Atlantic City steady; Polistina waffles

That whining sound you here is Atlantic City casino executives for whom hundreds of millions in revenue is never enough. They’ve been complaining that gambling winnings aren’t what they were at brick-and-mortar casinos before the Covid-19 pandemic … even as online-casino takings hit a record level. These guys wanted Internet casinos, they built them and now they’re put out that it’s impossible to grow online and terrestrial win simultaneously. Hey, consumers only have so much with which to gamble, so maybe Big Gaming should count its money and keep quiet. Nobody’s buying them crying towels.

Revenues on the Boardwalk in November were flat with 2022, another sign that the market is cooling down—slightly. The big story was Hard Rock Atlantic City (above), vaulting 17% to $41.5 million. That still but it behind Borgata ($52 million, -6%) but closer. Ocean Resort nudged 1.5% to $31.5 million, unable to budge from third place but still putting the bite on the Caesars Entertainment threesome. Firmly stuck in the middle tier, they were led by Harrah’s Atlantic City ($19.5 million, -7.5%), while Caesars Atlantic City ($17.5 million, 8%) was elbowed aside by Tropicana Atlantic City ($18 million, -7%). The most impressive gain was Bally’s Atlantic City‘s 20.5% vault to $12 million (General Manager Michael Monty must be pushing the right buttons). That still left it a bit shy of becalmed Resorts Atlantic City ($12.5 million, flat), while Golden Nugget cemented its last-place status with an $11 million finish (-3%).

Internet casinos brought in $171.5 million in the Garden State, up 17%. DraftKings dominated with $55 million, not even rivaled by BetMGM ($38 million) or FanDuel ($20 million). Caesars Digital was an also-ran with $13 million. In sports betting, handle was $1.6 billion, engendering revenue of $96 million. FanDuel raked in $55 million, DraftKings a comparatively anemic $18.5 million, BetMGM $8 million and—in two weeks operation—ESPN Bet $5 million.

Compared to those numbers from the Garden State, $94 million for casinos in Massachusetts may not seem like much, but it’s 1% better than last year—and 20% higher than 2019. The richest got richer, with Encore Boston Harbor up 3% to $61.5 million, compared to MGM Springfield‘s $21 million (-5% and way below initial projections). Table games, down 11%, remain MGM’s Achilles heel. Plainridge Park (slots only) hopped 2% to $11.5 million. Sports betting brought home $50 million on handle of $637 million. Homeboys DraftKings won $27 million, FanDuel $12.5 million and newbie ESPN Bet some $6 million, displacing MGM Bet ($3 million), while Caesars Sportsbook barely registered.

In an apparent sign of better times ahead, Louisiana gambling revenues seemed to bottom out last month. They declined 2.5% once Horseshoe Lake Charles was excluded (otherwise they’d be up 1.5%). Players visited 3% more often but gambled 1% less, for a house haul of $185 million statewide. Sports betting handle leapt 33% but luck was with the bettors, as low hold (8%) translated into revenue of $29 million. Still, there’s much more hope for Louisiana now as a sports betting market. Books blew $10 million on promotional allowances, however.

Horseshoe Lake Charles’ $7.5 million made the difference between first and second place for L’Auberge du Lac, which fell 13.5% to $23.5 million, behind Golden Nugget and its $25.5 million (-4%). Delta Downs, however, was unruffled with $12 million (+2.5%). Despite dropping 11%, Harrah’s New Orleans easily led the Crescent City with $21 million. Next-closest was Boomtown New Orleans, flat at $10 million. Treasure Chest ceded 1% to $6.5 million and Fair Grounds racino slowed 9% to $3 million. Amelia Belle dipped 1% ($2.5 million) and outlying Evangeline Downs quickened 6.5% to $6 million.

Reinvented Queen Baton Rouge really put a hurt on its competition, grossing $6.5 million (+63%), and pulling 24% from antedilivian Belle of Baton Rouge (an ignominious 700 dimes) and 11% from L’Auberge Baton Rouge ($13.5 million). In the Shreveport/Bossier City area, Margaritaville rebounded 9.5% to $17 million, stiff-arming Horseshoe Bossier ($11.5 million, -5%) and Boomtown Bossier ($3.5 million, -6.5%). Smokers flocked back to Bally’s Shreveport ($9.5 million, +14%) and Sam’s Town ($3 million, +5%). Louisiana Downs was flat at $3 million.

Circling back to New Jersey, we find spineless, smoke-lovin’ state Sen. Vince Polistina (D) talking about the collapse of a smoking ban like he had nothing to do with it. No, he’s blaming the minority party in Lege, as well as unnamed, seemingly all-powerful “unelected people” who mysteriously “got involved and started to change people’s minds.” Including Polistina’s, we might add. Polistina could just as well point the fainthearted finger at those two Family Circus poltergeists Not Me and Ida Know. One of the lawmaker’s bogeymen is Ocean County GOP Chairman George Gilmore, who doubles as a consultant for a lobbying firm that represents Big Gaming.

“Basically the Camden Democratic organization had initially supported … and they withdrew their support and,” Polistina whinged, “George Gilmore and some of the other Ocean County Republicans withdrew their support. There are some people who have interests with casinos that are unelected that you know, perhaps had some ability to sway some legislators’ minds. So I believe some of that was going on.” None of which explains Polistina’s own betrayal of the casino workers he had previously pledged to support. “They didn’t have the voters to get it out of committee,” he complained, not coming clean that he was the key one to fink out. Listen to the full audio clips (linked above) for a virtuoso display of political cowardice and irresponsibility.