Indiana: Visiting less, spending more

That’s the verdict of Deutsche Bank analyst Carlo Santarelli, who reports that foot traffic at Indiana casinos was 11% down last month, implying a 7% spending increase. If free play is counted, casino revenues fell 5%, with the Hollywood Lawrenceburgsouthern tier of properties having the worst of it (-8.5%). Only Full House ResortsRising Sun ($4 million) stood off Ohio competition, growing revenues 12% ($13 million). At the opposite end of the spectrum was Penn National Gaming‘s Hollywood Casino Lawrenceburg ($13 million), down 16%. Belterra ($8 million) slipped 5%, while Horseshoe Southern Indiana ($20 million) took an 8.5% dive. Slot routes in Illinois may be cutting into business at reliable old Casino Tropicana ($10 million), in Evansville, which had a rare, 5% decrease.

Further upstate, French Lick Casino ($6 million) had a good month, up 10%, while the Hoosier State’s racinos performed divergently. Indiana Downs ($18 million) had a 2% gain but Hoosier Park ($14 million) was 5% off the pace.

In the northern tier, Pinnacle Entertainment had a disastrous month at Ameristar East Chicago, down 19% on revenue of $16 million. Contrary to what you might expect, Caesars Entertainment‘s Horseshoe Hammond ($33 million) was not the beneficiary of Pinnacle’s misfortune, being 5.5% down itself. Majestic Star I ($7 million) eked out a 1% increase but its sister ship, Majestic Star II ($5 million) was 6% down. There really is at least one riverboat too many in the Gary market. Finally, over in Michigan City, it was a robust month for Boyd Gaming, whose Blue Chip casino grossed $13 million, for a 9% increase.

This entry was posted in Ameristar, Boyd Gaming, Full House Resorts, Harrah's, Illinois, Indiana, Penn National, Pinnacle Entertainment, Racinos, Slot routes, Tropicana Entertainment, Wall Street. Bookmark the permalink.