Penn National Gaming announced on Tuesday that they had plans to discontinue one of the state's 6 casinos, after officials established that revenue streams hadn't quite been hitting the benchmark for the last few months, and showing no signs of improvement since it was acquired by Penn National in March 2017.
The release of the report follows the board's announcement of a public hearing to gather evidence, including public comment, on the renewal of the Category 2 Slot Machine Operator's license for Stadium Casino, LLC which is constructing the Live! The company leases the two casinos from Gaming and Leisure Properties, Inc., the real estate investment trust that spun off from Penn National itself in November 2013. The company also operates Hollywood Casino Tunica, which is next door to Resorts. For quite some time, the county was the only casino gambling hub within hundreds of miles.
This is not the first closure in Tunica this year; Caesars Entertainment closed the Tunica Roadhouse Casino in January.
The official went on to say that they did their best to keep the property afloat, "increased competition from recent gaming expansion in Arkansas continues to drive the property's business volumes lower" and they were only "left with the hard decision to close the business". Arkansas voters earlier this month approved a referendum allowing four full-fledged casinos, including one at Southland Gaming & Racing in nearby West Memphis. "While we did everything in our control to keep the property profitable over the last two years, increased competition from recent gaming expansion in Arkansas continues to drive the property's business volumes lower".
Tax revenue from table games totaled $13.3 million with an average of 1,279 table games in daily operation, according to the PGCB.