How Far Will Casino Revenues Fall?
By Mike Perleberg
(Rising Sun, Ind.) – Sixteen months after competition opened in nearby Cincinnati, the revenue slide at southeast Indiana’s riverboat casinos is not leveling off much.
June was another month of declines in revenues and visits at the three local gambling facilities: Hollywood Casino Lawrenceburg, Rising Star Casino in Rising Sun, and Belterra Casino Resort & Spa in Switzerland County. Combined revenues fell to $25.32 million, down nearly 33 percent from the same month last year.
More tri-state area gamblers are trying their luck at casinos in southwest Ohio. The riverboats attracted a total of 290,194 visitors in June, down 19.6 percent from last year.
Hollywood Casino led the three local riverboats with $14.7 million in revenue in June, down about 27 percent from the same month last year. Visits there were down by 26 percent to 129,005.
Belterra Casino saw revenues decrease 21 percent to $6.75 million last month. Attendance was down 15 percent to 97,081 people.
Rising Star Casino in Rising Sun saw revenues slide 18 percent to a near-record low of $3.9 million, the lowest revenue of any of Indiana’s 13 casinos. The casino welcomed 64,108 visits in June.
If there is good news to be seen by the casino operators and the local entities that benefit from a share of revenues, it is that the revenue declines seem to be stabilizing. Where monthly declines were upward of 30 percent in the first months after Horseshoe Casino Cincinnati’s March 2013 opening, the monthly declines have become less dramatic in recent months.
There have recently been rumors of layoffs at Rising Star Casino. Multiple sources tell Eagle 99.3 that at least three valet staffers were let go. Casino executives did not return calls for comment.
A May 14th quarterly report from parent company Full House Resorts said $4.2 million in operating cost reductions were made at Rising Star during the first quarter of 2014.