Stocking stuffers

Finally! November brought some bonafide good news from Louisiana, as casino revenues finally trended upward in a manner in which we can believe. They not only rebounded 11% from last year, they were 2% higher than 2019. New product—Treasure Chest 2.0 and Caesars New Orleans—drove the bus, accounting for most of the upsurge from 2023 and all of the improvement from 2019 (a 3% swing). Treasure Chest exploded to $12 million (+88%) and Caesars leapt 28.5% to $26.5 million. Other New Orleans casinos and racinos were revenue-positive, too: Boomtown New Orleans ($10 million, 5%), Fair Grounds ($3 million, 7.5%) and Amelia Belle ($2.5 million, 6%). The excitement in the Crescent City probably gave Caesars Entertainment a welcome distraction from woebegone Horseshoe Lake Charles, which plunged 12% to $6.5 million. Golden Nugget jumped 11% to $28 million, ahead of still-impressive L’Auberge du Lac ($26 million, 9.5%) and Delta Downs ($14 million, 17%).

Ekeing out a mere 600 dimes, Belle of Baton Rouge seemingly had nowhere further to fall but still managed a 20.5% collapse. Newish Queen Casino was up 18.5% to $7.5 million while L’Auberge Baton Rouge hopped 7% to $14.5 million. Margaritaville dominated the Shreveport/Bossier City market with $17.5 million (+3%), its next closest rival being Bally’s Shreveport ($9.5 million, +2.5%). A decimal point behind was Horseshoe Bossier City ($9.5 million, -17%). Its precipitous fall from grace meant that Bally’s Corp. superseded the erstwhile big dog of the market—quite a coup. Boomtown Bossier was flat at $3.5 million, ditto Sam’s Town at $3 million and ditto Louisiana Downs, also at $3 million. Evangeline Downs sprang 8% to $6.5 million.

Gambling revenues in the Bay State hopped 7% from last year in November (up 29% from 2019). Massachusetts casinos grossed $101 million, led by Encore Boston Harbor, which climbed 3% to a super-dominant $63 million. MGM Springfield recovered 10% to $23 million, fueled by much stronger table play than last year. The troubled property is performing considerably better than J.P. Morgan analyst Joseph Greff projected. That leaves slots-only Plainridge Park, where the one-armed bandits brought in $14.5 million, a 26% vault from last year. Say, do you think Penn Entertainment executives sabotaged those Rhode Island bridges whose dysfunction is funneling players in Plainridge’s direction?

All was well in the commonwealth of Pennsylvania, where casino winnings grew 3.5% from last year and 7% from 2019. Not even a weak month at the tables (-2.5%) could dampen the results. Parx Casino, predictably, was out in front with $47 million, a 3.5% uptick. Wind Creek Bethlehem also impressed with $44.5 million (+1.5%). In the greater Philadelphia, fugly Harrah’s Philadelphia failed to impress with a flat $10 million, again surpassed by smaller Valley Forge Resort ($11.5 million, +4%). Downtown, Philadelphia Live’s $23 million (+7.5%) put Rivers Philadelphia‘s $17.5 million (+1.5%) quite in the shade. In Pittsburgh, aging Rivers Casino won large ($27.5 million) but dipped 1.5%, while Hollywood Meadows soared 25% to $17 million and Pittsburgh Live jumped 8% to $9 million. Look sharp, Rush Street Gaming.

Rurally, Mohegan Pocono was flat at $16 million, finishing a couple of decimal points behind upstart Mount Airy ($16 million, +3%). Presque Isle Downs was flat at $7.5 million, Hollywood Penn National ceded 2% to $13 million and tiny but plucky Lady Luck Nemacolin leapt 18.5% to $2 million. Hollywood York dipped a point to $8 million, Hollywood Morgantown (above) climbed 9% to $6 million and Parx Shippensburg leapt 20% to $3 million. iGaming brought in another $200.5 million, a 27% jump. $75.5 million went to the catchall Hollywood Casino site, FanDuel made $54 million and another $34.5 million went to BetRivers. Sports betting was becalmed at handle of $936 million, although win catapulted 498% (!) to $77 million. However, $26 million of that was returned to bettors in the form of promotions. FanDuel made DraftKings its bitch, $46 million to $27.5 million. BetMGM garnered $7 million, followed by BetRivers ($5.5 million), ESPN Bet ($4 million), Parx ($2 million) and Caesars Sportsbook ($1.5 million).

The nearest thing one could find to find bad news was that, in Indiana, casino revenues were up 2.5% from last year but 6% off the 2019 pace. Hard Rock Northern Indiana had a rare flat month, grossing a whopping $37.5 million. Horseshoe Hammond faded 6.5% to $21.5 million, Ameristar East Chicago hopped 2.5% to $13.5 million and Blue Chip jumped 9.5% to $10.5 million. Harrah’s Hoosier Park galloped 24% ahead to $19 million, whilst Horseshoe Indianapolis pursued a more sedate (+1.5%) to $24.5 million and second place in the Hoosier State. New Terre Haute Casino clocked $10.5 million and French Lick Casino was flat at $6.5 million. Fearing it might be gone soon, players flocked to Rising Star, where revenue jumped 14% to all of $4 million. Belterra Resort captured 5% more for $7.5 million, as Bally’s Evansville was flat ($14 million) and Hollywood Lawrenceburg was also flat at $12.5 million. Caesars Southern Indiana experienced a rare adverse month, down 2% to $19.5 million.

Sports betting brought in $68.5 million (+120%) from handle of $614 million (+20%), thanks to nice, tight hold of 11%. DraftKings bested FanDuel, $26 million to $24 million. BetMGM recorded $5.5 million, Caesars Sportsbook $3.5 million, Bet365 $3 million and ESPN Bet $1 million. So when are we going to see this imminent ESPN Bet turnaround that Jay Snowden (above) keeps promising us?

A holdover from October is sports betting lucre from Illinois. It was down 28%, thanks to remarkably low hold (5.5%), sinking to $81.5 million. Handle wasn’t to blame, being 25% higher year/year. Both DraftKings and FanDuel lost market share, with the former grossing $34 million, way ahead of FanDuel’s $24 million. Fanatics impressed with $8.5 million, trailed by BetRivers ($5 million), ESPN Bet ($4 million), Caesars Sportsbook ($3 million) and BetMGM ($2 million).

Last month was boffo for iGaming in Michigan, where it engendered revenue of $226 million (+29%). BetMGM regained primacy with $59.5 million, doggedly pursued by FanDuel ($57 million) and DraftKings ($51 million). Caesars Palace Online—or whatever digital moniker the Roman Empire is employing this week—was responsible for $17 million and BetRivers grossed $14 million. Sports betting surged 72% to $58 million (on handle of $650 million), with $21 million returned as promotional outlays. FanDuel squeezed past DraftKings, $22 million to $18.5 million. Distant third place went to BetMGM ($9.5 million), trailed by Fanatics ($4 million) and ESPN Bet ($2.5 million). Neither BetRivers nor Caesars Sportsbook could crack the million-dollar threshold.