The Majestic Star Casinos at Buffington Harbor stemmed their losses in February, notching the largest month-to-month percentage gains in revenue of any Northwest Indiana casinos.
The two boats at Buffington Harbor took in a total of $18.6 million in February, which was a 17 percent increase over January's total take and essentially level with revenues in February 2009.
"To a large degree Majestic Star has been off everyone's radar," said Majestic Star General Manager Larry Buck on Tuesday. "And now guests see we are waking up."
Majestic Star is pushing the "relaunch" of its grand opening in order to show off big improvements made last fall just when the Cline Avenue bridge closed, Buck said. Those improvements include a more open gaming floor, spiffed up carpeting, wall paper and ambience.
It's suspended interest payments to creditors enabled the casino to make capital improvements it may have neglected in the past, Buck said. Majestic Star Casinos declared Chapter 11 bankruptcy in November and is now tussling with its creditors in bankruptcy court.
Majestic Star also has invested in an advertising campaign with a budget "exponentially higher" than any in the recent past, Buck said. That includes an all-out effort to inform patrons Cline Avenue is open from the Borman Expressway to Majestic Star.
The largest year-over-year increase in revenue was notched by Horseshoe Casino, which took in $47.1 million, an increase of 6.8 percent from February of 2009.
Perhaps even more impressive, the Hammond casino had more than half a million visitors in the 28-day month, which included just four full weekends, according to Ed Feigenbaum, editor of Indiana Gaming Insight. That may be one of the largest crowds ever to push into an Indiana casino, Feigenbaum said.
Overall for Indiana casinos, it was not a great month, Feigenbaum said. Revenue figures were down from last February and also down from February 2008 when racino horse track numbers are discounted.
It all shows casinos are feeling the bite of the prolonged recession just like other businesses, Feigenbaum said. However, the ones like Horseshoe that have seen the most success in the past seem better able to weather the storm.
"Overall it was not a great month," Feigenbaum said. "It's another example of the rich getting richer and the poor not faring quite as well."
CASINO FEBRUARY REVENUE % CHANGE FROM 2009
Ameristar $21.8 million down 12.8 percent
Blue Chip $14.6 million down 10.8 percent
Horseshoe $47.1 million up 6.8 percent
Majestic Star I $9.7 million down 0.7 percent
Majestic Star II $8.9 million up 4.3 percent
Combined $102.2 million down 1.6 percent
