Casino revenues in Atlantic City plunged 29% last month. “Results for the month reflect the negative impact of higher new COVID-19 cases in recent weeks, capacity limits and restrictions on F&B offerings, similar to other regional markets,” writes JP Morgan analyst Joseph Greff. The gross was $147 million, with slot revenues plummeting 34.5% and tables down 17%. As we’ll get to momentarily, there was some compensatory news on the cyber front, with i-gaming revenues shooting 102% higher than last year and sports betting skyrocketing 126%. As PlayUSA analyst Dustin Gouker put it, “The pandemic has had a diametrically opposite effect on New Jersey’s online and retail markets for both sports betting and casino games. But the growth of online betting was crucial in making up for at least some of the losses in revenue at Atlantic City casinos and certainly continue to steady the entire gaming industry.” But on to the brick-and-mortar stuff …
Borgata fell 28% $39.5 million as slots were down 31% and tables 28%. The Caesars Entertainment trio collapsed 41% on 46% less slot win, and tables were down 23%. Bally Corp. had a rough first month at its new, eponymous casino, spiraling 45% downward to $7 million. Caesars Atlantic City slipped 23% to $14 million, Harrah’s Resort was a calamitous -53% for $12 million and Tropicana Atlantic City dove 42% to $13.5 million. Only Hard Rock Atlantic City was revenue-positive, up 2% to $26 million. Ocean Resort stumbled 9% to $19 million, Resorts Atlantic City plummeted 42% to $7 million and Golden Nugget slid 43% to $8 million.
Covid 19 positive from AC: We avoided family gatherings at the Holidays, and instead went to AC on the 25th & the 27th. We both got sick, we both tested positive, both of us had only minor systems. Lucky in AC?, or Mother Nature’s way of saying “stay the f*** away from this dirtball hellhole.
All our thoughts are with you and your family, Mike. Get well soon.
Best to you and your family Mike, very glad to hear you only had minor symptoms… Reminds me of an Orthopedic Surgeon I went to, I asked him if the surgery he proposed was “minor surgery”, he said there is no such thing as minor surgery if it’s on me…
Ameristar St. Charles has the nicest indoor/outdoor pool of any casino I’ve ever enjoyed. They keep kit open all year and it helps them generate traffic at odd times.