Gaming Revenues Fall, but There are Glimmers of Hope

Jul 23, 2008 7:17 PM

Staff & Wire Reports | While the financial news for the gaming industry has been mostly dismal of late, there have been a few high points among the downers. You just have to search for them.

A good place to start is the National Revenue Report published by Fantini Research.

Most recently, casino revenues fell throughout the United States in June but showed some signs of stabilizing, according to the report.

Gaming win in regional casino markets fell 1.38 percent to $2.225 billion, a deterioration from the year-to-date gain of 1.57 percent.

The damage was worse when new casinos are factored out. Same-store revenues fell 5.66 percent.

However, there are glimmers of hope, the report’s author, Frank Fantini, said in pointing to casino companies such as Ameristar, Pinnacle Entertainment and Isle of Capri, which grew revenues through expansions.

Other bright spots include the emerging racino markets of Pennsylvania and New York, where revenues soared 48.9 and 15.5 percent, respectively.

Nonetheless, the 32-page report details the industry’s glum status at mid-year as casinos fight a slow economy, smoking bans in major markets (Atlantic City, Colorado, Illinois), new competition (Atlantic City, Indiana, New Orleans) and flooding rivers (Iowa, Mississippi, Missouri).

See next Tuesday’s GamingToday for more information covering every aspect of the gaming industry – commercial and Indian casinos, pari-mutuel betting and racing companies, sports betting and the slot machine and technology companies that supply those industries.