News that the Rivers Casino enjoyed its best week of gross terminal revenues since it began operations is hardly worth celebrating.  The casino has not lived up to its hype and still faces a long struggle to earn the money to reach their revenue target. 

 

From February 15^th through 21^st, the casino had its second best week with $4.8 million in gross terminal revenues (GTR).  During its first full week of operation in early August, the casino earned $5.2 million in GTR.  Since opening, the casino is averaging a little more than $3.8 million in GTR.  At this pace the casino's first year will earn less than $200 million in GTR-not nearly enough to cover its costs and other obligations.  This projection will certainly fall well short of management's initial prediction of $427 million. 

 

While wagers did hit a record of nearly $61 million, beating the opening week of $60 million, how much did the casino pay in promotions to get people in the door?  They have been ramping up promotions and advertising to bring in gamblers, but that only raises costs and cuts into profits. 

 

Considering how poorly the casino has performed when compared to projections, any good news is welcome.  But they still have a long way to go to reach their hoped for revenue levels.