CINCINNATI - The Hollywood Casino in Lawrenceburg took a 25 percent revenue dip in its first month with a direct competitor in Cincinnati, according to figures posted by the Indiana Gaming Commission Tuesday.
The Hollywood property generated $28.8 million in adjusted gross revenue in March, down $9.8 million from the same period one year ago. Belterra Casino Resort and Spa in Vevay, Indiana had a $12 million March, down 6 percent from a year ago. Rising Star Casino Resort took a 23 percent dip to $6.8 million.
The numbers looked better on a month-over-month basis. Hollywood was down two percent, while Belterra and Rising Star both notched revenue gains compared to February.
Hollywood Casino declined to comment. Last month, General Manager Todd George said he was hoping the new Horseshoe property would expand Cincinnati as a gambling market, with Hollywood remaining the largest competitor.
So far, it looks like George is getting his wish. One year ago, Hollywood generated 64 percent of a $60.2 million gaming market. Now, it's holds 42 percent of a $68 million market.
The Indiana numbers were released one day after Horseshoe Casino Cincinnati reported $21 million (http://www.wcpo.com/dpp/money/business_news/horseshoe-casino-cincinnati-gets-21-million-in-first-month-revenue) in revenue in its debut month.
Horseshoe Casino Cincinnati at 1000 Broadway St. opened March 4.
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