Bad economy? Not if you’re Boyd Gaming. The regional giant significantly improved third-quarter income, from $843 million in 3Q21 to $877 million this year. Said CEO Keith Smith, “Continuing into October, customer spending has been very consistent with the trends we’ve seen throughout this year. While there are clearly headwinds in the economy, we haven’t seen any meaningful change in our customers’ behavior.” Rated play was up 5%, compensating for a faling-off of unrated, stimulus-driven spending. Hotel revenue was also up 5% and occupancies up 6%, those rooms being filled with what Smith characterized as high-value guests (10% higher gaming win). Food and beverage was a revenue geyser, jumping 11% and nowhere was business better than in Sin City’s Downtown, where earnings leapt 17.5% to $49.5 million, driven by the reopening of Main Street Station and by the return of business from Hawaii, a Boyd mainstay.

In their rush to book a Formula One racing event, Las Vegas city fathers have intentionally or otherwise conducted a 20,000-person human sacrifice in the form of a forfeited convention. Congratulations, Sin City, you’ve just lost the 2023 NAR NXT, a major conference of Realtors. Your loss shall be Anaheim‘s gain. Let’s let the official press release tell the story, shall we?

In a major reversal of fortune, Louisiana casino revenue vaulted 18.5% over September 2021. Foot traffic rose 41.5%, which more than made up for thriftier gamblers: On average they lost 16% less per player. It helped the year/year comparison that Louisiana in autumnal 2o21 was still reeling from Hurricane Ida. However, even compared to the previous peak (2019) the numbers were 3% higher. Even sports betting is showing signs of life, with $32 million in revenue derived from handle of $207.5 million.

Not all markets benefited. Baton Rouge was in the doldrums with even L’Auberge Baton Rouge (pictured) flat at $13 million. Belle of Baton Rouge tumbled 21% to $1 million and Hollywood Baton Rouge slipped 10% to $4 million. Lake Charles saw a bonanza though, with Golden Nugget rocketing 41% to $32 million, past L’Auberge du Lac‘s $30 million (+14%), while Delta Downs gained 12.5% to achieve $13.5 million. Boyd Gaming‘s two rural properties fared poorly, however, with Amelia Belle sinking 10% to $3 million and Evangeline Downs down 12.5% to $6 million.

Adding more and more casinos isn’t ‘growing the pie’ in Pennsylvania. Instead, the bottom fell out of September’s numbers, which were 8% below 2019 ones (i.e., the good old days). Against last year, they were 1% lower, for a tally of $280 million. Parx Casino, the Keystone State’s only smoke-free gambling den, was 5% off last year’s pace but still was rolling in dough to the tune of $49 million. Next best in the Philadelphia market was Philadelphia Live, having picked itself up off the canvas, posting a 1.5% gain to $18.5 million. Rivers Philadelphia (above) fell 10% to $17 million, Harrah’s Philadelphia slid 11% to $13 million and Valley Forge Resort brought up the rear with $11 million, a 5% slippage. Outstate, the runaway winner was Wind Creek Bethlehem, up 2% to $43 million and a great success story for tribal gaming.

In the Pittsburgh area, Rivers Pittsburgh clobbered the competition with $30 million (-3%), as Hollywood Meadows also ceded 3% to hit $16 million and Pittsburgh Live gained 1.5% for $9 million. Smokers flocked back to Mount Airy, which jumped 9.5% to $17 million, whilst Penn National tumbled 11.5% to $14 million. Presque Isle Downs was down 4% to $10 million, Lady Luck Nemacolin plunged 17.5% to $2 million, Hollywood York vaulted 20% to $9 million and newbie Hollywood Morgantown contributed $5 million. Returning to Philadelphia Live for a moment, since 2019 it has cost Harrah’s 34% of its revenue and Rivers Philadelphia 28%, while leaving Parx unaffected. Really, how wise was it to site five casinos in the greater Philly area? Not very.

Atlantic City casinos grossed $252 million last month, up 1% year/year. A 2.5% hop in slot revenue ($186.5 million) on 1% more coin-in more than made up for a 2% dip in table win ($63.5 million) on 5% lower wagering. Borgata was comfortably in front with $62 million (+3.5%), outdistancing Hard Rock Atlantic City‘s $44 million (+6%) and Ocean Casino Resort‘s $30.5 million (+5%). Caesars Entertainment‘s threesome suffered a -15.5% reversal at Harrah’s Resort ($23 million) while Caesars Atlantic City was revenue-positive ($22.5 million, +2%), but Tropicana Atlantic City wasn’t ($23.5 million, -4%). Caesars’ official position is ‘Let’s wait and see when the $400 million capex kicks in’ but it may have to settle for middling status in a market dominated by relative newcomers. By contrast, Bally’s Atlantic City enjoyed a comeback month, leaping 13% to $16 million. Resorts Atlantic City sagged 3% to $17 million, while Golden Nugget enjoyed one of its better months, climbing 4% to $13.5 million, not enough to keep it out of last place.