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Posted At : October 13, 2008 10:08 AM | Posted By : D McKee
Related Categories:
Donald Trump,Harrah's,Atlantic City
When I referred to Bally's Atlantic City as being among the city's "elite" casinos, I should have made it clearer that I was simply referring to where it stood in terms of casino win, not quality. As a reader points out:
"Can Bally's really be considered Elite? I mean, they're now closing Wild Wild West on grave shift, and the whole joint usually seems dead. They draw a lot of the same riff-raff crowd that patronizes Trump Plaza. I'd have to think long and hard about Bally's being in the lowest category, with Resorts and Hilton ... I hear regularly that Harrah's is looking to unload it, but I doubt that will come to fruition anytime soon. I'm surprised to see that their revenue is so high."
At least that indirectly confirms my theory about Harrah's Entertainment wanting to lower its risk profile in Atlantic City, where it represents the plurality of the market. Also, Bally's is one of the brands that Harrah's has indicated it would like to discontinue. Several years back, in one of those momentary spasms that pass for "strategy" at One Harrah's Place, the company publicly floated the idea of rebranding Bally's Las Vegas as a Horsehoe property, although that went over like a lead balloon.
As for Resorts and the Hilton, JP Morgan just did a massive number-crunch on Atlantic City and the metrics were pretty cruel to those two. They had the worst and second-worst slot-revenue declines in September, the Hilton had the second worst table-game revenue decline, and both were well below their fair share of revenue for the month. They had the lowest and second-lowest win per table per day for September, and the lowest and third-lowest win per slot per day. Maybe the duo can continue to trundle along as bottom-feeder joints but it's not a ringing endorsement of owner Colony Capital's sporadic efforts to buy the Atlantic City Tropicana and add it to this underperforming stable.
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