FBR Capital on Real Estate/Gaming: Indiana's Gaming Revenue Fell Slightly in June, but Improvement Over May
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Rating Summary:
23 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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FBR Capital on Real Estate/Gaming: Indiana's Gaming Revenue Fell 0.2% in June, an Improvement over May's -5.4%
FBR analyst said, "Indiana’s total gaming revenue fell 0.2% year over year to $221.3 million in June 2011, compared with –5.4% and +0.4% in May and April, respectively. Despite June's monthly gaming revenue still falling below 2010's levels, the sequential improvement is encouraging, in our view. Total casino admissions decreased 6.4% year over year in June, compared with May's and April's year-over-year growth rates of –11.0% and –4.4%, respectively. Win per admissions rose 6.0% year over year in June, compared with year-over-year growth rates of +5.1% and +3.3% in May and April, respectively. There was no calendar effect in June 2011. Indiana’s gaming revenue rose 1.0% in June 2010, which compares with –1.0% in May 2010. Indiana will be up against a +1.1% comp in July."
Penn National Gaming’s (Nasdaq: PENN)(Outperform) Hollywood Lawrenceburg, approximately 20% of company EBITDA. Total gaming revenues fell 1.0% year over year to $35.2 million in June 2011, compared with –7.2% and +6.6% in May and April, respectively. Quarter to date, the property’s revenue has fallen 0.7% year over year, worse than the +2.0% revenue growth we have modeled for 2Q11. Notably, Hollywood’s share of total statewide revenue fell slightly year over year to 15.9% in June 2011 from 16.1% last year, and its fair share fell 160 bps year over year to 108.6%. The property’s win/position/day fell 0.5% year over year ($293 in June 2011 from $295 in June 2010). Lawrenceburg’s total admissions fell 6.1% year over year in June 2011, while its win per admission rose 5.5% to $119."
"Boyd Gaming Corporation's (NYSE: BYD)(Market Perform) Blue Chip, approximately 7% of company EBITDA. Total gaming revenue fell 3.0% year over year to $13.9 million in June 2011, which compares with –5.1% and –1.7% in May and April, respectively. Quarter to date, the property’s revenue has fallen 3.3%, below our +2.0% revenue projection for 2Q11. Blue Chip’s share of total statewide revenue fell 20 bps year over year to 6.3%, and its fair share declined 310 bps to 75.9%. The property’s win/position/day fell 3.0% year over year ($205 in June 2011 from $211 in June 2010). Blue Chip’s total admissions decreased 4.3% in June 2011, while its win per admission rose 1.3% year over year to $69."
Ameristar Casinos’ (Nasdaq: ASCA)(Outperform) East Chicago, approximately 8% of company EBITDA. Revenues rose 2.5% year over year to $19.9 million in June 2011, which compares with –7.0% and +14.7% in May and April, respectively. Quarter to date, the property’s revenue is up 3.0% year over year, in line with our +3.0% estimate for 2Q11. Notably, ASCA East Chicago’s market share rose 24 bps year over year to 9.0% in June 2011, and its fair share encouragingly rose 408 bps to 112.6%. Overall win/position/day rose 4.8% year over year ($304 in June 2011 from $290 in June 2010). Total admissions fell 7.2% in June 2011, while win per admission rose 10.4% year over year to $89."
"Pinnacle Entertainment’s (NYSE: PNK)(Not Rated) Belterra, approximately 13% of company EBITDA. Total gaming revenue rose 0.1% year over year to $11.5 million in June 2011, compared with –13.9% and +13.7% in May and April, respectively. Belterra’s market share was flat year over year at 5.2%, while its fair share rose 30 bps to 79.0%. The property’s win/position/day rose 1.3% year over year ($214 in June 2011 from $211 in June 2010). Total admissions fell 1.7% in June 2011, while win per admission rose 1.8% year over year to $84."
FBR analyst said, "Indiana’s total gaming revenue fell 0.2% year over year to $221.3 million in June 2011, compared with –5.4% and +0.4% in May and April, respectively. Despite June's monthly gaming revenue still falling below 2010's levels, the sequential improvement is encouraging, in our view. Total casino admissions decreased 6.4% year over year in June, compared with May's and April's year-over-year growth rates of –11.0% and –4.4%, respectively. Win per admissions rose 6.0% year over year in June, compared with year-over-year growth rates of +5.1% and +3.3% in May and April, respectively. There was no calendar effect in June 2011. Indiana’s gaming revenue rose 1.0% in June 2010, which compares with –1.0% in May 2010. Indiana will be up against a +1.1% comp in July."
Penn National Gaming’s (Nasdaq: PENN)(Outperform) Hollywood Lawrenceburg, approximately 20% of company EBITDA. Total gaming revenues fell 1.0% year over year to $35.2 million in June 2011, compared with –7.2% and +6.6% in May and April, respectively. Quarter to date, the property’s revenue has fallen 0.7% year over year, worse than the +2.0% revenue growth we have modeled for 2Q11. Notably, Hollywood’s share of total statewide revenue fell slightly year over year to 15.9% in June 2011 from 16.1% last year, and its fair share fell 160 bps year over year to 108.6%. The property’s win/position/day fell 0.5% year over year ($293 in June 2011 from $295 in June 2010). Lawrenceburg’s total admissions fell 6.1% year over year in June 2011, while its win per admission rose 5.5% to $119."
"Boyd Gaming Corporation's (NYSE: BYD)(Market Perform) Blue Chip, approximately 7% of company EBITDA. Total gaming revenue fell 3.0% year over year to $13.9 million in June 2011, which compares with –5.1% and –1.7% in May and April, respectively. Quarter to date, the property’s revenue has fallen 3.3%, below our +2.0% revenue projection for 2Q11. Blue Chip’s share of total statewide revenue fell 20 bps year over year to 6.3%, and its fair share declined 310 bps to 75.9%. The property’s win/position/day fell 3.0% year over year ($205 in June 2011 from $211 in June 2010). Blue Chip’s total admissions decreased 4.3% in June 2011, while its win per admission rose 1.3% year over year to $69."
Ameristar Casinos’ (Nasdaq: ASCA)(Outperform) East Chicago, approximately 8% of company EBITDA. Revenues rose 2.5% year over year to $19.9 million in June 2011, which compares with –7.0% and +14.7% in May and April, respectively. Quarter to date, the property’s revenue is up 3.0% year over year, in line with our +3.0% estimate for 2Q11. Notably, ASCA East Chicago’s market share rose 24 bps year over year to 9.0% in June 2011, and its fair share encouragingly rose 408 bps to 112.6%. Overall win/position/day rose 4.8% year over year ($304 in June 2011 from $290 in June 2010). Total admissions fell 7.2% in June 2011, while win per admission rose 10.4% year over year to $89."
"Pinnacle Entertainment’s (NYSE: PNK)(Not Rated) Belterra, approximately 13% of company EBITDA. Total gaming revenue rose 0.1% year over year to $11.5 million in June 2011, compared with –13.9% and +13.7% in May and April, respectively. Belterra’s market share was flat year over year at 5.2%, while its fair share rose 30 bps to 79.0%. The property’s win/position/day rose 1.3% year over year ($214 in June 2011 from $211 in June 2010). Total admissions fell 1.7% in June 2011, while win per admission rose 1.8% year over year to $84."
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