By Karen Caffarini, Post-Tribune correspondent
An unremarkable May at the region's five casinos bodes well for the upcoming summer months, provided gas prices and the economy don't stack the odds against them, gaming analyst Ed Feigenbaum said Tuesday.
"In general, there is nothing remarkable about May's numbers. They're about where we expect them to be," said Feigenbaum, editor of Indiana Gaming Insight. He said because May revenues generally are lower than those in March and April, with graduations, vacations and other events coming up, this could mean the five casinos along Lake Michigan are already poised to have a better summer than anticipated.
"The regional casinos are really starting to become destinations. People are staying close to home," Feigenbaum said.
He said if gas prices stay around $3 a gallon, it could spur gamers to stay in the area to gamble instead of traveling to Las Vegas and other gaming destinations. However, if they shoot back up to $4 a gallon, and more people continue to lose their jobs, it could cause many gamers to stay home altogether, like happened last year.
Blue Chip Casino in Michigan City is hoping more gamers stay close to home, now that its parent company, Boyd Gaming Corp. of Las Vegas, has completed a $130 million expansion that includes a hotel, spa and expanded entertainment venue, making it the regional destination it was intended to be, Rob Stillwell, vice president of corporate communications, said.
"We noticed over the course of the last year, more people are staying close to home because of the tough economy. That puts us in a good position," Stillwell said.
While Stillwell couldn't comment on May numbers, he said the first-quarter revenues have been pretty much on target. "We're pleased with Blue Chip's performance. With the opening of the expansion, we were able to promote it as a true destination spot," Stillwell said.
Blue Chip's revenues were $17.9 million in May, compared to $17.3 million in May 2008. Horseshoe's revenues were $47 million compared to $40 million a year ago, Ameristar in East Chicago had $27.1 million in revenues compared to last May, when it took in $28.9 million under the Resorts name. Majestic Star brought in $9.6 million, compared to $10.6 million, while Majestic Star II brought in $9.1 million compared to $9.9 million.