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FleaStiff
FleaStiff
Joined: Oct 19, 2009
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March 2nd, 2018 at 7:05:13 AM permalink
The Reno-based Eldorado announced Wednesday Churchill Downs has agreed to acquire Presque Isle Downs & Casinos in Erie, Pennsylvania and Lady Luck Casino Vicksburg Mississippi for a total of $229.5 million.

USNews and World Report
LuckyPhow
LuckyPhow
Joined: May 19, 2016
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March 2nd, 2018 at 12:00:43 PM permalink
Wow! Lady Luck Casino for $50 million seems to me like a pretty good deal. Like, almost too good, don'cher know?

Flea, do you know whether the Lady Luck Casino was performing poorly, thereby depressing the property's value?

All three Vicksburg casinos seem to be about the same in most respects. Hotels with 60+ rooms, 25,000 sq. ft. casino, and 2+ restaurants. Lady Luck also has the only overnight parking area for RVs.

As you probably know, MS Gaming doesn't report data for individual casinos. One yardstick I use involves the buffet. Full, busy, full-service casino properties usually serve breakfast, lunch, and dinner every day. As fewer gamblers patronize a casino, some casinos adjust the buffet. Most frequent is to see casinos discontinue the breakfast buffet (except for a possible Sunday Brunch sometimes). In Vicksburg, none of the three casinos serves a breakfast buffet. According to the 2018 ACG, Lady Luck's two competitors only serve lunch on the weekend. So, according to my buffet-based business barometer, Lady Luck looks like it is holding its own in a competitive environment, but (IMO) it seems to be selling at a mighty low price.

Also, I haven't visited Vicksburg recently, so I have no first-hand information to share.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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March 2nd, 2018 at 1:40:59 PM permalink
Quote: LuckyPhow

Flea, do you know whether. . .

Flea don't never know nuttin'.

>>>>>>One yardstick I use involves the buffet.
Very sensible. Reminds me of the economist who used the length of the lines at the local track's betting windows.

Sometimes casinos have a local draw but often its a drive to get there and so a breakfast buffet is not well attended.

I've found from time to time an unusual yardstick. Those publicity shots about winners. If every time you look at the website its the same stale list that at least means they don't pay attention to their web site and just might mean they don't have any recent major winners whereas if all the darned time its new faces, new amounts, etc. you can be sure they are drawing crowds. Also the events calendar on their site, a long list of varied events means they have a substantial customer base.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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March 2nd, 2018 at 1:49:53 PM permalink
Eldorodo is terrible ownership, great news for the patrons. Hopefully they'll sell mountaineer too, but nobody wants a casino on life support.
In the land of the blind, the man with one eye is the care taker. Hold my beer.

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