Hard Rock Sioux City revenue sees slide reversal
Hard Rock Hotel & Casino Sioux City had a slight uptick in revenue in its most recent fiscal year, which ended June 30. According to the company’s filing with the Iowa Racing and Gaming Commission, revenue increased by 5%, reaching $80.9 million over the 12-month period, up a little more than $2 million it reported for the previous period when it took in right at $77 million.
The revenue reflects the casino’s second-best performance since it opened its doors in 2014. For the fiscal year ending June 30, 2016, Hard Rock reported its best revenue of $83 million, a surge that was due to an increase of activity from construction workers involved in the CF Industries fertilizer project at nearby Port Neal.
Iowa has a total of 19 state-regulated casinos. In the previous fiscal calendar, only nine of them have reported positive gains. Combined gross revenue for all of the casinos increased slightly over the period, coming in at $1.464 billion for a slight bump of 0.7%.
Jim Franke, who took over as the general manager of Hard Rock Sioux City this past March, said that the revenue improvement came from an increase in attendance and more entertainment options being introduced at the casino. He said, "We must continue to improve the business and drive business downtown."
The complex cost $130 million to build four years ago. Following its first year of operations, it recorded revenue of just over $70 million, well short of the $90 million that had initially been predicted.