{"id":22883,"date":"2018-11-09T10:35:58","date_gmt":"2018-11-09T18:35:58","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22883"},"modified":"2018-11-09T10:35:58","modified_gmt":"2018-11-09T18:35:58","slug":"midwest-doldrums-turning-a-page-at-wynn","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/midwest-doldrums-turning-a-page-at-wynn\/","title":{"rendered":"Midwest doldrums; Turning a page at Wynn"},"content":{"rendered":"

Slot routes continue to bleed Illinois<\/strong> casinos, which were 1.5% down in October. Two properties withstood the decline. Eldorado Resorts<\/strong> seems to be already turning things \"\"around at Grand Victoria<\/strong>, which was up 2% ($13 million). Rivers Casino<\/strong>, coveted by Churchill Downs<\/strong>, also had a strong month, grossing almost $38 million for a 4% gain. Penn National Gaming<\/strong> lost ground both at Empress Joliet<\/strong>\u00a0($9 million, -3.5%) and Hollywood Aurora<\/strong> fell 9% to $9 million. Harrah’s Joliet<\/strong> slipped 6% but still grossed $14 million, second-best in the state. Further south, Par-A-Dice<\/strong> dipped 4% to $6 million, Harrah’s Metropolis<\/strong> was down 2.5% to $6 million and Casino Rock Island<\/strong> was 5% off its feed to $5 million. In the St. Louis<\/strong> area, Argosy Belle<\/strong> tumbled 10% to $3.5 million and Casino Queen<\/strong> slipped 4% to $7.5 million.<\/p>\n

Gamblers also found something else to do with their money in Indiana<\/strong>, which was down 2%. Majestic Star II<\/strong> had an unexpectedly good month, up 7% to $5 million. On their way out the door at Ameristar East Chicago<\/strong>, owners Pinnacle Entertainment<\/strong> managed a 7% gain, to $18 million. Horseshoe Hammond<\/strong> was 2.5% down but still the 800-pound gorilla, grossing $33.5 million. Majestic Star I<\/strong> was flat at $7 million while Blue Chip<\/strong> took a 4% dip, grossing $12 million. While we can blame that on tribal Four Winds<\/strong>, there’s no such accounting for some of the numbers we’re seeing out of southern Indiana unless “historical racing” in Kentucky<\/strong> is having a bigger impact than previously thought.<\/p>\n

The big guns misfired. Hollywood Lawrenceburg<\/strong> was down 8% to $13 million and Horseshoe Southern Indiana<\/strong> tumbled 9.5% to $18.5 million. Revenue was down at Indiana Downs<\/strong>, falling 9% to $18 million. Caesars Entertainment<\/strong>‘s other racino, \"\"Hoosier Park<\/strong>, did better, up 2.5% to $15.5 million. Belterra<\/strong>, now under Boyd Gaming<\/strong> management, had an unusually good month, up 8.5% to almost $9 million. Full House Resorts<\/strong> was flat at Rising Sun<\/strong>, grossing $4 million, while Tropicana Evansville<\/strong> lost a percentage point, finishing at $11.5 million. Not an auspicious entry for Eldorado. Finally, French Lick Resort<\/strong> gained 4.5% for an $8 million gross.<\/p>\n

No such worries next door in Ohio<\/strong>, where gross gaming revenues came in at a nice, round $150 million on the bottom, up 3.5%. Dan Gilbert<\/strong> still can’t figure out Cleveland<\/strong>, where his Jack Entertainment<\/strong> casino was down 6% to $6 million. \"\"However, Jack Thistledown<\/strong> leapt 10% to $10.5 million. Jack Cincinnati<\/strong> gained 4% to end the month with $16 million in the kitty. Penn gained 1% ($16 million) at Hollywood Toledo<\/strong> and at Hollywood Columbus<\/strong> ($18 million). Scioto Downs<\/strong> galloped 5% ahead to $14 million while Hard Rock Rocksino<\/strong> gained 6.5% for $21 million and tops in the state. Boyd’s first month at Belterra Park<\/strong> was flat, just under $7 million and privately held Miami Valley Gaming<\/strong> booked $13 million, an impressive 11% jump. Outstate, Hollywood Mahoning Valley<\/strong> was up 4.5% to $10 million while Hollywood Dayton<\/strong> gained 7% to finish the month just short of $9 million.<\/p>\n

* Eldorado Resorts beat Wall Street<\/strong>‘s cash-flow projections despite the fact “that Reno<\/strong> was somewhat softer than expected in the quarter … in the 4Q, it has resumed its
\nupward trajectory, pacing up 30%+ [quarter to date].” JP Morgan<\/strong> analyst Daniel Politzer<\/strong> also noted that “Tropicana AC<\/strong> is managing better than expected given new competition in the market, with EBITDA down 7% since new supply came on in late June.” Gaming revenue was $487 million, not quite the $498 million the Street was expecting but cost-saving measures are going well<\/p>\n

* As expected, Phil Satre<\/strong> is now chairman of the board<\/a> at Wynn Resorts<\/strong>, a move we applaud. With Satre’s oversight, CEO Matt Maddox<\/strong> will be following a two-track policy: \"\"Conservatism on the Las Vegas Strip<\/strong> and expansion in Macao<\/strong>, where Wynn Palace<\/strong> will gain two hotel towers. Maddox implied in an investor call that the casino, while WYNN’s primary revenue driver, was underperforming for lack of hotel capacity. He also unveiled an exciting concept, the Crystal Pavilion<\/strong>, whose centerpiece will be a gong tower, played by acrobats on wires. The Pavilion will also host three “fully immersive” shows a day. Any hope of getting something like that back in Vegas?<\/p>\n

* One of the election-season subplots that eluded us was Florida<\/strong>‘s Amendment 13<\/strong>. Sixty-nine percent of Floridians voted to ban wagering<\/a> on dog racing. That means that the distasteful pastime should be extinct in the Sunshine State by 2020. This will reduce the number of dog tracks in the United States<\/strong> to six. We’d say the handwriting is on the wall for this industry<\/p>\n

* Las Vegas<\/strong> hotels would do well — and create thousands of grateful guests — by taking a page<\/a> out of Zabeel House by Jumeirah<\/strong>‘s book.<\/p>\n","protected":false},"excerpt":{"rendered":"

Slot routes continue to bleed Illinois casinos, which were 1.5% down in October. Two properties withstood the decline. Eldorado Resorts seems to be already turning things around at Grand Victoria, which was up 2% ($13 million). Rivers Casino, coveted by … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":18840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,244,229,176,134,199,26,4,36,198,190,58,68,116,62,191,53,69,30,111,79,242,9,20,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22883"}],"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=22883"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22883\/revisions"}],"predecessor-version":[{"id":22893,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22883\/revisions\/22893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/18840"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=22883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=22883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=22883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}