Casino revenue skids on snowy weather

Print
Casino revenue skids on snowy weather

Revenues skidded 11.6 percent in December at the region's five casinos, due in large part to snowy weather, but the yearly picture was not as gloomy.

Total revenues from January through December slipped 2.8 percent compared to 2015.

The casinos took in a total of $73.27 million in December, compared to the $82.85 million they raked in the same month the previous year, according to the monthly revenues report released by the Indiana Gaming Commission.

Every casino in the region experienced a decline in year-over-year revenues for the month, which was expected because of snow over a couple of weekends before Christmas. Casinos take in more on weekends.

"Weather, weather, weather," said Steve Cox, vice president of finances for Horseshoe Hammond, about December's decline.

Revenues at Illinois casinos dropped 4.1 percent year-over-year last month, but Cox said, "The weather impacts things a little differently around the lake."

Illinois did not have as much snow accumulation as Northwest Indiana last month.

Also hurting the casinos was the fact that Christmas Eve fell on a Saturday.

"It was kind of a rough month. I'm ready for 2017 to kick it off," Cox said.

For the year, the five casinos brought in a total of $967,820,455 in revenues compared to 2015's total of $976,656,526, according to the IGC.

Ameristar Casino in East Chicago and Blue Chip Casino in Michigan City showed gains for the year, while Horseshoe Hammond Casino and Majestic Star Casinos I and II in Gary declined during 2016 compared to 2015.

Ameristar's yearly revenues were $229,658,931 in 2016 compared to $225,992,338 in 2015 and Blue Chip's were $161,957,776 compared to $157,436,110.

Horseshoe Hammond had yearly revenues of $418,542,159 compared to $432,836,537, Majestic Star I took in $90,607,298 compared to $92,350,530 and Majestic Star II brought in $67,054,291 compared to $68,041,011.

For the month of December, Ameristar took in $17.76 million in revenues compared to $20.08 million the same month the year before. Blue Chip brought in $12 million compared to $13.61 million, Horseshoe Hammond raked in $31.84 million versus $36.44 million, Majestic Star I took in $7.14 million compared to $7.31 million and Majestic Star II brought in $4.52 million compared to $5.41 million.

Karen Caffarini is a freelance reporter for the Post-Tribune.

Read more http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNGlA2fF1z9bs-Oe38dXQ7hcREJM8g&clid=c3a7d30bb8a4878e06b80cf16b898331&ei=VLB5WLD1J46HhQH23J_ABA&url=http://www.chicagotribune.com/suburbs/post-tribune/news/ct-ptb-december-casino-slide-st-0116-20170113-story.html