Pinnacle Entertainment, based in Las Vegas, has just opened its casino doors for a $365 million resort in Lake Charles, La. This change has brought the state’s casino revenues to an 11.4 % increase. These figures were announced Tuesday by Louisiana authorities show.
The casino, L’Auberge du Lac, which opened in late May, had a $20.4 million gaming revenue for June. This increase occurred in its first full month of operation. Louisiana’s state casino gaming revenue, in June, reached $196.1 million.
The second quarter, which has some results from May, generated $29.4 million in gaming revenue. This surpassed the estimate figure from the company heads. Deutsche Bank gaming analyst Marc Falcone believes that it takes time, and money spent before percentages rise. This occurred for a new casino within the first month of its run. Of course, it can be said that their slot machine games were certainly the highest earners out of all of the casino games that they offer, as is almost always the case when there is a variety of options on offer – players just love to gravitate towards the slots!
L’Auberge du Lac, is a 227-acre site, with 750 hotel rooms, a 30,000-square-foot floating casino, restaurants and an 18-hole golf course. The new casino was expected to bring in people from Houston, which is only two hours away. The earnings gave Pinnacle more than 36% of the Lake Charles gaming market. That means that they are overtaking Boyd Gaming’s Delta Downs racetrack and riverboats by Isle of Capri and Harrah’s Companies. Both which were harmed by L’ Auberge de Lac’s revenue increases. Coushatta Native American casino is also down by 20-30% from last month, due to the change.
Pinnacle also helped drive up casino revenues in New Orleans, where Boomtown had a 14.3% a year to year increase in gaming revenue to $10.1 million. Shares also rose 28 cents, or 1.33 %, Tuesday, closing at $21.39 on the New York Stock Exchange. Things look good for L’Auberge de Lac’s revenue, but things look bad for other Louisiana casinos.