Category: Casino News

Casino revenue in Ohio dipped 2% in July, reaching $203.5 million. Before anyone goes all Chicken Little on us, that’s 25% higher than gambling win in 2019. So Ohio’s is a nice problem to have. MGM Northfield Park waxed the competition, garnering $27 million and gaining 6.5%. The only other revenue-positive properties were Jack Thistledown ($16 million, +1.5%) and Hollywood Dayton ($13 million, +2%). Best of the rest was Hollywood Columbus, flat at $23 million. Jack Cleveland continues to impress with $22 million, despite a 3.5% slippage. Hard Rock Cincinnati (pictured) slid 5% but still grossed a respectable $21 million. Bunched together were Miami Valley Gaming ($20 million, -2%), Scioto Downs ($20 million, -5%) and Hollywood Toledo ($20 million, -3.5%).

Fueled by a record July at Reid International Airport, casinos on the Las Vegas Strip surged 8% in July, hitting $835 million. This was the highest single-month haul on the Strip ever, surpassing December 2022 by $20 million. Slot win ($420.5 million) was up 7.5% on an equal surge in coin-in. However, the luck of the house did not carry over to non-baccarat table games, which saw a 9% plunge in revenue, despite a heavier volume of wagering. Fortunately for the casinos, baccarat win rocketed over 40% to $56 million, even though betting was down 1%. The casinos recorded some of their best-ever hold at the game: 24%. Higher holds were also exclusively responsible for an upsurge in locals-derived revenue, up 6% despite 1% lower wagering.

What do to when there’s no news story that simply dominates the headlines? Bust out an extra-large serving of “Jottings,” of course! For instance, Resorts World Las Vegas should turn it around in the latter half of this year, even if it’s merely the beneficiary of a rising tide lifting all boats in Sin City. Following a disappointing 2Q23 profit statement, owner Genting is projected to do better on the strength of the Las Vegas Grand Prix. But so will everybody else. By the same token, Resorts World Sentosa is expected to improve as visitation to Singapore, already impressive, continues to ramp upward … “Impeccable” is what Louisiana‘s top gaming regulator calls Cordish Cos. prior to its pending licensure in the Pelican State. We agree and Diamond Jacks owner Foundation Gaming must be pretty confident, too. It’s scrapped the riverboat casino and torn down the unprepossessing hotel, anticipating approval of owner-to-be Cordish. The latter intends to spend $250 million building a land-based casino, of which the state still has too few … Speaking of Cordish, the first of its intended casino sites in North Carolina cleared rezoning last week, despite loud public opposition. As the casino-legalization debate drags on in the Lege, opponents want to take it to a vote of the people. Given that polling shows as much as 55% support, casino detractors are playing a risky gambit …

Despite only grossing $7.5 million last month, Horseshoe Lake Charles was the difference between an unadjusted, 6% decline in gambling revenue for Louisiana and a same-store, 10% declivity (lagging prosperous 2019 by 4%). Even so, the country’s most adverse casino state was led by L’Auberge du Lac ($27 million, -13%), enjoying a temporary edge on Golden Nugget ($26 million, -18%), although Horseshoe is taking a big chomp out of both their backsides. Delta Downs didn’t get through unscathed, either, down 12% to $14 million. The reinvention of Harrah’s New Orleans into a Caesars continues slowly, very slowly, with the casino raking in $17.5 million in July, a 23% plunge. Nobody else seems to have picked up significant business, given that Treasure Chest was off 14% to $7 million and Boomtown New Orleans faded 13% to $9 million. Fair Grounds racino grossed $3 million (-14.5%), Amelia Belle did the same (-12.5%), whilst Evangeline Downs actually went 4% higher to $6.5 million. It’s good to see somebody improving in the Bayou State.

Gambling revenues have been so overheated since the pandemic that some kind of market correction was overdue. The much-vaunted recession having failed to manifest itself, the gloom-and-doom crowd on Wall Street must content itself with small retreats in casino winnings. Case in point, Atlantic City. The Boardwalk was down 3% last month to $290 million—but still comfortably 5% higher than it was in July 2019, a halcyon period. The month was highlighted by a rare reversal of fortune for Ocean Casino Resort (pictured), down 6.5% to $38 million.

Overall, casinos were carried by usual suspects like Borgata ($78.5 million, up 2.5%) and Hard Rock Atlantic City ($53 million, flat) and an unusual one: Bally’s Atlantic City, up 2% to $17 million. The doghouse was occupied by Golden Nugget, down 3.5% to $14 million, though not for lacking of trying by Resorts Atlantic City, plunging 16% to $15 million. That leaves the Caesars Entertainment threesome, wherein Caesars Atlantic City ceded a percentage point to reach $25 million, just a hairsbreadth behind Harrah’s Resort ($25 million, -4.5%), while Tropicana Atlantic City tumbled 13.5%, landing at $24 million. Incidentally, Caesars has long since eliminated the volatility at its eponymous casino, whose revenues used to be as elastic as a Slinky.