The Queen of Baton Rouge Reports a Robust Start, with Gaming Income Almost Doubling
The Queen of Baton Rouge had an amazing first month in operation after shifting from a riverboat to a land-based casino. In September 2023, it nearly doubled its gaming wins compared to the same month in 2022.
The Queen, which boasts a 100,000-sq-ft casino with 700 slot machines, 18 table games, and a DraftKings Sportsbook, opened on August 24. According to data from Louisiana Gaming Control Board (LGCB), it won around $7.3 million from its customers, a staggering 85% surge from the $3.9 million it made a year ago.
Acquired by Illinois-based CQ Holding Company for $28.2 million in 2021, The Queen had previously been owned by Penn Entertainment. CQ spent an additional $85 million to transfer the gaming floor onshore and revamp the dining options, now featuring 1717, an American restaurant; 3 Woks Noodle Bar; and Shaq's Big Chicken.
Despite The Queen's success, Baton Rouge's other two casinos faced a big decrease in revenue. L’Auberge Casino Hotel earned only $12.5 million (a 5% fall compared to September 2022), and Belle of Baton Rouge experienced a 21% drop to $890,800.
CQ also plans to move Belle of Baton Rouge, its other casino downtown, from the water to the property's atrium. This $100 million project needs state approval. The hotel's 250 rooms will also undergo renovation, and construction work begins later this month, with completion projected for fall 2024.
CQ also operates DraftKings at Casino Queen in East St. Louis, IL, and Casino Queen Marquette in Iowa.
In 2018, Louisiana lawmakers agreed to let casinos operate on land instead of just water. This allows for state-regulated casinos to request moving their gaming operations to land, as long as they're within 1,200 feet of their original riverboat.
The state's 12 other riverboats saw their revenues decline year-on-year. Golden Nugget, L’Auberge, and Horseshoe in Lake Charles combined for $62.2 million, a drop of 4.4%, while Shreveport/Bossier's five boats won $41.2 million, a 0.6% decrease.
The three New Orleans riverboats saw 3% less revenue than last September, with $18.9 million compared to $19.3 million. Harrah’s New Orleans, a land-based casino, faced a sharper drop with casino wins falling by almost 10% to $20.7 million.
Cordish Companies, however, received licensing approval to transform the shuttered Diamond Jacks property into a new land-based casino. The Cordish investment of $270 million will return the Shreveport/Bossier market to a six-casino market.
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Source: www.casino.org
