Casino news from http://www.zwire.com/
10/23/2006
After the first month of operation, Riverside Casino and Golf Resort officials report revenues are at the level they should be and they don't foresee a downturn in the future.
After receiving 125,000 people and making more than $7.6 million in its first month, the casino is meeting its goals for revenue. Last Wednesday, CEO Dan Kehl presented a check for $291,380 to the Washington County Riverboat Commission, the county's share of the profits. Kehl commented this amount was slightly over the amount projected for the commission to receive.
"Business is good," Kehl said. "We have our ups and downs. We have slow periods, but it is getting stronger and stronger as we go. Things seem to be going smoothly. We have 915 employees working for us. It is quite an undertaking and we are really happy with the way things are going."
General manager Joe Massa agrees. After managing the opening of five casinos he commented that the opening of the Riverside Casino was the smoothest of the lot. The casino opened Aug. 31, exactly two years after county voters approved the gambling referendum by a narrow margin.
"We are meeting our projections," he commented. "We will never be satisfied, but right now we are satisfied with how we have been doing."
Since the opening, Massa says over 300 people attend the resort daily. That he is aware of, the casino has had guests from 37 states. He commented that projecting a head count is "more of an art than a science," and said because there are multiple entrances that the numbers may be slightly off.
Kehl commented that the resort has fallen slightly short of the 133,000 head projection per month of people visiting the casino, but said that is not a problem.
"Our projections are right on," Kehl said. "Our head count per person is a little off, but we are not too concerned about that. It is the revenue that pays the rent."
He commented that once the golf course opens, he believes business will take another upswing.
Massa expects the golf course to be open before August, 2007. He said construction has been slowed by a wet fall leaving the ground soft and difficult to work with.
Since its opening, the Iowa Racing and Gaming Commission ranks the Riverside Casino third among 13 casinos in the state for gross revenue.
Kehl reports business is continuing to grow, saying there are many corporate events that are being booked into the resort that were formerly booked into other areas such as Chicago. The resort is working to increase the number of room occupants by advertising out of state. Kehl is optimistic that the growth of numbers at the casino still has a long way to go before topping out.
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