Casinos on the Boardwalk enjoyed a 5% bounce last month, recording $239 million in winnings. That’s 7% above 2019 numbers despite Covid-19 having ineradicably changed players’ habits—and Big Gaming was only to happy to cash in with OSB and Internet casinos, never mind what they say today. Four casinos were revenue-negative and three of them had one other thing in common: They are all owned by Caesars Entertainment. The Roman Empire really needs to look to its laurels in Atlantic City because it clearly has a problem there.
Last place was the province of Bally’s Atlantic City, which faded 6% to $12.5 million. Golden Nugget improved 7% to $13.5 million while Resorts Atlantic City climbed a percentage point to tie the Nugget in revenue. The Caesars troika managed to stay well out of grind-joint territory but continued to prove that the company is overexposed on the Boardwalk. There just aren’t enough Caesars Rewards players to go around. Caesars Atlantic City dipped to 2% to $18 million, Tropicana Atlantic City did best with $20 million but fell 7%, while Harrah’s Resort was down 4% to $18 million. As for the pacesetters, Borgata led with $61.5 million despite only improving 1.5%. Ocean Resort jumped 7.5% to $32 million while Hard Rock Atlantic City was turbocharged, leaping 28.5% to $50 million. Borgata, watch out!
Internet casinos in New Jersey leapt 19% to $192 million. DraftKings prevailed with a quarter of the market and $49 million whilst BetMGM gave it a $42 million run for its money. Yet FanDuel was breathing down MGM’s neck with $41.5 million. The DFS giants are putting the traditional casino industry to shame in iGaming. Caesars Palace Online was good for $17 million, BetRivers had $7 million and Hollywood Casino nabbed $2.5 million. In sports betting, revenue of $79 million represented a 4% fade from last year, with FanDuel’s $36.5 million prevalent. DraftKings came up fast, growing revenue 21% to $22 million. Also-rans included Caesars Sportsbook ($3 million), BetMGM ($5.5 million), Fanatics ($2 million), BetRivers ($1 million) and ESPN Bet ($2.5 million). BallyBet claims to be kicking ass in the Garden State but didn’t make it onto the J.P. Morgan breakdown chart. Speaking of Bally’s, below is their astral Atlantic City alternative to ‘regular’ coffee. Wonders never cease.
Jottings: Continuing the drip-drip-drip of damning utterances in re Bally’s Chicago, expert casino pundit Alan Woinski had joined the queue of skeptics right at the head. Woinski minced no words about the emperor (Soo Kim) having no clothes. “Let’s say Bally’s does find the money, and it’s … at a very, very high interest rate for the financing. It just makes it that much harder for that property to achieve profitability,” the Gaming Industry Daily Report editor said. He added, “I really hope they don’t begin construction without getting the remaining financing. I’ve seen that way too many times in way too many locations over the past 30 years in this business.” You and us both, Brother Alan … Hard Rock Bristol‘s debut in Virginia has been delayed from July until the end of 2024. Management spun this as a plus (which it probably is), later issuing a press release that they’d intended the winter opening all along. Uh-huh … Another permanent Hard Rock casino, this one in Rockford, Illinois is rolled out on August 29. It will feature 1,300 slot machines and 50 table games … New York State lawmakers overwhelmingly approved a bill setting a hard-and-fast date for awarding casino licenses in New York City. Now license holders have to be recommended by the end of next year and approved within four months. If it accelerates the glacial award process is the slightest we’re all for it … Tempting fate, Arizona is planning to approve two more online sports betting operators. The state has, at most, room for six, assuming that $2 million a month is acceptable revenue.