Tag: Casino

Profits Keep Falling at Mountaineer Casino Amid Competition

Profits at Mountaineer Casino, Racetrack & Resort have plummeted to less than half their 2014 levels.

Reno, Nevada-based Eldorado Resorts Inc., which owns the New Cumberland casino, announced their quarterly earnings Thursday. 

The company says Mountaineer’s adjusted earnings from July 1 through Sept. 30 were $4 million. Adjusted earnings for the same quarter in 2015 were $6.4 million last year and $9.1 million in 2014.

The Intelligencer and Wheeling News-Register reports West Virginia casinos have watched profits slide as new facilities opened in Pennsylvania and Ohio over the past decade, especially the Rivers Casino in downtown Pittsburgh and The Meadows Racetrack and Casino near Washington, Pennsylvania.

Company officials said the county’s July 2015 indoor smoking ban has also hurt business.

Mountaineer remains Hancock County’s largest employer.

Casinos Chipping Away at West Virginia Lottery Revenues

West Virginia Lottery revenues are declining, primarily from competition from casinos in neighboring states.

The Charleston Gazette-Mail reports that the Lottery Commission’s acting director, John Myers, said Friday revenues are shrinking at a steady rate of about 4 percent.

For November, the Lottery had gross revenue of more than $87 million, down approximately $2.7 million from November 2014.

Video slots at the state’s four racetrack casinos also fell, as did Limited Video Lottery and scratch ticket sales. The revenue decline ranged from 2.5 percent to 6 percent.

Charles Town Casino to Add 1,200-Seat Concert Hall

West Virginia’s largest casino has announced plans to add a 1,200-seat concert venue as it seeks to fend off increased competition from casinos in Maryland.

Hollywood Casino at Charles Town Races said Monday that it will begin construction this month on the venue, which will be located on the casino floor and feature a box office and VIP area. Hollywood hopes to open the venue by the end of September. A name for the venue has not yet been selected.
 
Hollywood draws heavily from the D.C. market, but has faced tough competition the last few years from Maryland casinos, especially the Maryland Live! casino at Arundel Mills, which has a 500-seat concert venue on its casino floor.
 

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