Category: Casino News

Spinning as hard as they can, opinion makers in Las Vegas have been trying to paint the Las Vegas Grand Prix as a roaring success. Well, if they can cherry-pick anecdotal information to make their point, we can respond with some numbers. For instance, Caesars Entertainment had predicted a 5% boost in its annual cash flow from Formula One Weekend. But, according to Truist Securities analyst (and F1 booster) Barry Jonas, that’s not the case. He informed investors today that Caesars “consequently fell a little shy of its expected +5% or +$25M incremental Y/Y EBITDA lift.” It suffered from the fact that “properties away from the track and less high-end did not fully benefit.” Quelle suprise. We coulda told Tom Reeg that was gonna happen. Jonas predicted, without explaining, that future iterations of F1-in-Vegas would “have wider appeal.” We’d love to know how. And does “wider” include the put-upon Las Vegas community?

Continue reading F1 = flop; Adelson exposed; Shame on FanDuel

Casino receipts in the state of Maryland slipped somewhat last month, tallying $158 million. That’s 3.5% down from 2022, but 12% better than 2019. Poor table win (-9%) drove the bulk of the decline. The weakest performance was that of Horseshoe Baltimore, which plunged 10.5% to $14.5 million, its second-feeblest turnout in two years. No surprise, MGM National Harbor led all comers with $66.5 million, despite a 7% dropoff. The other revenue-losing casino was Rocky Gap Resort, down 6.5% to $4.5 million. Hollywood Perryville was flat at just under $7 million, while Ocean Downs gained 7% to reach $7 million and Maryland Live was up 1.5% to $57 million, a titanic number in almost any state that doesn’t have National Harbor in it.

Continue reading Maryland cools; Florida’s novel argument

All too predictably, lawmakers in New Jersey slunk away from their previous commitment to close the smoking loophole that solely benefits Atlantic City casinos. State Sen. Joseph Vitale (D) claimed to be one vote short of advancing the bill out of committee. Colleague Fred Madden (D) took the coward’s way out, saying he was open to a bullshit “compromise” advanced by the Casino Association of New Jersey, no friend of the working stiff. The CANJ alternative would amend the bill currently before solons to allow an 18-month continuation of wide-open smoking. During that period of sanctioned secondhand smoke, operators would have the option of enhancing their HVAC systems (an ineffecutal remedy) and creating enclosed smoking areas—with games and sponsored by tobacco companies. Hack casino executive and CANJ boss Mark Giannantonio‘s group claims—not very credibly—that no employee would be compelled to work in a smoking area. And if everyone refuses? What then? Those questions went begging.

Continue reading Profile in cowardice; Mega-Jottings

Our man on the Boardwalk stayed at Borgata last weekend and reports that the property is fully decorated for Christmas, juxtaposing Santa and slots. Golden Nugget is still getting started (way to go, guys) while Bally’s Atlantic City had “some small stuff” on view. That’s the holiday spirit. Not. Speaking of the last-place Nugget, it is requiring players to accumulate 200 tier credits before obtaining a December $25 gift card, which is a big outlay for players. Bally’s, by contrast, “will be offering $125 gift cards eight times, $150 one time, and $175 one time.” That’s mighty George of them.

Continue reading Christmas on the Boardwalk

Casinos in the great state of Massachusetts grossed $97 million in October, a flat trajectory from last year but a whopping 23.5% higher than 2019. Encore Boston Harbor led with $62.5 million (flat). MGM Springfield slipped 6% to $21.5 million, led by an 11% slide at the tables. Plainridge Park continued its upward trend, gaining 3% to $13 million. High hold enable sports books to bring in $59.5 million on handle of $556 million. Homeboy DraftKings took home 58% of the revenue, with FanDuel settling for 27%. BetMGM was way back at 7%, followed by Caesars Sportsbook (2%) and two other operators apparently too negligible to mention.

Continue reading Massachusetts flattens; Who’s “irresponsible”?