Casinos in the Land of Lincoln had something to celebrate last month, as they actually improved same-store results by 3%, although they still lagged 3% behind 2019 figures. (Blame it on the thermonuclear proliferation of slot routes). The overall haul was $138 million. The bulk of this was logged in the northern tier of the state, where Bally’s Casino (above) in Chicago pulled in $10.5 million, about par for its course. Despite being down a point, Rivers Des Plaines grossed $44 million and is staving off new competition rather impressively. Speaking of which, The Temporary at American Place vaulted 33% to $9 million.
Feeling the Full House Resorts pinch were Grand Victoria, fading to $11.5 million (-7.5%) and Harrah’s Joliet ($10 million, -5%). Unaffected were Hollywood Joliet ($8 million, +8%), Hollywood Aurora ($8 million, +2%) and Hard Rock Rockford ($6 million, +5.5%). The two Hollywood-branded boats did particularly well considering that they are venerable facilities on the verge of being superseded. Mid-state, Bally’s Quad Cities was up 8.5% to $5 million, Par-A-Dice rose 3.5% to $5.5 million and Golden Nugget Danville leapt 52% to $3 million. Less fortunate were Harrah’s Metropolis ($5 million, -7%) and Argosy Belle ($3 million, -2.5%). DraftKings Casino Queen hopped 7% to $7 million and Walker’s Bluff Casino raked in $2.5 million.
Casino revenue was flat in the state of Maryland last month, although good for a nice $163 million. Statewide leader was, of course, MGM National Harbor—but not by as much as you’d expect. Slipping a point, MGM grossed $68 million, to find Maryland Live practically breathing down its neck with $60.5 million (+4%). Of course, MGM’s oyster is our nation’s capitol, while Cordish Gaming‘s bailiwick is Baltimore. The real loser remains Horseshoe Baltimore, tumbling 11.5% to $14 million. Also troubled is Rocky Gap Resort, falling 10% to $4.5 million and not having posted a good month since Golden Entertainment left the place. Hollywood Perryville was up 8% to $7.5 million, while Ocean Downs dipped 6% to $8 million.
Never let it be said that crime doesn’t pay. It sure does if you’re discredited casino owner Andy Sanborn. The New Hampshire wheeler-dealer says he has as many as five potential buyers orbiting his storefront gambling den in Concord. That’s the charitable casino on which Sanborn paid himself rent money, part of an alleged Covid-19 scam whereby stimulus money was used to stimulate the Sanborn family’s auto fleet, to the tune of three luxury cars. It looks like Sanborn is in for another big payday, especially since he has been granted yet another reprieve, this time for 90 more days. And one of the suitors is hitherto-squeaky-clean Full House Resorts, which has some splainin’ to do about why it would get into bed with somebody as sleazy as Sanborn.
Granite State regulators don’t believe the sale is bonafide, but their concerns were waved away by the court system. Full House, if involved, supposedly wants to operate Sanborn’s hole in the wall as a stalking horse for an eventual, permanent casino. Nothing wrong with that, save that Sanborn could make out like the proverbial bandit from the sale proceeds. The court sympathized with his argument that immediate action would render the property worthless, as perhaps it should be. Now Sanborn supposedly has to pull the trigger on a sale by Sept. 30, not that we’re betting it will happen, given his history of distraction and delay.
How much could the accused embezzler look to make on the deal? Full House is rumored to be offering $30 million for a podunk casino that made $518,930 in 2023. Even a generous valuation would say that it’s worth no more than $3.5 million, but the would-be buyer is clearly planning this as the gateway to something much bigger and more lucrative. Sanborn might even be able to keep a piece of the action, which worries regulators. Between closing out the one casino and applying to build another, bigger one, the man is clearly unchastened, though well he might be. Then again, what reason does he have to repent unless material consequences catch up with his actions? As for Full House CEO Dan Lee, all we have to say is: For shame.
Jottings: Staying one step ahead of regulators, Star Entertainment is rolling out $2.4 billion Star Brisbane on August 29. Star says it is developing the resort in tandem with China-based Chow Tai Fook Enterprises and Far East Consortium. Move along folks, nothing to see there, right? … Black-market-slot operators in Kentucky still think they have the right to defy state laws prohibiting the devices. A judge last week said, Forget it. Right on … BetRivers eked out a narrow victory in Delaware last week. Solons were debating whether to revoke BetRivers’ new and lucrative monopoly on iGaming in the tiny state (for no good reason). Luckily, time ran out before they could do anything final … Business is shaping up nicely for Everi Holdings ahead of a planned merger with International Game Technology. At least one analyst ratcheted up his 2Q24 projections for Everi … By rights, DraftKings should have caught up with FanDuel in New York State last month. But lousy hold percentages for DKNG and other operators and tight hold at FanDuel kept the latter in the top spot.