• Las Vegas-based Pinnacle Entertainment's Lumiere Place saw October revenue of $17.9 million, up 41 percent from $12.7 million in October 2008.As you can see, the only two places where profits decreased are on the Illinois side of the river, a nice bit of fodder for those seeking to keep the casino exemption in the recently passed city/county smoking ban.
• Pinnacle's President Casino saw revenue in October of $1.9 million, down 9 percent from $2 million last October.
• Ameristar Casino in St. Charles saw its revenue increase 7 percent last month to $23.8 million, compared with revenue of $22.3 million in October 2008.
• Harrah's Casino in Maryland Heights reported revenue of $25.4 million last month, up 9 percent from $23.2 million in October 2008.
• Argosy Alton reported revenue of $6.7 million in October, down 8 percent from $7.3 million in October 2008.
• Casino Queen in East St. Louis reported October revenue of $11.8 million, down 3 percent from $12.2 million last October.
The report draws concerned residents' attention to "market saturation" in the Philadelphia area and beyond. Both Chester City in Delaware County and Bensalem Township in Bucks County are home to casinos that will likely continue to draw many gamblers from the suburbs and the outskirts of the city. That may not leave sufficient gamblers to provide revenues to Philadelphia's new facilities.If that's not enough, this headline from March sums up the situation nicely "Casinos Shocked as People With No Money Stopped Gambling."
Casinos in other areas of the state have experienced their own problems with market saturation. The state expected Rivers Casino in Pittsburgh, for instance, to take in $265 per day per slots machine, although the establishment is now taking in an average of about half that much.
"The writing is on the wall for these casinos," Jethro Heiko, a founding member of Casino-Free Philadelphia, said in a statement. "The market and the economy are working against casinos all over the country, but here in Philadelphia casinos face an even bigger competitive disadvantage. Here they will face protests, de-propagandizing and consistent opposition from the people of Philadelphia."
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