LU ANN FRANKLIN, Times of Northwest Indiana Correspondent
Revenue at casinos across Northwest Indiana dropped an average of 10 percent compared to a year ago, according to figures the Indiana Gaming Commission released Wednesday.
However, that downturn is typical of the last full month of summer, according to Ed Feigenbaum, the publisher of Indianapolis-based Indiana Gaming Insight newsletter.
"Last August's numbers were the result of the grand reopening of the gaming platform at the Horseshoe Casino in Hammond," Feigenbaum said. "There was pent-up demand from July and anticipation of what that new platform would be. People wanted to see what the buzz was all about."
That interest in the newly remodeled Horseshoe spilled over into the region's other casinos, Feigenbaum said.
This year, the historic trend of revenue declines in August returned, he said.
"We usually see a drop from July to August," he said.
"Obviously the economy is playing a role, but revenues in August are historically less."
However, Feigenbaum said the statewide revenue decline is "a little disappointing."
The five casinos along Lake Michigan took in a total of $97.42 million, compared with $108.21 million in August 2008.
Blue Chip in Michigan City had $15.37 million in revenue, a decline of 7.1 percent from a year ago. Even Horseshoe, which has posted revenue gains each month of 2009, saw a 9.2 percent decline in revenue to $42.15 million in August 2009 from $46.44 million a year ago.
The worst showings were at the two Majestic Star casinos in Gary and Ameristar Casino in East Chicago. All three saw a double-digit drop in revenue.
Majestic Star I's August-to-August revenues were down 13.2 percent to $9.57 million from $11.03 million in 2008. Majestic Star II dropped to $7.48 million for August 2009 from $8.59 million a year ago, for a decline of 12.8 percent.
Ameristar's revenues dropped to $22.85 million in August compared to $25.60 million in the same month a year ago.
Adjusted gross receipts for Illinois' nine riverboats were down 9.75 percent overall in August as compared to the same month last year, according to revenue figures from the Illinois Gaming Board.