Gaming pundits are finally getting off their hobbyhorse that the industry was due for a recession ANY DAY NOW! Yup. Recession. Any. Day. Now. <crickets> You feel sometimes like they’re rooting for bad economic news. They’ll certainly be at pains to explain Ohio‘s record November. The Buckeye State’s casinos and racinos grossed $186 million, 1% up over 2022 and 15% higher than in 2019. As usual, MGM Northfield Park was the leader with $23.5 million (+3%). Also up 3% were Jack Cleveland and Hollywood Columbus, in a statistical tie around $21.5 million apiece. Hard Rock Cincinnati was up 2% to $20 million and Hollywood Toledo gained 1% to $17.5 million. The latter, despite having table games, was outdone by slots-only Miami Valley Gaming ($19 million, +4%), while Scioto Downs faded 7% to a still-impressive $17 million. Jack Thistledown was up 3% to $14.5 million, Belterra Park slipped 3% to $6.5 million, Hollywood Dayton hopped 4% to $12 million, while Hollywood Mahoning Valley was flat at $12.5 million. Not a bad month at all, particularly for Penn Entertainment in a November that also …
… saw the debut of ESPN Bet. Sports betting operators grossed $66.5 million off $841 million in wagers. But $59 million of that gross went right back into the hands of bettors, in the form of promo giveaways. ESPN Bet made an impressive, third-place bow with $12 million in a scant two weeks. DraftKings led with $22.5 million, trailed by FanDuel‘s $21 million. Eating ESPN’s dust were Bet365 ($3.5 million), BetMGM ($3 million) and Caesars Sportsbook ($1 million), as well as Fanatics ($1 million). The latter had noisily announced its intent to be one of the top two or three online books in the country. How’s that going? Not so well. Now they’re far behind ESPN Bet. So when’s that much-vaunted Fanatics brand equity going to kick into gear?
December in the state of Maryland was flat with 2022 but 11% higher than 2019. Casinos grossed $165.5 million, with MGM National Harbor and Maryland Live garnering 80% of market share between them. MGM edged up 2% to $71 million, while Maryland Live brought in $60.5 million (+1.5%). Horseshoe Baltimore hit new lows, dropping 9.5% to $15 million. Are its faults ineradicable or should Caesars Entertainment sell the snakebitten place? Ocean Downs was up 3% to $7 million, while Hollywood Perryville outdid it in both gross ($7.5 million) and growth (4%). Numbers for Rocky Gap Resort were not available.
Water, water and none to drink. That’s the predicament in Atlantic City, a burg so far enmeshed in Third World status that residents have had to boil their drinking water this past week. The news broke Friday night and the lack of potable H2O was blamed on an “unstated contamination.” (The mind reels at the possibilities.) Reports our Atlantic City correspondent, “We often wondered why we didn’t feel well after going there. It’s possible to avoid water or ice, but if you stay there you can’t brush your teeth with the local water! Another reason not to want to live in that area.”
As of Saturday, the drinking ban was “until further notice” and today the advisory was expected to be lifted. The situation must not only have made life (further) Hell for the unfortunate residents but also for the city’s casinos, having to monitor their water use on the peak business days. The week previous, our Boardwalk reporter made the mistake of visiting the Golden Nugget lounge: “The cake was stale.” (The Nugget is pictured above, last week.) Seems it’s not just the Atlantic City water supply that will give you a tummy ache.
Just to the north, in New York State, sports betting numbers hit a new record: $2 billion in handle, engendering $188 million in win by operators. That’s 26% larger wagering and a 33% better gross than a year earlier, possibly thanks to fans who were futilely betting on the Meadowlands‘ two wretched football teams, the delusional New York Giants and inept New York Jets. Neither team’s coach is in the hot seat, which just goes to show that there’s a reward for incompetence at one’s job. But we digress. FanDuel was tops in revenue with $93.5 million (high, 11% hold helped), besting DraftKings and its $65 million. Caesars Sportsbook grossed $16 million on loose hold. Even looser was BetMGM, which accordingly made $8 million. Also-rans were Fanatics ($2.5 million) and BetRivers ($3 million). Resorts World couldn’t crack the $1 million mark, whilst WynnBet and BallyBet lost money.