The Ohio River, U.S. 50 road work, and Indiana's legislature are having an effect on revenues at the riverboat in Rising Sun.
File photo
(Rising Sun, Ind.) - Flooding on the Ohio River impacted the bottom line on revenues for Rising Star Casino Resort owner Full House Resorts.
The Las Vegas-based company announced its 2019 first quarter results to stockholders on Monday, showing that company-wide net revenues in the quarter increase 6.8 percent from the prior year’s first quarter to $40.5 million.
According to the stockholder update, however, Rising Star Casino’s net revenues declined 3.2 percent to $10.9 million for the first quarter of 2019.
The update included insights on the company’s Rising Sun riverboat. Some gains at other Full House Resorts properties were offset by disruptions at Rising Star Casino sauces by flooding of the Ohio River and road construction creating long traffic delays on U.S. 50 this spring.
“Rising Star had a decline in revenues, but our new ferry boat is helping to offset the traffic disruptions from the repaving of Highway 50, the principal route to the property,” said Full House Resorts CEO Dan Lee.
Although it was closed for 18 days in February due to the flooded Ohio River, the MS Lucky Lady ferry boat carried 5,934 vehicles across the river in January through March. It transported another 6,037 in April. The company did not say how many of those vehicles were gamblers heading to the casino – the ferry boat is open to the public regardless whether they are bound for Rising Star.
Lee also commented on the expected impacts of legalized sports betting and casino gaming legislation from the 2019 Indiana legislative session. The session’s wide-ranging gaming legislation, House Enrolled Act 1015, remains unsigned by Indiana Governor Eric Holcomb, but could become law even without his signature on Wednesday, May 8.
“Expected legislative changes in Indiana, including the introduction of sports betting in the near term and a reduction in the tax rate on Rising Star's casino revenues effective in mid-2021, should benefit the property over the long-term,” Lee said.
HEA 1015 does allow for Indiana Gaming Commission administration of a bidding process to determine the holder of a license for a potential new casino in Terre Haute. In testifying at a number of statehouse bill hearings, executives for Full House Resorts expressed the company's interest in competing for the opportunity. Vigo County voters must first approve of casino gaming at the ballot box in November 2019 or May 2020.
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