Rising Star Casino Cut $3M In Operating Costs In 4Q
By Mike Perleberg
(Rising Sun, Ind.) – Rising Star Casino Resort’s parent company gave its end of year quarterly profit report Monday, painting a not so pretty picture of the revenues the property is producing.
Executives with Las Vegas-based Full House Resorts said the Rising Sun riverboat had revenues of $14.7 million in the fourth quarter of 2013, compared to revenue of $19.1 million in the prior year.
The company attributes the decline to severe weather in December, two new competitors in the marketplace and a much lower-than-expected overall market growth in the Ohio and Indiana competitive region. The extreme weather in January and February could continue to have an impact on the riverboat’s bottom line.
“We were disappointed with our fourth quarter results, as increased competition and adverse weather conditions led to lower-than-expected performance,” said Full House Chairman and CEO Andre Hilliou. “On the positive side, we have been pleased with the performance of the new 104 room North Star hotel tower adjacent to our Rising Star casino in Indiana, and construction continues on the hotel at our Silver Slipper property in Mississippi.”
Full House cut its operating expenses in the fourth quarter by $6.2 million to $32.4 million. A bulk of those cost reductions – $3 million – were made at Rising Star. Another $2.5 million in reductions occurred in connection with the company’s casino in Mississippi.
Hilliou said Full House Resorts remains committed to building itself “as a locals-oriented regional casino company and continue to evaluate opportunities to achieve this end in a measured and conservative manner.”