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The brand new Hollywood casino facility in Lawrenceburg produced $44.5 million in revenue during its first full month in business, a twenty percent improvement over its predecessor’s gaming performance during the same time one year ago. The July gaming performance brings to $247 million the total revenue produced by Hollywood parent company Penn National Gaming Incorporated, which invested a total of $326 million to improve its Lawrenceburg operation.
Penn National told investors in late July 2009 that the Lawrenceburg gaming facility would show double digit profit growth. But they also said that it would take 3 to 4 quarters to get the establishment fully operational.
The president and Chief Operating Officer of Wyomissing, Pa.-based gaming organization, Timothy Wilmott said on August 10th, 2009 that what they are seeing in Lawrenceburg is a lot of new customers coming into play but a lot of the growth is coming from different segments.
The July figures, which were released by the Indiana Gaming Commission, show Penn National’s revenue has reached $247 million through July. That is down by nine percent for the year. Other casino facilities in Southeast Indiana saw revenue declines of 9% in July. The Belterra casino facility reported adjusted gross earnings of $13.4 million, down by 9.1% from last July; the Grand Victoria casino is down by 9.8% to $9.9 million.
Penn National took an $11.7 million impairment expense in the 2nd quarter for issues associated with shutting down the old casino and opening a new gaming facility. Wilmott told gaming investors it took longer and cost more than they expected to move the casino equipment from one boat to another. The cost against earnings was one of the factors in Penn National’s 23% net income drop for the quarter.
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CryptoLogic Limited, a longtime leader in casino software and games, is partnering with gambling giant 888.Com again to bring five exciting new titles to eager online gamblers. Their last collaboration in 2008 resulted in 888′s acquisition of award-winning titles like Spider-Man and Fantastic Four (both from the Marvel Superheroes series) and the popular puzzle-based game Bejeweled.
With 280 wildly successful games to date plus four consecutive Gambling Online Magazine Top Casino Software wins CryptoLogic is an obvious favorite among their loyal players and their professional peers. For their part, 888 Holdings represent some of the most popular online gambling destinations in existence (Pacific Poker, 888.com, 888Ladies, and Casino-on-Net just to name a few). 888 Holdings CEO Gigi Levy credits their success to, “…a comprehensive selection and a powerful, trustworthy entertainment experience.” All traits that could likewise be applied to CryptoLogic.
In a statement similar to Levy’s, CryptoLogic President Brian Hadfield recognized the two companies’ obvious parallels and specifically their “mutual commitment to a superior player experience.” A commitment that will only be furthered by this collaboration.
CryptoLogic’s 2008 agreement with 888 promised 13 titles over the course of three years. The three existing titles plus the five newly announced games suggest that five more games will likely be released late in 2010. While titles or theme details for the new games have not yet been announced, curious online casino patrons can expect to see the new additions at all of the 888 sites before April of next year.