FBR Capital: Missouri Gaming Revenue Rose 2.6% in March; St. Louis Beginning to Lap River City Compares
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Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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FBR Capital: Missouri Gaming Revenue Rose 2.6% in March; St. Louis Beginning to Lap River City Compares
FBR analyst says, "Missouri’s total gaming revenue rose 2.6% YOY to $163.4 million in March 2011, compared with +3.3% and +3.5% in February and January, respectively. Despite the sequential deceleration, the overall growth is encouraging, as the state faced a tough comp as Pinnacle Entertainment's (NYSE: PNK)(Not Rated) River City opened on March 4, 2010; gaming revenue rose 5.3% in March 2010 versus –1.7% and –6.8% in February and January, respectively. Admissions to Missouri’s casinos fell 7.3% YOY in March 2011, compared with +1.3% and +1.8% in February and January, respectively. We attribute the YOY decline in admissions to a challenging comp, as March 2010's admissions rose 11.4% YOY given River City's opening. There was no calendar impact in March 2011. Missouri's gaming revenue will face a +5.9% comp in April, which compares with March's +5.3%."
Ameristar Casinos (Nasdaq: ASCA)(Outperform), approximately 43% of EBITDA from Missouri. Consolidated gaming revenues rose 5.7% YOY to $46.4 million, compared with –2.3% and –6.3% in February and January, respectively.
Penn National Gaming’s (Nasdaq: PENN)(Outperform) Argosy Riverside, approximately 9% of EBITDA. Total gaming revenues rose 5.0% YOY to $17.7 million in March 2011, compared with –0.8% and –6.7% in February and January, respectively. The property’s gaming revenue fell 0.7% year over year in 1Q11, below our +4% for the quarter.
Pinnacle Entertainment (NYSE: PNK)(Not Rated), approximately 26% of EBITDA from Missouri. Consolidated gaming revenues increased 0.7% YOY to $32.9 million in March 2011, compared with 49.2% and 54.7% in February and January, respectively.
Isle of Capri Casinos (Nasdaq: ISLE)(Not Rated), approximately 24% of EBITDA from Missouri. Consolidated revenues rose 5.9% YOY to $18.5 million in March 2011, compared with – 0.6% and +1.5% in February and January, respectively.
Harrah’s Entertainment (private), approximately 12% of EBITDA from Iowa and Missouri. Gaming revenues from its two Missouri properties decreased 2.3% YOY to $40.6 million in March 2011, compared with –10.1% and –4.6% in February and January, respectively.
FBR analyst says, "Missouri’s total gaming revenue rose 2.6% YOY to $163.4 million in March 2011, compared with +3.3% and +3.5% in February and January, respectively. Despite the sequential deceleration, the overall growth is encouraging, as the state faced a tough comp as Pinnacle Entertainment's (NYSE: PNK)(Not Rated) River City opened on March 4, 2010; gaming revenue rose 5.3% in March 2010 versus –1.7% and –6.8% in February and January, respectively. Admissions to Missouri’s casinos fell 7.3% YOY in March 2011, compared with +1.3% and +1.8% in February and January, respectively. We attribute the YOY decline in admissions to a challenging comp, as March 2010's admissions rose 11.4% YOY given River City's opening. There was no calendar impact in March 2011. Missouri's gaming revenue will face a +5.9% comp in April, which compares with March's +5.3%."
Ameristar Casinos (Nasdaq: ASCA)(Outperform), approximately 43% of EBITDA from Missouri. Consolidated gaming revenues rose 5.7% YOY to $46.4 million, compared with –2.3% and –6.3% in February and January, respectively.
Penn National Gaming’s (Nasdaq: PENN)(Outperform) Argosy Riverside, approximately 9% of EBITDA. Total gaming revenues rose 5.0% YOY to $17.7 million in March 2011, compared with –0.8% and –6.7% in February and January, respectively. The property’s gaming revenue fell 0.7% year over year in 1Q11, below our +4% for the quarter.
Pinnacle Entertainment (NYSE: PNK)(Not Rated), approximately 26% of EBITDA from Missouri. Consolidated gaming revenues increased 0.7% YOY to $32.9 million in March 2011, compared with 49.2% and 54.7% in February and January, respectively.
Isle of Capri Casinos (Nasdaq: ISLE)(Not Rated), approximately 24% of EBITDA from Missouri. Consolidated revenues rose 5.9% YOY to $18.5 million in March 2011, compared with – 0.6% and +1.5% in February and January, respectively.
Harrah’s Entertainment (private), approximately 12% of EBITDA from Iowa and Missouri. Gaming revenues from its two Missouri properties decreased 2.3% YOY to $40.6 million in March 2011, compared with –10.1% and –4.6% in February and January, respectively.
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