St. Louis Casinos Dip 6% To $80.6m In October

St. Louis Casinos Dip 6% To $80.6m In OctoberThe Illinois Gaming Board and Missouri Gaming Commission has released its gambling results for the St. Louis-area’s six casinos, revealing a 6% fall in revenue to $80.6 million in October, compared to $86.3 million for same month in 2012.
In total, just Pinnacle Entertainment’s River City saw a 10% increase in revenue at $16.8 million, with all the other casinos reporting declining growth. Leading the list of decliners was Penn National Gaming’s Argosy Alton down 15.6% to $4.9 million; followed by Penn National Gaming’s Hollywood Casino down 12% to $17.2 million. Also recording falling revenues in October was Casino Queen down 10.9% to $9.4 million; Pinnacle’s Lumiere Place down 8% to $12.2 million; and Ameristar in St. Charles down 7% to $20.2 million.
St. Louis-area’s latest casino results now means the independent city’s gambling market has falling every month this year except for January, as St. Louis contends with an ailing US economy. As Steve Gallaway, principal of Gaming Market Advisors, noted recently:
“..almost every market shows year-over-year declines. It’s a broken record, but it’s the economy. People just don’t have the disposable income.”
Nevertheless, October did see some gambling markets across the US buck the trend and report positive revenue figures, including Atlantic City which reported a 3.6% increase in revenue to $216.9 million. However, AC’s October revenue growth was largely attributable to Hurricane Sandy which last year forced many Atlantic City’s casinos to shut shop for several days. Overall, though, for the first 10 months of this year AC casinos are currently down by has 8.3% to $2.4 billion.
On the other hand, there are signs that the state of Nevada is enjoying an uptick in its gaming revenues, which in October was up by
7.4% to $958.8 million. All the same, the one time gambling capital of the world has fallen dramatically behind the Chinese gambling resort of Macau in recent year, which in October saw its casino revenues soar by a massive 32% to an all-time record $4.57 billion.

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