A Good Month for the Kansas City Riverboat Casinos

On March 11th, 2008, the four riverboat casino facilities in Kansas City were able to recover the losses that they have experienced in the month of February. Monthly casino profits-the upside of the player’s losses-were at $61.7 million for the sixth-most productive month ever. It was the first time since the month of August 2007 that market profits breached the $60 million marked.

The weather had also been a big factor. Tony Stremming, an official at the Ameristar Kansas City Casino and Hotel and the president of the Missouri Gaming Association commented that the weather allowed a lot of people and play the games that they like. Ameristar led the charge with $2.1 million in total profits, for a 34.2% share of the market.

Harrah’s Entertainment North Kansas City Casino and Hotel finished in 2nd place with $17.1 million. Argosy Casino Hotel and Spa achieved $16 million which marked a milestone in the Casino Hotel’s history. Even problematic Isle of Capri Casino experience a good growth for the month. Profits statewide improved by seven percent on February 2007, to $141.5 million. But that $10 million growth in statewide profit can be traced back to the debut of Lumiere Place in St. Louis.

Some of the profits also came from smokers who are fleeing the casinos in Illinois since the implementation of the smoking ban last January 1st, 2008. Lumiere Place which is owned and managed by Pinnacle Entertainment, earned $12.1 million last month while its three main competitors suffered losses. The President Casino lost 37.5% of its profits. Harrah’s lost 7.5% of its profits and the Ameristar Casino lost about 3%.