Revenues at Northwest Indiana’s five casinos remained flat in September compared to the same month last year, despite having the advantage of one additional weekend day this year.
“I thought the numbers would go up more. I’m surprised they didn’t,” said gaming analyst Ed Feigenbaum, editor of the newsletter Indiana Gaming Insight.
Casinos usually take in more revenues on weekend days than they do during the week.
The five casinos took in a total of $89.1 million in revenues last month, a 0.4 percent increase over the $88.7 million raked in the previous September, according to the monthly gaming revenues report issued Wednesday by the Indiana Gaming Commission.
Ameristar in East Chicago took in $19.7 million in revenues, compared to $19 million the previous September, and Blue Chip in Michigan City raked in $14.8 million compared to $14.4 million. Majestic Star Casinos in Gary took in a total of $15.8 million in revenues, just over the $15.7 million they raked in last year. Horseshoe Hammond, meanwhile, saw a slight drop, with $39.5 million in revenues last month compared to $39.7 million the previous September.
Feigenbaum also pointed out that Horseshoe Hammond’s attendance numbers were significantly down from last September.
Horseshoe Hammond had 425,891 visitors in September, compared to 499,093 visitors the previous September.
“This doesn’t bode well, especially at this point,” he said, referring to the fact that last September’s revenues would have reflected a hit taken by local casinos as a result of Illinois’ newest player, The Rivers in Des Plaines, having recently opened.
Dan Nita, senior vice president and general manager of Horseshoe Hammond, said the numbers came in close to their expectations, however.
“We grew last month and are down a little this month. It’s an ebb and flow. Customers don’t think in terms of 30 days,” Nita said.
He attributed the static results to economic conditions.
“There’s no downward spiral, but no uptick yet,” he said.
Nita also said last September had an inordinately high admissions count, which makes this September’s turnstile count look comparatively low.
He downplayed the effect the introduction of video gaming in Illinois will have on the Indiana market.
“It’s a nonentity. It’s not an overall gaming experience,” Nita said.
Feigenbaum said he doesn’t know the reason for the static results, except for the fact that gas prices continue to climb and there is continued uncertainty about the economy.