Mississippi casinos revenues, insurance costs up

BILOXI, Mississippi – As reported by the Biloxi Sun Herald: "The Gulf Coast casinos owned by Penn National Gaming are making more money now than they did before Hurricane Katrina, but profits are being offset by higher insurance costs, company executives told investors Thursday in an earnings conference call.

"Boomtown Biloxi had net revenue of $27 million for the third quarter of the year. Hollywood Casino Bay St. Louis, which was not operating during the full-three month-period, reported revenue of $10.7 million since its Aug. 31 opening. Casino Rouge in Baton Rouge reported $33.3 million in revenue.

"…Insurance premiums for the three properties are now costing the company more than $13 million a year. The bill for Boomtown is $3.7 million; for Hollywood Casino, $5.5 million; and for Casino Rouge, $4.2 million…"