Although the majority of market analysts confirmed that the Illinois gambling industry has been going through a difficult period, the latest report, issued by the Commission on Government Forecasting and Accountability, claims the Illinois gambling industry is to regain its former glory in very short terms.
According to released numbers, the revenues generated from riverboat casinos were down 2.1% YOY. Horse racing revenues also saw a decrease, but the wagers placed on all gambling platforms went up 8%.
Eric Noggle, an analyst at COGFA, commented on the inconsistent financial performance of Illinois-based venues. He said that the main reason for the unstable revenue was the video gambling expansion and confirmed that the 8% revenue increase should be largely attributed to it.
He went on to say that the enhanced number of gambling options in downstate Illinois have also contributed to the gambling revenue increase. Yet, he expressed his fears that the areas around Chicago might become oversaturated with gambling options. In conclusion, Mr. Noggle said that the revenue generated through video gambling and horse racing accounts for 3.8% of the total state revenue.
Although Illinois has a long way to go to become as popular gambling destination as Nevada or New Jersey, market analysts say it is getting closer.
The released numbers show that the riverboats and video gambling terminals would generate an annual revenue of $2.3 billion. That amount is considerably larger than the revenue of the surrounding states Ohio and Iowa that also pretend to be appealing gambling destinations. Illinois is also catching up to Pennsylvania and New Jersey, but yet, it is far away from the record $11 billion in wagers generated in Nevada.
Two weeks ago, the financial performance of Illinois casinos for the month of July was released. Rivers Casino remains the top performer with $38 million generated in July. As for H1 of the year, the total revenue Rivers generated went well over a quarter billion dollars.
Joliet-Harrahs Casino revenue reached $16 million in July and the venue became the second best-performing one. The $14.9 million generated at Elgin-Grand Victoria Casino made it the third most profitable venue for the reported month. It was followed by Joliet Hollywood, Aurora Hollywood and East St. Louis-Casino Queen Casino that generated $11.1 million, $10.8 million and $9.4 million, respectively.
