Gaming continues on upswing

Jan 16, 2007 4:27 AM

While retailers worried about consumers during the holiday season, gaming company investors found little reason to fret. Based on early reports, it appears that fourth quarter results will again be bountiful.

Following the announcement that Nevada’s November gaming revenues were an astounding 14.1% higher than in the previous year, a number of states showed that the gambling frenzy in America continued into the holidays.

Atlantic City reported that its 11 operating casinos saw their gaming revenue jump7.2% to $415 million in December, while Indiana’s riverboats recorded $225.4 million in gaming revenue, an increase of 19.1% over the previous year.

Missouri gaming regulators reported its casinos had revenues of $140 million, an increase of 7.5% and Illinois followed with a report of $111.5 million in revenues registered at its riverboats, some 8% more than in 2005.

And, Iowa saw a huge jump in its gaming revenue as its casinos and riverboats reported $113.7 million, or 26.5% more than they tallied in the comparable period.

Nevada won’t report its December figures until next month.

Although their quarterly report won’t have the same impact as a buyout announcement, Harrah’s Entertainment Inc. (HET) should make their potential buyers happy.

Running down the list of revenue reports, Harrah’s showed a 17.1% increase in Indiana; a 13% increase in Illinois; a 21.9% jump in Iowa; an 8.5% boost in Missouri, and an increase of 13.7% at its Atlantic City casinos.