Horseshoe Casino's receipts up from year ago

Horseshoe Casino's $500 million expansion was a gamble that continues to pay off for the gaming giant as the flagging economy batters its Northwest Indiana competitors.

Horseshoe took in $46.5 million in November, up more than 26 percent over a year ago. It was the only Northwest Indiana casino to see a year over year increase in revenues.

"There's no other type of gaming platform with those types of amenities in this area," said Ed Feigenbaum, editor of Indiana Gaming InSight.

Feigenbaum said it is likely Horseshoe's continued success can be attributed in part to its major renovation and to the more affluent clientele the casino attracts. In theory, he said, the discretionary income of that clientele is not as affected by the overall economy.

The industry in general is seeing a decline in revenues as the average consumer trims back on entertainment spending, he said.

"It's not just a decision between going to a Bears game or a Bulls game or going to a casino. It's a choice between making the house payment and buying groceries and some type of discretionary entertainment spending," Feigenbaum said.

Horseshoe managed to get its project off the ground and running before the faltering economy put a hold on financing for planned gaming expansions in places such as Las Vegas and Atlantic City, he said. It is among some of the only activity at regional casinos around the country.

Meanwhile, Majestic Star I and II reported $10.8 million and $9.4 million, respectively; and Ameristar in East Chicago, formerly Resorts, posted $24.8 million in revenues. Blue Chip came in at $13.9 million.

Combined revenues for Majestic Star I and II were down by 13.4 percent from a year earlier and reflected a 2 percent drop from October.

Blue Chip saw revenues decline 10.7 percent over the same month last year as it faces increased competition from Four Winds Casino in New Buffalo, Mich.

Ameristar's figures were down 4 percent from a year earlier but were up nearly 10 percent over October.

Feigenbaum said an increase in December 2008 revenues over November 2008 is likely due to the holiday season, which is typically a strong gaming period.

However, because of the way the calendar falls this year, December has one less weekend than it did last year, which may skew results a bit.