Above is what we’re reliably informed is the best reason to visit the lounge at Bally’s Atlantic City—and it’s a pretty good one. It’s an unfettered view of the Atlantic Ocean. Being a beachgazer is probably one of the better ways to amuse oneself in Atlantic City. Gosh knows, help is needed. Outdoor events have been dropping like flies. (The better to keep prospective gamblers indoors?) The biggest domino to fall was the annual air show. Reports our Boardwalk correspondent, “The stated reason is that one of the ‘prime’ acts withdrew. The surprise was that the U.S. Air Force Thunderbirds were never in this years show schedule.” A surprise indeed. What gives, USAF?
The A.C. schedule is also bereft of outdoor concerts, a glaringly missed opportunity to monetize all the sand and sun. The lone al fresco festivity is Bart Blatstein‘s “Peach at the Beach” festival. Even Blatstein’s “Beer and Music” get-together has bitten the dust. Could Blatstein, who’s had trouble paying his bills of late, have been unable to pony up for all the brewskis? The capper is that a Hard Rock Atlantic City was allegedly robbed and beaten after leaving his shift. Yup, Atlantic City has some remedial work to do.
At the cash register, the good news keeps on coming. Casinos in Indiana tallied $194.5 million last month. That’s 3% better than June 2023 and an 10% advance over 2019. However, when Terre Haute Casino is backed out, revenues drop 3% from last year and 11% from 2019. Which tells you that Churchill Downs is doing some boffo business in Terre Haute, even if everybody may not be performing so hotly. With $11.5 million, Terre Haute Casino didn’t even crack the top five but its influence was inarguable. One of the few casinos not revenue-negative was Hard Rock Northern Indiana, up 3% to $36.5 million. Considering that the city of Chicago took aim squarely at Hard Rock when rolling out a downtown casino, their takings look pretty feeble next to what Hard Rock is doing in image-challenged Gary. We’ve said it before and it bears repeating: Hard Rock is the best brand in gaming today.
Blue Chip was also up, by 2%, to $10.5 million. Neither Horseshoe Hammond ($20 million, -16%) nor Ameristar East Chicago ($14 million, -11%) was quite so lucky. Good months were had by Bally’s Evansville ($14 million, +3%), Caesars Southern Indiana ($19.5 million, +7.5%) and newly revamped Harrah’s Hoosier Park ($16.5 million, +3%). The not-so-fortunate ones were Belterra Resort ($7 million, 12.5%), Rising Star ($3.5 million, -14%), Hollywood Lawrenceburg ($11.5 million, -5%), French Lick Resort ($6.5 million, -7.5%) and Horseshoe Indianapolis, down 3% but still good for $23 million.
Sports betting winnings vaulted 57%, reaching $30.5 million on $298 million in handle. (It should be easy to calculate the hold percentage.) FanDuel ($12 million) and DraftKings ($10 million) jockeyed for supremacy, trailed by BetMGM ($3.5 million), and by Bet365 and ESPN Bet ($1 million each). Of Caesars Sportsbook, Fanatics and BetRivers, nary a one cracked the million-dollar mark.
Revenue results from the Bay State were soft, at least as far as Massachusetts casinos were concerned. They grossed $96 million, a 4% retreat from last year, albeit a 7% improvement on 2019. The headline was that MGM Springfield had a (for it) good month, only down 1% from last year and up 10% from 2019. It grossed $21.5 million. Encore Boston Harbor had a bad month at the tables (-17%), pulling it down 8% overall to a still-enviable $60.5 million. Slots-only Plainridge Park actually hopped 7% to $14 million. Good for them. Online sports betting brought in $42 million on $501 million in handle, holding at a slender 8.5%. Caesars Sportsbook suffered a total wipeout, while ESPN Bet squeezed out $1 million. Newcomer Fanatics managed $1.5 million and BetMGM scored $2.5 million. Homebody DraftKings led FanDuel, $20 million to $17 million, although the out-of-state rival is closing the gap.
Sports betting revenues further south in Maryland vaulted 50%, reaching $39 million on handle of $373 million. ESPN Bet appears to have peaked, sitting on handle and revenue plateau of a couple of months’ duration, after a strong April. FanDuel prevailed with $22.5 million, while DraftKings shed a smidgen of market share to land at $10.5 million. BetMGM grossed $2.5 million and ESPN Bet $1 million, as Caesars Sportsbook came in just below the Mendoza Line. BetRivers also qualified for a participation trophy after eking out a few hundred grand.
Jottings: Although U.S. casino foot traffic is 6% below what it was before Covid-19 struck, revenues are 7.5% greater. This is particularly true, says Jefferies analyst David Katz, for regional operators and thus good news for Boyd Gaming, Churchill Downs, Caesars Entertainment, Monarch Casino Resorts and besieged Penn Entertainment … Bally’s Corp. may have ransacked its cupboard in order to build Bally’s Chicago (which will be Bally’s in basically name only) but Wall Street likes the move. Truist Securities analyst Barry Jonas even thinks it will be the template for redoing the Tropicana Las Vegas, with Gaming & Leisure Properties paying the freight while Bally’s tags along as operator.