What's Happening?
Hollywood Casino Joliet reported a significant increase in revenue during September, its first full month operating from a new $185 million land-based facility. The casino generated over $11.2 million in adjusted
gross receipts, ranking fourth among Illinois' 17 casinos. This marks a 48% year-over-year increase compared to its previous location on the Des Plaines River. Admissions also rose, with over 96,000 visitors, a 75% increase from the previous year. The new facility features 1,000 slots, 43 table games, a retail sportsbook, and a 10,000-square-foot event center. In contrast, Harrah’s Joliet Casino, still operating on the river, saw a $3 million revenue decline in September.
Why It's Important?
The revenue growth at Hollywood Casino Joliet highlights the potential benefits of transitioning from riverboat to land-based operations. This shift may influence other casinos in Illinois to consider similar moves, potentially reshaping the state's gaming industry. The increased revenue and admissions suggest a strong consumer interest in the new facility's offerings, which could drive further investment in casino infrastructure. However, the decline in revenue at Harrah’s Joliet Casino indicates potential challenges for riverboat casinos, which may face increased competition from land-based establishments.
What's Next?
Several new land-based casinos are in development across Illinois, including Bally’s Chicago and Full House Resorts' American Place in Waukegan. These projects are expected to open in the coming years, potentially increasing competition and altering the state's gaming landscape. As more casinos transition to land-based operations, existing riverboat casinos may need to innovate or relocate to maintain market share.
Beyond the Headlines
The shift to land-based casinos may have broader implications for local economies, including job creation and increased tourism. Additionally, the development of new facilities could lead to changes in regulatory policies and tax revenues, impacting state and local government budgets.
