New product lifted Illinois‘ gambling grosses last month, as same-store revenues slipped 1%. The overall haul was $128 million and much of the propulsion came from The Temporary at American Place in Waukegan and its $7 million take. Hard Rock Rockford rocketed 21.5% to $6 million, while Rivers Des Plaines dipped 2% but still lapped its competitors with $45.5 million. Among the older riverboats, Grand Victoria was down 2.5% to $13.5 million, Hollywood Aurora did the same for $9 million and Hollywood Joliet actually gained 4% to $8 million. (Yes, we’re somewhat surprised.) Harrah’s Joliet nudged down a percentage point to $12 million.
Outside Chicagoland, Bally’s Quad Cities hopped 4% to $5 million while Par-A-Dice stumbled 5.5% to $5.5 million and Harrah’s Metropolis gained 2% to $6 million. DraftKings Casino Queen plunged 11% to $7 million and Argosy Belle slumped 7% to $3 million.
Across the river, Missouri casinos grossed $167 million but dipped 3% overall. The only impressive gainer was Horseshoe St. Louis (above), up 8% to $14 million. Ameristar St. Charles was flat at $26.5 million, Hollywood St. Louis slid 4.5% to $21 million and River City was down 5% to $22 million. On the west side of the state, Bally’s Kansas City flattened its upward trajectory at $11 million, Ameristar Kansas City was also flat at $18 million, Argosy Riverside fell 6% to $15 million and Harrah’s North Kansas City dove 11% to $14 million. Outlying casinos were led by Isle of Capri Boonville‘s $8 million (-2%). Century Casinos suffered reverses both in Cape Girardeau ($6 million, -9%) and Caruthersville ($4 million, -7%).
Arizona‘s February sports betting winnings have been latterly delivered and $34 million in revenue was realized from handle of $608.5 million. Much of the store—$18 million—was given away in free bets and promos. Four operators accounted for 97% of the revenue, leaving everyone else gasping for oxygen. FanDuel led DraftKings, $15 million to $11 million, and BetMGM decisively bested Caesars Sportsbook, $5 million to $1 million. Time for Barstool Sports and BetRivers and WynnBet, along with all the other also-rans, to pack it in.
First-quarter numbers from Golden Entertainment were termed “disappointing” by Deutsche Bank analyst Carlo Santarelli. He blamed renovation disruptions at The Strat, a weak concert calendar in Laughlin and “ongoing cost pressures.” The upside to the 537-room upheaval at The Strat is that Golden will have it finished in time for July 4. Still, Nevada casinos didn’t come through for GDEN, which missed Santarelli’s cash-flow target by $5 million, coming in at $62 million. Rocky Gap Resorts and sundry slot routes also were letdowns, which the Las Vegas locals sector was flat.
Santarelli concluded “while the 1Q23 was somewhat of a setback, and while our estimates have been revised lower, we continue to see stability in Nevada, a reasonable valuation, and strategic and financial flexibility, given low leverage … as reasons to remain bullish on shares here.” He pared his price target down to $48/share from $50 but maintained his “Buy” rating.
Jottings: It’s soon to be Taco Tuesday every day at the Golden Nugget Atlantic City. The casino has officially announced Dos Caminos as its next restaurant. “Perhaps they can have the tables around the old slot machines,” suggests our Boardwalk correspondent … The Press of Atlantic continues to be a thorny thicket. Local governments require a newspaper in which to publish mandatory public notices (foreclosures, tax sales, government contracts, municipal job openings, etc.). If The Press goes under—a very real prospect—Atlantic City, Atlantic County and Cape May County will be SOL. In return for only three issues a week, the price of a copy of The Press has been raised 50% (to $3), although you can buy it in Brigantine for $1.25 at Dollar Tree. Oh, and the “Sunday” comics are now published on Saturday … Caesars Entertainment has thrown in its lot with the Iowa Tribe of Oklahoma to manage a new casino strategically located betwixt Tulsa and Oklahoma City. Few details of the project are available at this time.
Saw a Billboard for Dos Caminos this past weekend on my way to the soon to be former Water Club (the renovated rooms look great with some caveats). Still do not think the MGM brand is more exclusive feeling than The Water Club which has big brand identity on the East Coast.
Anyway, back to the GN. I never thought their Italian restaurant was ever even good. Its location; however, is prime and similar to a typical casino center bar. Dos Caminos is BIG in NYC and hopefully adds some energy to the Nugget’s casino. FYI. Tillman Fertitta owns Dos Caminos too (I had no idea).