Boyd Gaming Revenue Low Due To Casino Expansion
A good thing is happening for state budgets around the country. Politicians everyday are legalizing casino gambling in their states. Money is being generated to help such causes as debt reduction and school funding.
Not everyone is going to be happy about the expansion, however. Casinos that have already existed in states that have legalized casino gambling some time ago are being hurt financially. The more casinos that are built, the more the revenue money is going to be spread.
Boyd Gaming is experiencing some of that revenue pain in their Indiana casino, Blue Chip. The November numbers indicate that there has been a thirty two percent decrease from the same month last year. In addition to that drop off, the November revenue of $15.61 million is down from $17.68 million from October.
On August 1st, the Four Winds Casino opened its doors for business. The casino is located in New Buffalo, Michigan, just fifteen miles from Blue Chip. Clearly, the new casino is hurting business.
The number of visitors shows a staggering decrease from one year to the next. In November last year, the casino had 266,262 visitors. This year in the same month, only 184,516 came through the doors.
The low revenue numbers are also costing people their jobs. Blue Chip has experienced a six percent layoff in November, amounting to between sixty to seventy people.
