Pinnacle profits in first quarter
“Although the portfolio of properties bears incrementally fewer headwinds from competition and regulatory changes, the potential impact of the economy is real.”
Las Vegas-based Pinnacle Entertainment bucked a gaming industry trend, reporting first-quarter increases in revenues and earnings on Wednesday because of its newly opened casino in St. via Las Vegas Review Journal
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Since: Feb 08
#1 May 12, 2008
St. Louis Business Journal - May 12, 2008
Monday, May 12, 2008 - 12:02 PM CDT
Admissions, revenue down at most St. Louis area casinos in April
St. Louis Business Journal - by Matt Allen
Of the six casinos in the St. Louis area, five suffered a decrease in admissions in April and only Ameristar Casino-St. Charles posted an increase in revenue, according to figures from the Missouri Gaming Commission and Illinois Gaming Board.
Revenue remained relatively flat at Ameristar, but did slightly increase to more than $25.0 million during April compared to $24.9 million in April 2007. The casino had a one percent decrease in admissions from 743,243 in April 2007 to 739,088 this April.
The Casino Queen in East St. Louis was the only casino in the St. Louis area to post an increase in admissions. The casino reported 186,142 admissions in April, up 17 percent from last April's 159,041 admissions. The Casino Queen was also the only casino in Illinois to post a year-over-year increase in admissions. However, the casino's revenue did fall more than 5 percent to $13.5 million, compared to $14.2 million in April 2007.
Admissions at Pinnacle Entertainment's Lumiere Place, which opened Dec. 19, fell more than 8 percent from March to 510,304 in April. Revenue in April was $13.1 million, a 6.9 percent drop-off from March's revenue of $14.0 million.
President Casino's admissions and revenue took a significant hit in April partially due to the casino temporarily closing for several days earlier in the month due to rising flood waters on the Mississippi River. Admissions fell 42 percent from last April's 219,853 to last month's 126,662. Revenue for the month was $2.6 million, down 51 percent from revenue of $5.2 million in April 2007.
Admissions for Harrah's St. Louis Casino and Hotel in Maryland Heights fell 19 percent last month to 626,463 from 769,918 in April 2007. The casino's April revenue declined 16 percent to $23.0 million from $27.2 million in the same month last year.
The Alton Belle Casino in Alton, Ill., reported a 27 percent drop in revenue to $8.0 million last month from $10.9 million April 2007. Admissions fell almost 17 percent from 121,726 to 101,099.
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