MISSOURI GAMING REVS FELL IN MARCH?

We think MO revs fell slightly which is surprising considering 2 extra weekend days vs last year.

Missouri will release gaming revenues for March next week and we think they will be down slightly.  Expectations are that March should be a great month for domestic gaming given the 2 extra weekend days this year vs last.  We still believe that most of the other regional markets will post positive growth and one month from one state does not make a trend.  Moreover, the Kansas City market is grappling with the February 3rd opening of PENN's Kansas casino which is part of the KC market but doesn't show up in the Missouri numbers.

Interestingly, February's revenues in MO were up 4% despite PENN's opening.  Could high gas prices be impacting regional gaming revenues?  We'll have to wait for more data points.