• Navigate This Market Turbulence: All Hedgeye Research → 3 Months 66% Off

    Preserve. Protect. Grow. Former hedge fund manager and CEO Keith McCullough has successfully navigated the Dot Com Bust, Great Financial Crisis and Crash of 2020. Get 66% off the smartest investing insights money can buy.

Missouri November gaming revenues climbed 9.2% in total and down only 2.2% on a same store sales basis. The 9% increase improved from October’s 3.7% gain and September’s 0.3% decline. November is a seasonally slower month than October yet revenues increased 5% sequentially. I attribute the improved performance to the removal of the $500 loss limit which was implemented in time for the second weekend of the month.

While most properties improved sequentially, PENN’s Argosy Kansas City property performed particularly well in the month, up 7.5%. PNK’s Lumiere Place posted gaming revenues of $14.4 million, its 2nd best month behind May, which is a seasonally stronger month.

November did contain an extra Saturday and Sunday versus last year, but was down a Friday. Even so, it looks like the loss limit removal is boosting revenues. I expect the favorable impact to increase with a full month of limitless gambling and increased marketing.

Revenue growth improving due to loss limit removal
Strong November at Lumiere Place despite seasonally slow month