Keith Benman, Times of Northwest Indiana
keith.benman@nwi.com
Casino revenues in Northwest Indiana eked out an overall 3.1 percent gain in July as compared to one year ago, powered mainly by a surge in revenues at Horseshoe, in Hammond, according to revenue figures from the Indiana Gaming Commission.
The five casinos along Lake Michigan raked in a total of $103 million, with Horseshoe's $44.87 million take and 33.2 percent revenue gain leading the way. At Blue Chip, in Michigan City, revenues increased 6.8 percent.
July is generally a strong month for casinos, with plenty of vacationers opting to spend at least some time at the slots and gaming tables during their weeks off, according to Ed Feigenbaum, of Indiana Gaming Insight.
But even the traditional July surge could not mask the continuing revenue decreases that are hobbling both Majestic Star casinos, in Gary, and Ameristar, in East Chicago.
Ameristar revenues dropped to $22.68 million in July as compared to $28.66 million in the same month one year ago, for a 20.9 percent decrease. Majestic Star I revenues were down 18.5 percent, and Majestic Star II's take was down 10.4 percent as compared to a year ago.
The recession continues to affect casino revenues, with many state governments' gambling takes falling sharply in the last year, Feigenbaum said.
"People are not buying as much; they are not shopping as much; and one can only extend that to assume people are gambling less," Feigenbaum said.
Adjusted gross receipts for Illinois' nine riverboats were down more than 6 percent overall in July as compared to the same month last year, according to revenue figures from the Illinois Gaming Board.
By contrast, Indiana's gross revenues from gaming were up 4.2 percent, due mainly to the addition of slots at horse racing tracks, Feigenbaum said. Without the racinos, overall gaming revenues in Indiana would be down.
The new $500 million gaming boat at Horseshoe and the new hotel tower at Blue Chip continue to be a challenge for the three other casinos in Northwest Indiana, Feigenbaum said.
Majestic Star owner Don Barden has been struggling mightily to get one of his Gary gambling licenses changed to a new location in northeast Indiana. Northwest Indiana lawmakers made a move in the last session of the General Assembly to allow Barden to move one of his casinos to a site near the heavily traveled Borman Expressway, but the move fizzled.
So far, Ameristar has not announced any big new initiative on the scale of Horseshoe's or Blue Chip's.