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Good news for the Boardwalk

Posted At : June 11, 2008 01:06 PM | Posted By : D McKee
Related Categories: Regulation,Pennsylvania,Atlantic City,Boyd Gaming

May 2008 was only the fourth-best May in Atlantic City’s 30-year history of casino gambling, but it was good enough to qualify as cause for celebration. The New Jersey Casino Control Commission has the full breakout, from which a few highlights may be extrapolated.

Table games were once again the Boardwalk’s savior, propelling a 1.6% year/year revenue increase. Let’s hope Pennsylvania solons don’t get it into their heads to add craps, 21 and baccarat to their ‘slot parlors.’

Slot winnings were a mixed bag, with the notable exception of Caesars Atlantic City, which either got its clock cleaned or has driven slot players away, down -10.4%. Still, even with slot win down -1.5% overall, more casinos were in the “plus” column than the “minus” one, 6-5.

Positive slot results at Tropicana and, particularly, Resorts Atlantic City was negated by unlucky table play, down -8% and 16%, respectively. While Trump Marina remains the market laggard, it had a bonny May at the tables, +22.7%, overshadowed only by Trump Taj Mahal (+31%) and Harrah’s Marina (+37.5%). Both the Atlantic City Hilton and Borgata posted double-digit gains, too.

Although six casinos posted decreased wins, exceptional months at the Taj (+11.4%) and Harrah’s (+9.8%), plus a good month at Borgata (+4.9%) were enough to drag the Boardwalk into the “plus” column overall. As far as sheer volume of win was concerned, tops was Borgata (who else?), at $64 million, trailed by Bally’s Atlantic City ($53 million). Harrah’s, Caesars and the Taj were bunched together to form a kind of “second tier.” At $35 million and $33.7 million, respectively, the Showboat and Tropicana formed the third echelon. Bringing up the rear were the Hilton, Trump Plaza, Resorts and the Margaritaville-to-be, Trump Marina.

The Press of Atlantic City has the "why" of the good numbers. It's amazing what a little sunny weather will accomplish.

Colony Capital, Resorts’ owner has finally confirmed that it did put in a formal bid for the Tropicana. That’s a relief, as a rerun of Colony’s ‘phantom’ bid for Aztar Corp. (announced, never submitted), would have given Colony a reputation for a weak trigger finger.

But if Trop tr