Sluggish economy hurts riverboat numbers
| 18 April 2003 |
The perpetually weak economy is starting to make itself known even at the Catfish Bend Casino.
At the quarterly Southeast Iowa Regional Riverboat Commission meeting Tuesday, Catfish CEO Joe Massa told the board that attendance was down by 15 percent in the first quarter of the year, but that revenue only decreased by one percent.
"February has been weak for us and for everybody," Massa said, but offered some positive news as well. "March was the third or fourth best month for us ever."
Massa credits the upswing in attendance to improved weather and to the quick progress made in the war in Iraq.
Massa also said that the boat will move back to Fort Madison on Monday, April 21 at 6:30 a.m., and will be open for business by 11 a.m. the same day.
"We will have free food from 12 p.m. until 8 p.m.," Massa said, "as well as live music and cash drawings throughout the day. This was very successful when we did the same thing in Burlington last fall."
But when the riverboat returns, there will be no more free rides. Massa said that the boat will start charging $10 for adults that want to be on the boat when it makes it's daily cruise. The price will include a continental breakfast.
Despite the promotions and changes in business practices, Massa said that he is still worried about the possible cost of Homeland Security measures. He noted that there are new regulations for increased security for all gambling boats or businesses on the river, and he worries about the possible increased costs of securing the ports where the boat stays.
"We could face costs of building fences around the ports," Massa said. "That could cost almost $4.5 million between here and Burlington. I think there is some overreaction."
Massa did not say that the increased security measures would be required immediately.
In other news, the Fort Madison SIRRC is still receiving checks from the boat and already has three grant applications for the next application cycle.
"We have three applications for the spring of 2003," Larry Smith, president of both the Lee County and Fort Madison SIRRC Corporations said. "We will make a decision on the grants at our July meeting."
At the quarterly Southeast Iowa Regional Riverboat Commission meeting Tuesday, Catfish CEO Joe Massa told the board that attendance was down by 15 percent in the first quarter of the year, but that revenue only decreased by one percent.
"February has been weak for us and for everybody," Massa said, but offered some positive news as well. "March was the third or fourth best month for us ever."
Massa credits the upswing in attendance to improved weather and to the quick progress made in the war in Iraq.
Massa also said that the boat will move back to Fort Madison on Monday, April 21 at 6:30 a.m., and will be open for business by 11 a.m. the same day.
"We will have free food from 12 p.m. until 8 p.m.," Massa said, "as well as live music and cash drawings throughout the day. This was very successful when we did the same thing in Burlington last fall."
But when the riverboat returns, there will be no more free rides. Massa said that the boat will start charging $10 for adults that want to be on the boat when it makes it's daily cruise. The price will include a continental breakfast.
Despite the promotions and changes in business practices, Massa said that he is still worried about the possible cost of Homeland Security measures. He noted that there are new regulations for increased security for all gambling boats or businesses on the river, and he worries about the possible increased costs of securing the ports where the boat stays.
"We could face costs of building fences around the ports," Massa said. "That could cost almost $4.5 million between here and Burlington. I think there is some overreaction."
Massa did not say that the increased security measures would be required immediately.
In other news, the Fort Madison SIRRC is still receiving checks from the boat and already has three grant applications for the next application cycle.
"We have three applications for the spring of 2003," Larry Smith, president of both the Lee County and Fort Madison SIRRC Corporations said. "We will make a decision on the grants at our July meeting."
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