Category: Casino News

Casino revenues were outstripped in New Jersey in March by i-gaming ones, $228.5 million to $253 million. But Atlantic City continued to be healthy, up 5.5%. Slot winnings were 1% higher on flat coin-in but table games did 7% better despite 5% less wagering. Bottom line: Players spent less, lost more. Borgata galloped 12% ahead to $61.5 million (not too shabby for a 20-year-old resort), while Hard Rock Atlantic City remained fairly static, up 2% to $40 million. Ocean Casino Resort vaulted 36% to $34.5 million. In the middle tier (i.e., Caesars Entertainment), the leader was Harrah’s Resort, nudging ahead 3% to $20.5 million. Tropicana Atlantic City wasn’t far behind at $19 million (flat) but Caesars Atlantic City slipped ignominiously to $17 million, down 7%.

Atlantic City‘s first casino, Resorts Atlantic City, celebrated the 45th anniversary of legalized gambling on the Boardwalk in rather limp fashion. Highlights included a beachball drop and an appearance by Mayor Marty Small (D). Well, we suppose he’s got to do something besides be a sock puppet for Trenton. Small was accompanied by Atlantic City’s new resident celebrity, Kelsey Grammer, who was evidently “assistant mayor” for the occasion. Is being a Small sidekick that much of an honorific? To cap the festivities, Resorts rolled out … a tribute band?!?! Yes, it’s the New York Bee Gees, adding to the perception of the Boardwalk as an also-ran destination for entertainers.

Well, it didn’t take Nevada Gaming Control Board member George Assad long to stick his foot in it. No sooner had we prophetically called him a regulatory “doofus” than news surfaced of some most-unbecoming conduct during an NGCB hearing. Specifically, he whined at length about how his MGM Resorts International stock had supposedly suffered under the regimes of Jim Murren and Bill Hornbuckle. “[Terrence] Lanni had it up from $7 all the way to $96.40 and then Mr. Murren comes in, the stock price drops into the low teens,” Assad whinged. Why the financial performance of a company’s stock became the NGCB’s ostensible purview is anybody’s guess. Steve Wynn, many years back, opined that regulators should look harder at the financial probity of transactions and companies they approve—and we agree. It would have spared us fiascos like the Caesars Entertainment LBO and the Station Casinos bankruptcy, among many others.

Caesars Entertainment CEO Tom Reeg and Senior Vice President of Corporate Finance Brian Agnew just sat down with Deutsche Bank analyst Carlo Santarelli, who came away sufficiently impressed with the Roman Empire to maintain a “Buy” rating on CZR. Santarelli found the execs “largely balanced and consistent,” their top priority being to reduce debt at the company, which definitely should be Job One. Other leading concerns are “operational prudence” and online execution. The analyst was pleased with “stable operations, underpinned by continued strength in Las Vegas,” as well as by continued traction towards profitability and growth in the Digital business.”

Ohio casino tallies jumped 10% last month, hitting $197 million. It was a decisive win for MGM Northfield Park, which outstripped the competition by grossing $25.5 million, an impressive feat for a casino with *no* table games. Jack Cleveland continues to surge, hitting $23 million (+13%) and surpassing the two Penn Entertainment casinos, so dominant for so long. Hollywood Columbus climbed 16% to reach $21.5 million and Hollywood Toledo nudged up 2.5% to gross $18.5 million. The last of the non-racino properties, Hard Rock Cincinnati, was up 6.5% to $20 million. The heat-up of Jack Cleveland didn’t hurt Jack Thistledown‘s cause, as the racino hopped 8% to $15.5 million. Scioto Downs grossed $20 million, an 11% leap, while Miami Valley Gaming delivered $20 million for co-owner Churchill Downs, a 14% vault. Belterra Park hung in there with $7 million (+2.5%), whilst Hollywood Dayton was up 8.5% to $13 million and perennial overachiever Hollywood Mahoning Valley netted $13.5 million in an 8% hop. As you’ve undoubtedly noticed, no one was revenue-negative, praise be.