Change in gambling laws appears to be a plus for Illinois casino

Sunday, March 12, 2000 | 10:07 a.m.

The change last summer eliminated the requirement that Illinois riverboats cruise. With the boats remaining at the docks, gamblers are able to come and go as they please - as they do on Iowa boats.

A Quad-City Times analysis of financial reports between July, the first full month of dockside gambling in Illinois, and the end of February 2000 shows the Casino Rock Island's share of the area's gambling revenue grew from 8.2 percent to 12.1 percent.

The Quad City riverboat market includes the Illinois riverboat along with The President Riverboat Casino in Davenport and the Lady Luck Casino Bettendorf.

Their combined revenue has jumped 9 percent since the dockside move, meaning the boats took in $9.6 million more since July 1 than they did for the same period a year ago.

The President controls 38.4 percent of the market, down from the 42 percent share of the market it held during the first eight months of the 1999 fiscal year.

Lady Luck had 49.3 percent of the market's gross revenues in the first eight months of fiscal 2000, up slightly from the same period a year ago.

While the Rock Island casino remains a distant third in the market, the rise in its market share is a turnaround from flat or declining revenues from 1996 to 1999.

"We're excited. We're in a position where we can offer something to the public and they're responding," said Bill Renk, the vice president of sales and marketing for the Casino Rock Island.

In terms of passengers, the Casino Rock Island and the Lady Luck saw increases of 4.9 percent and 8.1 percent, respectively, during the past eight months. The President saw a decline of 2.7 percent.

About 2.8 million people went through the turnstiles at the three casinos during the eight-month period.

President Casinos Inc. recently said it is interested in selling The President, even though it continues to be its top performing property.

An official with the corporation, based in St. Louis, said a possible sale is one of several options being considered to raise money. President Casinos is burdened with a heavy debt load and is seeking to raise money as it faces two large debt repayments this year.