Collective revenues for the five casinos in Northwest Indiana saw a slight decline in earnings in March 2016. The casinos broke their three month streak, for collective year-over-year revenues gains, in March, reporting a 0.6 per cent dip from, March 2015; the same month last year.
According to the monthly revenues report issued on Friday, by the Indiana Gaming Commission, the five casinos that include Ameristar Casino, Blue Chip Casino, Horseshoe Hammond Casino, Majestic Star Casino I and Majestic Star Casino II raked in a total of $89.57 million in the month of March this year, which shows a small decline compared to the figures from the same time last year, $90.89 million.
Ameristar a consistent performer
Ameristar Casino Hotel East Chicago, which was acquired by Ameristar Casino Incorporated from Resorts International Holdings in 2007, has been having a good stretch of luck for many months now, with their winning streak continuing for the 15th month out of the last 18. They generated revenues of $21.6 million in March 2016, compared to the $20.19 million they earned in March, last year; showing a small profit percentage of 0.65 per cent.
The Majestic Star Casino LLC, founded in 1993 started their operations in Gary in 1996. The two casinos, Majestic Star Casino I and II, which are located in Gary, have also reported an increase in their year-over-year revenues. Majestic Star I generated an income of $8.63 million in March 2016, which was a slight improvement on their income in March 2015 of $8.56. The Majestic Star II also collected a sizable $6.31 million, showing a slight rise from the $6.13 million the casino generated at the same time last year.
Blue Chip Casino, Hotel and Spa, the Riverboat Casino, in Michigan City reported more or less a steady performance on their part; the casino generated $14.43 million in revenues this year in March, compared to the figures from March 2015, which was a total of $14.47 million.
Horseshoe Hammond Casino, located just outside Chicago, reported the poorest performance out of all the casinos in the area. With a big drop in revenues, they earned a total of $38.6 million last month, compared to $41.51 million they had reported last year in March, which is a 6.4 per cent decrease.
Dan Nita, senior vice president and general manager of Horseshoe Hammond, said that the drop in revenues from their casino in an otherwise strong market for the month for Illinois could be accounted to some share-shifting that was happening among the casinos; these changes always generated profits for one casino at the expense of others.
He stated, “As we're a competitive business, we'll be looking at what programs worked and which ones didn't.”
He further said that there were two major factors contributing to the soft month in 2016 compared to the same time a year ago. Firstly, in 2015, the month of March had an extra weekend, resulting in higher rakings over the course of the full 31 days. Secondly, Easter fell in the month of March in 2016 while it was in the month of April, last year; families are unlikely to spend their time at a casino over Easter therefore, the takings in the month this year took a dip.
Nita said, “Some people had other things they wanted to do on Easter weekend.”
Stronger then the Illinois competition
Casino in the Northwest of Indiana performed much better in comparison to their counterparts in Illinois competition, where they noted a 1.3 per cent year-over-year decline in revenue.
Year-over-year visitor rate of attendance dropped across the state for all the casinos except Blue Chip, where a slight increase in attendance was noted, from 203,131 this year compared to 203,220 during the same period last year.
Attendance at Ameristar also dropped compared to last year, from 226,775 visitors in March 2015 to 203,457 for the comparable time frame this year.
Attendance figures at the Horseshoe shows a year-over-year downturn, from 360,642 last year to 326,758 in March 2016.
Finally, even attendance at the two Majestic Star Casinos saw a decline in numbers, total attendance dropped from 165,926 in March 2015 to 162,088 in March 2016.