SIOUX CITY, Iowa — The Hard Rock Hotel & Casino Sioux City's revenue in its first 11 months has fallen short of projections, but still outpaced its predecessor's all-time annual high of $61 million.
The Hard Rock took in $70 million in gambling revenue in its first 11 months through June 30, the end of the casino's fiscal year, the Sioux City Journal reported (http://bit.ly/1Ifvxl4 ) Saturday. Original projections estimated $90.5 million in the first year of operations, and the first full year's revenue looks to come in lower than that.
But the 11-month total already exceeds the all-time annual high of $61 million set in 2012 by the Argosy riverboat casino, which closed last year when the downtown Hard Rock opened.
Hard Rock's top month for the year was $7.165 million, collected during its opening month last August.
Hard Rock General Manager Todd Moyer said he anticipates an upward trajectory as the casino continues to draw visitors.
"When we're young, we just want to make a good first impression, and we only have one shot to do that," he said. "So for us, it's about creating a great experience, and the revenue and profit will come with that."
The casino must pay 4.25 percent of its adjusted gross gambling revenues for charitable and civic endeavors.
Projections showed approximately $3.8 million going to the Missouri River Historical Development, the nonprofit group that jointly holds the casino license with Hard Rock, in the first year. As of June 30, the nonprofit organization had received slightly less than $3 million. Mark Monson, president of the development, said he is nevertheless happy with the revenue numbers of the casino so far.
"I believe that's a good number and a good start," he said. "It's doing just fine."
Information from: Sioux City Journal, http://www.siouxcityjournal.com