{"id":278595,"date":"2023-06-21T16:34:35","date_gmt":"2023-06-21T21:34:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=278595"},"modified":"2023-06-22T09:56:51","modified_gmt":"2023-06-22T14:56:51","slug":"illinois-casino-market-evolving-ready-for-more-supply","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/","title":{"rendered":"Illinois Casino Outlook Steady as New Supply Comes to Market"},"content":{"rendered":"

Outside of Nevada, Illinois is one of the largest land-based casino markets in the US — heft that\u2019s increasing with new venues coming online. A sell-side analyst sees vibrancy in the state\u2019s gaming industry.<\/p>\n

\"Illinois
The Illinois casino market is evolving. An analyst believes that’s positive for operators.(Image: OZinOH\/Flickr.com)<\/figcaption><\/figure>\n

That\u2019s relevant at a time when Danville, Rockford, and Waukegan are homes to new casino hotels, and as the debut of a temporary casino, a prelude to a permanent venue, nears in Chicago<\/a>. Truist Securities gaming analyst Barry Jonas recently returned from visits to a broad swath of Illinois gaming properties, noting management teams are constructive on patrons\u2019 spending patterns against the backdrop of a challenging macroeconomic<\/a> outlook.<\/p>\n

Property management teams noted the Great Recession was driven by excesses beyond players\u2019 means (e.g., customers using equity from their overvalued homes). Trends today are more normal and steady, generally within players\u2019 means,\u201d noted the analyst.<\/p><\/blockquote>\n

On a year-over-year basis, Illinois gross gaming revenue (GGR) jumped 6.5% in the first three months of this year, but is trending lower in the current quarter, as lower-tier bettors scale back discretionary spending.<\/p>\n

Illinois Casino Market Bracing<\/h2>\n

When accounting for venues that are either temporary or under construction, there are 16 casinos in Illinois.<\/p>\n

\n

Some of the temporary and newer venues come courtesy of tribal operators Hard Rock International (Rockford) and Wind Creek (East Hazel Crest), as well as Full House Resorts (NASDAQ: FLL). That company, The Temporary, is already off to a stellar start, and will eventually give way to the American Place, which is expected to be one of the operator\u2019s biggest revenue drivers.<\/p>\n<\/div>\n

By number of venues, Penn Entertainment (NASDAQ: PENN)<\/a> is the largest operator in Illinois, with four casinos. The largest regional casino company is moving riverboat casinos in Aurora and Joliet ashore to what Jonas described as \u201cmaterially improved locations.\u201d<\/p>\n

Among publicly-traded gaming companies, Caesars Entertainment (NASDAQ: CZR) is the next largest in Illinois with two properties, which Bally\u2019s (NYSE: BALY) will tie with the debut of Chicago\u2019s first gaming venue in 2026.<\/p>\n

Speaking of Bally\u2019s Chicago \u2026<\/h2>\n

It\u2019s possible that Rhode Island-based Bally\u2019s could have its temporary Chicago casino in the River North open sooner than anticipated. Truist\u2019s Jonas called it \u201cthe nicest temporary we\u2019ve ever seen.\u201d<\/p>\n

The analyst added that the venue could exceed the operator\u2019s forecasts of $50 million in yearly cash flow, which could prove pertinent as Bally\u2019s looks for ways to finance the $1.7 billion permanent property.<\/strong><\/p>\n

The company \u201cis exploring solutions to fund the project, which will likely include commitment of its own capital, some third-party aid, proceeds from a unique minority-equity plan, and possible real estate monetization elsewhere in the portfolio,\u201d added Jonas. \u201cGiven a turbulent few years \u2026 management understands the importance of execution on what should turn out to be the flagship property in the company portfolio.\u201d<\/p>\n

Previously, Bally\u2019s has engaged in sale-leaseback transactions<\/a>, indicating it\u2019s not shy about monetizing its real estate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Outside of Nevada, Illinois is one of the largest land-based casino markets in the US — heft that\u2019s increasing with new venues coming online. A sell-side analyst sees vibrancy in the state\u2019s gaming industry. That\u2019s relevant at a time when Danville, Rockford, and Waukegan are homes to new casino hotels, and as the debut of […]<\/p>\n","protected":false},"author":46,"featured_media":182186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,86430,86438],"tags":[81897,81903,86455,86457],"acf":[],"yoast_head":"\nIllinois Casino Market Evolving, Ready For More Supply<\/title>\n<meta name=\"description\" content=\"Illinois casino market is growing, but an analyst says competition could be positive.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Illinois Casino Market Evolving, Ready For More Supply\" \/>\n<meta property=\"og:description\" content=\"Illinois casino market is growing, but an analyst says competition could be positive.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T21:34:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-22T14:56:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/Illinois.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/\",\"url\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/\",\"name\":\"Illinois Casino Market Evolving, Ready For More Supply\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/Illinois.jpg\",\"datePublished\":\"2023-06-21T21:34:35+00:00\",\"dateModified\":\"2023-06-22T14:56:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Illinois casino market is growing, but an analyst says competition could be positive.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/illinois-casino-market-evolving-ready-for-more-supply\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/Illinois.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/Illinois.jpg\",\"width\":1200,\"height\":801,\"caption\":\"A welcome to Illinois sign. 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