Casino revenues aren’t quite what they used to, at least not recently. It was inevitable. The casino business has been so supercharged for so long after Covid-19 that some customer pullback was bound to happen eventually. After all, the first law of economics is that what goes up must come down, sometime.
Let’s start in Illinois, which has stayed aloft largely by dint of reckless expansion, more casinos creating the illusion of more revenue. In April, revenue of $137 million was 7% above last year at this time … but 5% lower on a same-store basis and 8% below pre-Covid levels. No year/year comparison is possible for Bally’s Casino in Chicago but it slipped a bit from March, making $10.5 million last month. Despite being in the heart of the Windy City, it was but fourth in the state, incrementally behind Harrah’s Joliet ($10.5 million-plus, -13.5%), not to mention Grand Victoria ($12.5 million, -9%) and reigning champ Rivers Des Plaines ($42 million, -7%). At least Bally’s bested The Temporary at American Place ($9.5 million, +39%), despite Full House Resorts‘ assertions to the contrary.
Rounding out Chicagoland were Hollywood Joliet ($8 million, -8%), Hollywood Aurora ($8 million, -11%) and Hard Rock Rockford ($6 million, flat). Kudos to Penn Entertainment for recognizing that its two riverboats had reached the end of their utility. As the grosses show, they’re no longer very competitive. Downstate, the most pain was felt at Par-A-Dice ($5 million, -12%), with lesser aches being nursed by Harrah’s Metropolis ($5.5 million, -8.5%), Bally’s Quad Cities ($5 million, -9%) and DraftKings Casino Queen ($6.5 million, -3.5%). Alton Belle was the most stable ($2.5 million), while newbie Walker’s Bluff ($2.5 million) appears to be ramping faster than Golden Nugget Danville ($3 million).
Expansion also masked a 7% declivity in Indiana, which was (on the surface) only off 1%. Compared to 2019, the Hoosier State was up 13% to $203 million. Terre Haute Casino debuted impressively for Churchill Downs with $12.5 million. Otherwise, only revamped Harrah’s Hoosier Park was up, hopping 2% to $17 million. Statewide leader Hard Rock Northern Indiana was flat with $39.5 million, besting immediate rivals Horseshoe Hammond ($22 million, -14%), Ameristar East Chicago ($15 million, -13%) and Blue Chip ($10.5 million, -11%). Two downstate casinos were flat: Rising Star ($3.5 million) and French Lick Resort ($6.5 million). No else was so fortunate. Varying degrees of subsidence were felt at Belterra Resort ($7 million, -11%), Bally’s Evansville ($14 million, -6%), Hollywood Lawrenceburg ($12 million, -10%), Caesars Southern Indiana ($19.5 million, -10%) and even Horseshoe Indianapolis ($24 million, -10%).
Sports betting revenues, by contrast, leapt 26% to $37 million, on handle of $394 million (+23%). FanDuel was out front with $16 million. Then came DraftKings ($13 million), BetMGM ($3.5 million), Caesars Sportsbook ($1 million) and ESPN Bet ($1 million). Bet365 made $1.5 million, Fanatics did $1 million and BetRivers got lost in the shuffle.
Casino winnings slumped 7% last month in Missouri, although they were still 12% above pre-pandemic levels, at $156 million. Only one casino in the state was revenue-positive: Century Casino Cape Girardeau did $6 million for a 5.5% gain. (Its sister property in Caruthersville made $4 million, down 1.5%.) Statewide leader was Ameristar St. Charles with $24 million (-9.5%), trailed in the St. Louis area by River City ($21 million, -4%), Hollywood St. Louis ($20 million, -7%) and Horseshoe St. Louis ($12 million, -11%). Kansas City was dominated by Ameristar Kansas City ($16 million, -8.5%), closely rivaled by Argosy Riverside ($14 million, -6%), Harrah’s North Kansas City ($13 million, -9%) and Bally’s Kansas City ($11 million, flat).
Online sports betting continued to be a hit in Maryland, where revenue shot up 44% (to $50 million) and handle 52% ($475 million). Promotional deductions were a relatively modest $11 million. ESPN Bet grew its share of handle month by month by month, but not its revenue base. Its gross didn’t even reach a million bucks. Doing much better were FanDuel ($31 million), DraftKings ($12 million) and BetMGM ($3.5 million). Caesars Sportsbook was a dog, as was BetRivers, both of them handily outperformed by Fanatics ($1 million).
Jottings: Never at a loss for superlatives for itself, Venelazzo has proclaimed that it is going to get “the largest and most expensive hotel renovation in history.” $1.5 billion, minimum, will be lavished on a thorough makeover that will include all 4,000 suites and even the beautiful logo featuring the lion of Venice. Is that a change being mistaken for progress. Even the sports book will get a reinvention. New restaurants will be part of the transformation but owner Apollo Management is keeping many of the details to itself … Leapfrogging New York City‘s glacial casino-selection process, Ocean Casino Resort will be running helicopter flights from the Big Apple to Atlantic City, beginning May 25. What’s the point of having a helipad if you don’t use it? … Driftwood Capital is adding a casino to Hotel Rumbao in Puerto Rico. Don’t get carried away: It’s only a $12 million project … Bally’s Corp. Chairman Soo Kim says he is “open to” a joint-venture partner to help replace the Tropicana Las Vegas, in his clearest sign of desperation yet. “Open to” is Bally’s fancyspeak for “We’re flat broke! Rescue us!” … Dave & Buster’s is getting into the casino business, planning to initiate gambling at its arcades. Sheesh! Play would start at 18 years of age, which would flatly contravene many states’ 21-and-older policy. We can’t wait until this shit hits the fan.