Indiana casino revenue “disappointing”

Meanwhile, Ameristar in East Chicago continued to gain market share in the region compared to last year, including a USD400,000 hike in table games.

Matt Schuffert, vice president and general manager, said the casino is continuing to focus on providing an outstanding table game product, having recently added 13 tables to the casino floor along with a new 12-table poker room.

Horseshoe’s general manager and senior vice president, Dan Nita, Friday called the July revenues report “pretty disappointing,” but on the bright side, added that last July was one of the casino’s best months in recent years.

“We had the highest coin-in in three years then,” Nita said.He said he was pretty optimistic in the beginning of the month, having had a successful Fourth of July weekend.“Unfortunately, the last two weeks in July were very challenged. It was pretty disappointing. We didn’t get the turnout we expected,” Nita said.

Ed Feigenbaum, editor of Indiana Gaming Insight, said Horseshoe had a pretty hefty decline in admissions last month as well.“Horseshoe’s admission were down about 20 percent over last year in July and were down about 15 percent the previous month, too,” said Feigenbaum, who also noted that July 2013 was a particularly good month for the Hammond casino.

The five casinos took in a total of US$80.7 million in revenues last month, compared to US$89.6 million in revenues the previous June, according to the monthly revenues report released Friday by the Indiana Gaming Commission.

Ameristar showed a slight gain, with US$17.9 million in revenues last month compared to US$17.8 million the previous July. Blue Chip raked in US$14.2 million compared to last July’s US$13.6 million. Majestic Star Casinos dropped from US$15.8 million to US$14 million. The revenues reflect free play promotion money taken by some casinos during those months.

Feigenbaum said, statewide, the casino revenues last month were the lowest amount for a July since 2002.Last month’s revenues statewide were US$187.5 million, compared to US$209 million last year. He said revenues were higher even during the height of the recession, with the state’s casinos taking in a total of US$237 million in 2007, US$235 million in 2008 and US$251 million in 2009.

Nevertheless, Nita said he was encouraged by the revenues generated during the first eight days of August.Ironically, the casino numbers came out on the sixth anniversary of the opening of the new Horseshoe Casino in Hammond, on Aug. 8, 2008.“More than 26 million people have visited us since then,” Nita said.