{"id":21855,"date":"2018-06-11T07:07:39","date_gmt":"2018-06-11T15:07:39","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21855"},"modified":"2018-06-11T07:16:14","modified_gmt":"2018-06-11T15:16:14","slug":"midwest-torpor-freeman-says-goodbye","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/midwest-torpor-freeman-says-goodbye\/","title":{"rendered":"Midwest torpor; Freeman says goodbye"},"content":{"rendered":"

A wave of prosperity among Midwest casinos has hit the wall, at least for the near term. Indiana<\/strong> and Missouri<\/strong> joined Illinois<\/strong>, Ohio<\/strong> and Iowa<\/strong> in reporting flat year\/year gaming revenues for May. In Indiana, gamblers were losing 15.5% more but attendance was down 13.5%, for a $191 \"\"million gross. The coffee achiever for the month was Belterra<\/strong>, up 21.5% to $10 (good news for incoming owner Boyd Gaming<\/strong>). It was closely followed by the ever-impressive Tropicana Evansville<\/strong>, jumping 21% to $13 million. Elsewhere in the southern tier, Rising Sun<\/strong> was up 5% to $4 million and Hollywood Lawrenceburg<\/strong> was down 3% but still managed $14.5 million. Horseshoe Southern Indiana<\/strong> was flat but dominated the market with $22 million while French Lick Resort<\/strong> suffered an 11.5% tumble, grossing $7.5 million.<\/p>\n

Centaur Gaming<\/strong>‘s two racinos posted mixed results. Hoosier Park<\/strong> was down 4% to $15,5 million, while Indiana Downs<\/strong> was up 2% to $20.5 million. Further north, Majestic Star<\/strong> had an unusual month. Majestic Star I<\/em> was flat at $8 million but Majestic Star II<\/em> broke its usual run of bad luck with a $5.5 million gross and 5% improvement. Of course the 800-lb. gorilla is Horseshoe Hammond<\/strong>, grossing $33.5 million despite a 3%, while nearby Ameristar East Chicago<\/strong> was down 2% to almost $19 million. Boyd’s Blue Chip<\/strong> slid 6% to $13 million, suggesting that Class II tribal Four Winds Casino<\/strong> is a market force with which to be reckoned.<\/p>\n

Over in Missouri, the Show-Me State didn’t have a lot to show for itself, with attendance 3% down (and spending 3% up), for an overall gross of \"\"$145 million. River City<\/strong>‘s $18 million represented a 3% dropoff, Ameristar St. Charles<\/strong> was flat at $22 million and Ameristar Kansas City<\/strong> gained 5% for a $16.5 million finish. Penn National Gaming<\/strong>‘s Argosy Riverside<\/strong> was flat at $13.5 million, while Hollywood St. Louis<\/strong> grossed $20 million, a 3% decline. Eldorado Resorts<\/strong>‘ Isle of Capri<\/strong>– and Lady Luck<\/strong>-branded assets were also 3% down, for an aggregate of $20.5 million. Tropicana Entertainment did the best of all operators, vaulting 13% at Lumiere Place<\/strong> (almost $15 million), while Caesars Entertainment<\/strong> did the worst, stumbling 7% down at Harrah’s North Kansas City<\/strong>, grossing $13 million.<\/p>\n

* A little birdie tells me that American Gaming Association<\/strong> President Geoff Freeman<\/strong> is leaving due to the agita<\/em> associated with \"\"online gambling in general and the obstreperous Sheldon Adelson<\/strong> in particular. In the meantime, here’s a brief resume<\/a> of Freeman’s impressive accomplishments during his relatively brief tenure, or you can listen to this lengthy exit interview<\/a>. Adelson, meanwhile, is trying to sweeten the casino pot for Brazil<\/strong>, promising to build one or more megaresorts if the country legalizes casino gambling.<\/p>\n

* Casino stocks did not react well<\/a> to the confiscation of Union Pay<\/strong> terminals in Macao<\/strong>. The worst-hit was Melco Resorts & Entertainment<\/strong>,\u00a0tumbling 9%, while Sands China<\/strong> got off relatively light, moving down less than a tenth of a percentage. That’s ironic, because Sands relies heavily \"\"on premium-mass market customers, the tranche that is expected to be most heavily impacted by the Union Pay crackdown. “While Union Pay cash out [pawnshops] are not used by many customers, it is important source of liquidity for some premium customers,\u201d wrote Sanford C. Bernstein<\/strong> analysts. This is the same market segment at which Melco is aiming its new Morpheus<\/strong> resort, hence the big hit in the stock market. Still, all casino operators need to brace themselves for the worst: Bernstein analysts warned, “The coordinated effort is focused on reducing shady financial transactions that occur with no government oversight or transparency. The recent actions in Macau may be part of the broader China<\/strong> government\u00a0strategy and if so, could lead to greater regulatory crackdowns.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A wave of prosperity among Midwest casinos has hit the wall, at least for the near term. Indiana and Missouri joined Illinois, Ohio and Iowa in reporting flat year\/year gaming revenues for May. In Indiana, gamblers were losing 15.5% more … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":8749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,60,221,229,199,198,174,7,58,68,37,86,85,189,62,191,222,39,71,69,30,12,20,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21855"}],"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=21855"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21855\/revisions"}],"predecessor-version":[{"id":21856,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21855\/revisions\/21856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/8749"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}