Bally’s Stands Alone?

Wouldn’t it be the apex of irony if unfunded Bally’s New York were the only New York City casino project left standing when all’s said and done? It would go from iffy in the extreme to $4 billion investment magnet overnight and Chairman Soo Kim will be gloating all the way to the bank. It’s not such a fantastic scenario (although one wouldn’t have believed it two months ago) now that Metropolitan Park is embattled and Resorts World New York City is having second thoughts.

Having promised the moon to New York State, Resorts World owner Genting Group is experiencing a sudden attack of realism. It had promised $600 million in licensing fees and beyond-usurious tax rates (56% on slots and 30% on table games) in its desperation to win the brass ring. We thought it insane at the time it happened and now Genting thinks so too. By contrast, Bally’s Corp. is offering 30% and 10%, and cheapskate Hard Rock International would only pony up 25% and 10%. Genting wants legislators to either stick Bally’s and Hard Rock with higher tax rates (misery loves company, after all) or let it walk back its own extravagant promises.

We feel no sympathy with Genting, as it as no one but itself to blame for this debacle. Then again, if it doesn’t go through with its proposal, its incumbent, Class II facility in Queens is surely doomed by market forces. Genting, quite simply, drank its own bathwater. As unhinged as its tax projections were, its revenue projections were even loonier, ranging up to $4 billion a year. That’s on top of $5.5 billion in capex. Now that paying the piper is imminent, Genting is in somewhat of a panic.

Meanwhile, Metropolitan Park is bogged down in arcane litigation with the United States Tennis Association. Seems that Steve Cohen‘s epic megaresort plans would put him in violation of a 40-year lease with the nearby Billie Jean King National Tennis Center, home of the U.S. Open. Metropolitan Park would cannibalize space for vehicles that the USTA rents. Whoops. NYC Mayor Eric Adams (I) is trying to cut a deal with Cohen before Zohran Mamdani (D) takes office but Metropolitan Park’s fortunes are changing on a day-by-day basis. Which is too bad for the most lavish of the various Big Apple casino projects. We’ll keep you posted.

Making hay whilst the East Coast sun still shines, Atlantic City casinos soared 12.5% last month. The stragglers were Bally’s Atlantic City, down 1% to $11 million, and Tropicana Atlantic City, sagging 9% to $16 million. Golden Nugget improved its business 11% but remained mired in last place with $10.5 million. The other grind joint, Resorts Atlantic City, hopped 5.5% to $12.5 million. Borgata, naturally, was tops with $68.5 million, vaulting 28%. Hard Rock Atlantic City booked $42.5 million but gained only 4%, putting Ocean Casino Resort close on its heels with $39 million, leaping 20% for the Hard Rock jugular. Even two Caesars Entertainment also-rans had good months: Harrah’s Resort ($17.5 million, 11%) and Caesars Atlantic City ($16 million, 7%).

iGaming did even better than terrestrial casinos, booking a boffo, best-ever $260 million. $61 million of that went to FanDuel and $59 million to DraftKings, while BetMGM was a strong third with $55 million. Caesars Palace Online did $21 million and Hollywood Casino $4 million. In its last full month, doomed ESPN Bet brought in $2.5 million, as books realized $110.5 million in winnings on handle of $1.2 billion. Luck with was the house, as revenue catapulted 49.5% on but 9.5% larger betting. FanDuel again bested DraftKings, $40 million to $30.5 million. BetMGM made $11 million and Caesars Sportsbook took in $4 million.

Next door in the Keystone State, casinos were up for the month, albeit not as dramatically as in Atlantic City: 2%. Statewide leader for Pennsylvania was Parx, as usual, realizing $48 million on a 5% uptick. The rest of the Philadelphia market was as follows—Philadelphia Live ($21 million, flat), Rivers Philadelphia ($18 million, -6.5%), Valley Forge Resort ($11.5 million, flat) and Harrah’s Philadelphia ($11 million, 8%), where the promo genies appear to have paid a visit. Mohegan Pocono was up a point to $17 million, Presque Isle Downs was down 3% to $8.5 million and Mount Airy Resort jumped 8.5% to $17 million. Wind Creek Bethlehem clobbered all the outstate competition with $42.5 million (up 3%). In the Pittsburgh area, Rivers Casino slipped 4% to $27 million, while Hollywood Meadows fell 7% to $14.5 million and Pittsburgh Live climbed 3.5% to $9.5 million. Hollywood Penn National was up 6% to $13 million, Hollywood Morgantown vaulted 15.5% to $6.5 million, Hollywood York jumped 10% to $8.5 million and Parx Shippensburg hopped 7.5% to $3 million. Not to be overlooked, Lady Luck Nemacolin leapt 14% to $2.5 million.

iGaming did almost as well as B&M casinos, bringing home $251 million to Big Gaming. Top of the leader board went to FanDuel and its $71.5 million. Also in the running were DraftKings ($57 million), BetMGM ($39.5 million), Caesars Palace Online ($13.5 million) and Hollywood Casino ($10 million). OSB saw winnings catapult 55.5% ($87 million) on handle that was up 14% to $926 million. FanDuel ($33.5 million) and DraftKings ($27 million) made out like bandits, trailed by BetMGM ($6.5 million), Caesars Sportsbook ($2 million) and ESPN Bet ($3.5 million). If the latter was a dog that had to be shot, what does that say about Caesars’ underachieving product?

Given that traffic was disrupted around Hollywood Greektown, we’re pleasantly surprised to see that it eked out a one-point gain in October, reaching $22.5 million. Motor City was not so fortunate, sagging 4% to $30.5 million. MGM Grand Detroit remained tops with $52.5 million for a 6.5% surge. Speaking of surges, iGaming was up 26%, netting $278.5 million overall. Legacy operator BetMGM was bested by upstart FanDuel, $69 million to $76 million. DraftKings made $44.5 million, Hollywood Casino $9 million and Caesars Palace Online $19 million. Sports betting brought home $74 million on handle that was $606 million. That’s a 123.5% revenue moonshot at a time when wagering was only 8% larger. Wow. FanDuel was predominant with $30 million, trailed by DraftKings ($21.5 million), BetMGM ($10.5 million), ESPN Bet ($3.5 million) and Caesars Sportsbook ($2 million).

Finally … in memory of a misbegotten Atronic slot machine, we bring the deliriously happy news that Amazon has finally seen its way clear to reviving The Greatest Achievement of Western Civilization—the Stargate franchise. Martin Gero, who penned a number of the best episodes (and is beloved for his “Ask Martin Gero” inside peeks) has been tapped as showrunner, with Stargate TV co-creator Brad Wright in an advisory capacity. This is the best news we’ve had all year.