Overall casino market down in July - Friday 12th of August 2005

The local casino market reported an almost 5 percent drop in revenues in July as compared to last year, even though July 2004 had one less Sunday.

The five riverboats were down almost $4 million, according to a report at Tuesdays meeting of the Louisiana Gaming Control Board. The slots casino at Harrahs Louisiana Downs reined in the losses by earning $200,000 more over the year.

Horseshoe Casino, also owned by Harrahs, was the only other local to report a gain.

The greatest loss in the local market was at Hollywood, which was down more than $2.3 million. The casino, which will soon be rebranded as Eldorado-Shreveport, has attributed major losses in recent months to new slot machines its installing.

Across the state, revenues from the 15 riverboats were up 8.4 percent, largely due to the opening of LAuberge du Lac casino in Lake Charles. Neighboring casinos in that market are taking a hit to make up for it, reporting revenue losses of 17.8 percent by Grand Palais, 22.5 percent by the Isle of Capri and 12.5 percent by Harrahs Pride and a small gain of 2.8 percent by Harrahs Star.

Shreveport-Bossier City is still the largest gaming market in the state. The six local properties reported 35 percent of all gaming revenues from 15 riverboat casinos, one land-based casino and slots at three racetracks. A year ago, that number was nearing 40 percent.

The Lake Charles market in July 2004 was 21.5 percent of the whole; in July it was almost 28 percent.

The gaming control board on Tuesday also approved a sale of the Argosy casino in Baton Rouge to Penn National Gaming. The transfer is part of a deal to acquire Argosy; once thats complete, Penn National plans to sell the Baton Rouge property.

Other news from around the same time

New credit-card regulations are latest development - Friday 12th of August 2005

Casino operators and slot manufacturers are struggling to manage mounting waves of private, federal ....


Money gets washed on HK cruises - Friday 12th of August 2005

The attempted laundering of HK$180 million via a casino cruise ship highlights a loophole in Hong Ko....


Worlds largest online poker tournament gains popularity - Friday 12th of August 2005

One of the worlds largest poker tournaments will start next month, pitting players from around the w....


POKIES LOSSES REACH $800m - Friday 12th of August 2005

YEARLY gambling losses on poker machines in South Australia have topped $800 million for the first t....


Fawu workers on strike at Emperor’s Palace - Friday 12th of August 2005

ABOUT 900 Food and Allied Workers Union members were on strike at Johannesburg’s Emperor’s Palac....


Gambling on football must be stopped - Friday 12th of August 2005

The English football season has begun, and with it comes the gambling season for over a million Thai....


Gaming Service to lower gambling age - Friday 12th of August 2005

The Danish Gaming Service is considering introducing banning access to betting shops for children un....


Gambling addict saw R3.9m as a loan - Friday 12th of August 2005

A gambler who admitted stealing R3.9-million from her banker employer to satisfy her addiction has m....


Riu Purchases Aruba Grand Beach Resort & Casino - Friday 12th of August 2005

Riu Hotels & Resorts, announced the purchase of the Aruba Grand Beach Resort & Casino. Riu Hotels & ....


Casino plan called a scam - Friday 12th of August 2005

The state Department of Corporations has filed suit against a Los Angeles businessman, claiming he c....