Category: Casino News

Or is it three? In the end, Chicago Mayor Lori Lightfoot (D) drew one heavyweight contender for the Windy City casino and a pair of middleweights. Two of the applicants made parlay bids, so the city could crow that it had “five” bidders for the high-tax concession. But despite Lightfoot’s stated aspiration of a Vegas-quality casino, none of the finalists has a Las Vegas return address. Obviously experiencing remorse for having sold its majority stake in Rivers Casino Des Plaines, politically connected Rush Street Gaming is back with two proposals: Rivers Chicago at McCormick and Rivers 78 Gaming. Also dibbing two sites was Bally’s Corp., while the lone heavyweight, Hard Rock International, would manage HR Chicago. None of the no-name bidders turned in paperwork, when it once looked as though they would be all Lightfoot had left.

The billion-dollar resort has yet to be sited, which will be an important factor in the selection processs. The winner also gets slot routes at the city’s two major airports. The casino will need to be a success right out of the chute, given its $160 million-$200 million annual tax liability. Two of the contenders, Rush Street and Bally, are eyeing McCormick Place, which would provide synergy with conventions and expos. Rush Street’s fallback position is a former railroad yard (blah!) in south Chicago, while Bally’s also covets the former Chicago Tribune printing plant. “It would become our flagship.” Bally’s Chairman Soo Kim said of Chi-town casino. On the other side of the coin is non-bidder Bill Hornbuckle, CEO of MGM Resorts International, who maintains, “It’s a struggle how it all adds up.”

Continue reading Chicago: Then there were five (?); LV Sands huddles with NY Mets

Stimulus cash may be petering out somewhat and international tourism has yet to open the floodgates, so September found Nevada on something of a cusp between the supercharged recovery of the summer and the hoped-for travel rebound in 4Q21. Still, Las Vegas Strip revenues were up 10% to $640.5 million and locals-driven receipts were 13% above 2019 levels. Statewide, gambling win tallied 9% higher than two years ago, hitting the wonted $1.1 billion level. As Deutsche Bank analyst Carlo Santarelli puts it, “the accounting calendar was clean in September of 2021,” meaning there was no held-over slot revenue from August. With numbers like these it’s little wonder that gaming executives are waxing optimistic for the long haul. Strip slot players lost $355 million, 16% more on 16% higher coin-in and flat hold. Baccarat wagering was down only 5% but luck wasn’t with the house, as win fell 24% despite higher-than-normal hold. Non-baccarat table games fared much better, up 20% on 12% more wagering. If it weren’t for baccarat, Strip revenues would have been 18% above 2019’s apogee.

Continue reading Baccarat cools Las Vegas a bit; Boyd sets records; Reno bans whips

September gaming revenues in Louisiana were expected to be diminished by Hurricane Ida and they certainly were, down 23% on a same-store basis. New Orleans had the worst time of it (-48%), Baton Rouge the easiest (-5%). All comparisons are to 2019 numbers. In the Crescent City, Harrah’s New Orleans had a terrible month, grossing only $8 million (-66%) and almost as low as second-place Boomtown New Orleans (just under $8 million, -22%). Fair Grounds racino barely registered with $2 million (-47%), falling behind Amelia Belle ($3 million, -25.5%), while Boyd Gaming‘s other area property, Treasure Chest, grossed $6 million, down 39%. Lake Charles casinos didn’t suffer so spectacularly but they weren’t turning cartwheels either. L’Auberge du Lac took top honors for the month, off only—and amazingly—5% with a gross of $26.5 million, comfortably ahead of Golden Nugget‘s $22.5 million (-23.5%). Dover Downs brought in $12 million, a 21% decline.

Continue reading Ida dampens Louisiana’s day; NFL tackles degenerate gambling

After grappling with the effects of gaming saturation for several months, Pennsylvania flexed its muscles in September, up 9% from 2019. The gross was $283 million. On a same-store basis (i.e., discounting the effects of new casinos), the Keystone State was 4% off the 2019 pace. Slot revenues of $199 million were 6% down but table game revenues grew 3%. Most casinos were revenue-negative for the month, some severely so. Pacesetter was Mohegan Sun at Pocono Downs, up 8% to $19 million. Parx Casino never seems to have a bad month, climbing 4% to a state-leading $51.5 million. Wind Creek Bethlehem grew 3% to $42 million. Aside from Parx, the Philadelphia market was a dog-eat-dog affair. Rivers Philadelphia (above) continues to lose market share (-19%) to Philadelphia Live but clings narrowly to second place, $19 million to $18 million. (Fears that Live would be a category killer appear overblown.) Harrah’s Philadelphia plunged 25.5% to $15 million while Valley Forge Resort Casino was down but 2% to $11 million.

Across the state, Rivers Pittsburgh was flat at $31 million and Hollywood Casino at The Meadows slipped 2.5% to $17 million, while novel Live Pittsburgh grossed $9 million, obviously generating some new business. Presque Isle Downs dipped 4% to $10 million, Mount Airy was flat at $15.5 million and Hollywood Penn National stumbled 15.5% to $16 million. Hollywood Casino York debuted with $7 million and Lady Luck Nemacolin was down 25% to $2 million.

Continue reading Pennsylvania rebounds; Mega-jottings

Intentionally or not, President Joe Biden (D) has done Florida Gov. Ron DeSantis (R) a solid. He wants the federal judiciary to dismiss litigation that would invalidate DeSantis’ controversial compact with the Seminole Tribe. As amusing as the spectacle of Biden and DeSantis in bed together is, the motive may have more to do with launching a preemptive strike in defense of what is a very shaky Department of the Interior case for tribal online sports betting. The Biden administration’s rather daffy interpretation of IGRA (or rather, supine acceptance of the Florida Legislature’s daffy translation) would extend “tribal lands” infinitely into cyberspace, at least within state boundaries. Just imagine the effect if the same logic is applied to tribal OSB in California in a year’s time.

Continue reading Biden wades into Florida swamp; New eras at Palms, Ocean