Those scenic beaches of storied Atlantic City felt January’s cold winds last month, down 3% to $205 million. Table game play was actually more aggressive, with casinos winning 3% more ($59 million) and 6% bigger volume of wagering. But slots took that back and more, as revenue fell 6% to $143 million and coin-in declined 6% as well. But casinos did 16% better than in 2019. So things could have been a great deal worse.
Three casinos were revenue-positive, one of them a surprise achiever. Hard Rock Atlantic City rose 4% to $37 million and Ocean Resort Casino hopped 8% to $33 million. Golden Nugget also had a very good month, up 2% to $11 million, lifting it out of familiar last place. That spot was newly inhabited by Bally’s Atlantic City ($10 million, -13%) where the disabled customer almost matters. Bally’s must have done something dire to lose that much business. Similar things might be said of hard-hit Harrah’s Resort, plunging 21% to $16 million. Even then it still outperformed Caesars Atlantic City ($15.5 million, -8%) and Tropicana Atlantic City ($13 million, -18%). If the Trop slips any further it will be in grind-joint territory, rubbing elbows with the likes of Resorts Atlantic City ($11 million, -1.5%). Borgata ceded only a percentage point, sailing serenely above the fray at $57.5 million.
I-gaming and sports betting understandably soared last month. Win catapulted 136% to $171 million, on handle of $1.7 billion (+59%). FanDuel was far out front with $107.5 million, distantly followed by DraftKings‘ $38.5 million. Others in the hunt were BetMGM ($8 million) and Caesars Sportsbook ($2 million). ESPN Bet lost a million but Fanatics posted $6 million, which is quite impressive. J.P. Morgan has evidently written finis to BallyBet, consigning it to “Other.” I-casinos leapt 20% to $183 million. DraftKings’ $57.5 million was most, then came BetMGM ($42 million), FanDuel ($26 million) and Caesars Digital ($14 million). Big Gaming claims it’s just not cricket to report Internet gambling numbers but we don’t see them turning the money away, do we?
Across the country in Oklahoma, Gov. Kevin Stitt (R) is trying new, creative and vengeful ways to defraud the Sooner State’s Native American tribes. His latest scheme is to offer them crumbs, in the form of retail sports betting, and give gold to private-sector operators, via online sports betting. It’s all kinds of unconstitutional but has actually gained some traction in the Lege. The aboriginals are, understandably, hopping mad and deserve to be. It’s another fundamentally racist policy push from the governor’s mansion.
The only carrot in Stitt’s carrot-and-sticks proposal would be to have walk-up sports betting taxed at 15% instead of online’s 20%. Oh, and the Oklahoma Lottery would administer all sports betting. “The Oklahoma Indian Gaming Association was not consulted prior to Gov. Stitt releasing his sports betting plan,” stated the organization, adding, “while we appreciate Gov. Stitt finally joining the sports betting conversation, to date he has not engaged in meaningful and respectful government-to-government discussion with tribes.” Meaningless? Disrespectful? Sounds like Stitt all right. A slightly more conciliatory proposal has been advanced by state Sen. Casey Murdock (R), who would have tribes contract with the Oklahoma Lottery Commission to offer all manner of sports betting. It remains to be seen what the tribal reaction is. Murdock’s bill would impose a $500K entry fee (compared to Stitt’s sweetheart $100K for online betting), with yearly renewals of $100K. Pricier but a step in the right, cooperative direction.
Jottings: A catchall gambling bill has passed strongly out of the Alabama House of Representatives. It would tax casino win at 24% and sports betting revenue at 17%. Both a constitutional amendment and—in the affected counties—local referenda would have to pass. A potential road block are the Poarch Band of Creek Indians, who complained that the bill “stymies our ability to operate competitive gaming enterprises based on our proven business model.” … Casino legalization in Thailand continues to creep forward at one-one-thousandth impulse power. A study committee says it needs more time to—guess what?—study the issue … Has Durango Resort sucked the wind out of the locals-casino scene in Las Vegas? Global Gaming Business says yes, reporting that all significant development projects are on hold … Speaking of new product, Fontainebleau Las Vegas is significantly discounting rooms, offering them for as much as 30% off the going rate. This will be fodder for those who argue that the Las Vegas Strip is sufficiently built up, if not overbuilt … Congratulations to Marina Bay Sands and architect Moshe Safdie. The iconic Singapore resort topped the 2024 Brand Finance scale of brand value. Being prominently featured in Crazy Rich Asians will do that … Magic City Casino and allies are trying to get Florida gambling expansion back before the U.S. Supreme Court. Lotsa luck. Last time, the Supremes were—with the exception of Justice Brett Kavanaugh—oblivious to the IGRA niceties trampled upon by the Seminole Nation‘s latest compact.
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