These seven trending gaming industry stories will impact your casino revenue strategy.
1. Casino Revenues Tumble In Indiana
Revenues from Indiana’s 10 casinos were down 31.2% from what had been forecasted in August. That represents a 26.9% drop from August 2018. In fact, Indiana’s casinos brought in around $7.8 million despite the fact that they were expected to pull in $11.4 million.
“That drop is a reflection of a number of things, perhaps most importantly, increased competition from neighboring states,” says Matt Bell, president and CEO of the Casino Association of Indiana.
2. Illinois Casino Revenue Down, Video Poker and Slots Up Elsewhere
In nearby Illinois, casino revenue is also down. Even as the state embarks on a massive gambling expansion, revenue from the 10 existing casinos last year dropped more than 3%, continuing a decadelong slide.
The loss in revenue from casinos, however, was more than offset by a continued increase in the state’s take from video poker and slot machines at bars, restaurants and truck stops, according to a recent report.
3. Connecticut Casino Revenues Slump, But Slowly
Connecticut’s two tribal casinos posted another slump in August slot revenues, although the declines were far less severe compared to July’s report.
It isn’t all bad news, though. August’s figures represent something of an improvement on the year-over-year declines of 15% and 11% reported for July.
4. Massachusetts Casino Revenue Up and Down
The Bay State’s three major casinos pulled in a total of $86 million in revenue in August. However, despite positive returns for the state’s two biggest casinos — Encore Boston Harbor and MGM Springfield — revenues actually fell at Massachusetts’ oldest facility, Plainridge Park.
5. Crown Resorts VIP Casino Revenue Plunges
Crown Resorts, an Australian casino operator with integrated resorts in Melbourne, Perth, and Sydney as well as high-end casino clubs in London, reported a decline of 28% in profits over the past 12 months. Crown blames China for the slide.
6. New York Bails Out Salamanca During Revenue Sharing Dispute
New York has sent the city of Salamanca $2.35 million to help fund the town’s local budget amid the ongoing casino revenue sharing dispute with the Seneca Nation, which terminated its casino revenue payments more than two-and-a-half years ago.
7. Caesars Sells the Rio for $516.3M
Caesars Entertainment Corporation has signed an agreement to sell its off-Strip Rio property to a company controlled by a principal of Imperial Companies for $516.3 million.
The World Series of Poker, a two-month event that draws thousands of competitors and fans to the Rio, will stay within Caesars’ control, and stay at Rio next year. Eventually, it is expected to move to a new location, reports the Las Vegas Review-Journal.
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