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Hollywood Casino Sees Big Dip in Revenue During First Month in Maryland Heights

According to the most recent revenue figures from the Missouri Gaming Commission, Hollywood Casino saw a 16.2 percent drop in revenue in November 2012 when compared to the same month last year, when Harrah's still owned the casino.

 

Hollywood Casino's first month in Maryland Heights wasn't too kind. 

According to the most recent revenue figures from the Missouri Gaming Commission, Hollywood Casino saw a 16.2 percent drop in revenue in November 2012 when compared to the same month last year, when Harrah's still owned the casino.

Part of that could be attributed to Hollywood's shut down of its casino floor while crews revamped the space to rebrand it as Hollywood Casion. 

According to the St. Louis Post-Dispatch, other St. Louis-area casinos showed only slight revenue changes last month from a year earlier, with the exception being Ameristar in St. Charles—right across the river from Maryland Heights—where winnings rose 5.3 percent, to $22.7 million.

Hollywood Casino's drop in revenue—it got $17.6 million in November—was by far the worst among St. Louis-area casinos. Only Lumière Place in downtown St. Louis reported a year-over-year drop in revenue with a 1.7 percent dip when compared to November 2011.

Harrah's Casino, in its final month of operation in Maryland Heights, saw a 10 percent dip in revenue in October, to $19.6 million compared with October 2011. 

In May, Harrah's was sold to Penn National Gaming, Inc. for $610 million.

That deal closed Nov. 2, which turned the Maryland Heights casino into Hollywood Casino.  

Penn National owns other casino locations that include the Argosy Alton casino, Hollywood Casinos in Joliet, ILBaton Rouge, LA; and The M Resort Spa Casino in Las Vegas.

Penn National is pumping $61 million into the rebranding over the next six to nine months, which will include new slot machines and themes, and a new Boogie Nights nightclub in the previous Voodoo Lounge space.

Tony Carlucci, general manager of Hollywood Casino, had hoped for better revenue figures. In late October, he said the Blanchette Bridge closure and the allure of a new casino in town could have worked in favor of the casino.

Harrah's has traditionally played second fiddle to St. Charles' Ameristar, although it remains a major player in the St. Louis-casino scene.

 

 

 

Related Topics: Casino, Harrah's, Maryland Heights, and hollywood casino

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