/strong>-sized numbers and good for a $9 million gross and 6% gain.\u00a0Eldorado Resorts<\/strong> had a modestly lucrative month at Scioto Downs<\/strong>, up 2% and racking in $13 million. Gov. John Kasich<\/strong>‘s long-ago decision to open the Buckeye State to racino operators other than Dan Gilbert<\/strong> and Penn National has definitely spread the wealth rather than diluting the market.<\/p>\n

* It’s another setback for the Cal Neva Resort & Casino<\/strong>, which has filed Chapter 11<\/a>, imperiling a reopening scheduled for next April. Developer Criswell Radovan<\/strong> has experienced several hiccups in its attempt to get Frank Sinatra<\/strong>‘s old casino up and running again. Even if it gets back on track, its prospects are cloudy. Reno<\/strong>-based casino consultant Ken Adams<\/strong> was harsh in his assessment: “It hasn’t mattered in 40 years.” Unless projected operator\u00a0Starwood Hotels & Resorts Worldwide Inc<\/strong>. — which is owed $30,000 — is prepared to bail out Criswell Radovan, the Cal Neva seems to face insurmountable financial hurdles, being $40 million in debt and needing almost $24 million more to be completed.<\/p>\n

* Wall Street<\/strong> reacted very negatively to news that Scientific Games<\/strong> CEO Gavin Isaacs<\/strong> is stepping aside in favor of gaming newcomer Kevin Sheehan<\/strong>. Shares of SGMS dove 16% on the bulletin<\/a>.\u00a0\u201cGiven Mr. Isaacs\u2019s \u2018cult\u2019 status amongst gaming investors, we sense there are some owners who stayed loyal to the stock because of his direct oversight, who may now be more compelled to exit the name,\u201d offered stock analyst\u00a0Steven Wieczynski<\/strong>. Lost in the Isaacs-related shock was the fact that Scientific had grossed $729 million in 2Q16, ahead of the Street’s expectation of $709 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

We don’t report Iowa casino results very much, partly because the market overwhelmingly consists of small casinos with grosses to match. Given their modest grosses, a minor fluctuation can be magnified. Even so, last month’s 5% bounce is worth discussing. … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,60,154,199,26,7,86,85,76,112,71,69,30,79,160,38,146],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18648"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=18648"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18648\/revisions"}],"predecessor-version":[{"id":18649,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18648\/revisions\/18649"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=18648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=18648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=18648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}