Author: David Mckee

Nevada scored yet another $1 billion-plus month in September, up 8% from 2021. As you might expect, the Las Vegas Strip drove the big gain, booking $693 million in win, up 8%. Strip slot revenue was $409.5 million, a 17.5% vault in coin-in. Table games not called ‘baccarat’ saw 10.5% more wagering and the whales appear to have returned to the baccarat table, where betting volume was 34.5% larger. Luck wasn’t with the house, which saw 3% less baccarat win.

This more than compensated for a Las Vegas locals market that has leveled off from last year. Downtown was more like its old self, gaining 1.5% to reach $74 million while Laughlin hopped 5% to $39 million. Boulder Strip casinos took a hit, down 8.5% to $74.5 million. This negated most gains in the rest of the locals picture. North Las Vegas was up 5% to $23.5 million, proving out Station Casinos‘ contention that demolishing two casinos wouldn’t hurt the region. Miscellaneous Clark County climbed 4% to $142 million.

Continue reading Strip still booming, locals flat; Gambling with democracy

In their rush to book a Formula One racing event, Las Vegas city fathers have intentionally or otherwise conducted a 20,000-person human sacrifice in the form of a forfeited convention. Congratulations, Sin City, you’ve just lost the 2023 NAR NXT, a major conference of Realtors. Your loss shall be Anaheim‘s gain. Let’s let the official press release tell the story, shall we?

Continue reading Vegas scores own-goal; Housing slowdown begs casino growth

In a major reversal of fortune, Louisiana casino revenue vaulted 18.5% over September 2021. Foot traffic rose 41.5%, which more than made up for thriftier gamblers: On average they lost 16% less per player. It helped the year/year comparison that Louisiana in autumnal 2o21 was still reeling from Hurricane Ida. However, even compared to the previous peak (2019) the numbers were 3% higher. Even sports betting is showing signs of life, with $32 million in revenue derived from handle of $207.5 million.

Not all markets benefited. Baton Rouge was in the doldrums with even L’Auberge Baton Rouge (pictured) flat at $13 million. Belle of Baton Rouge tumbled 21% to $1 million and Hollywood Baton Rouge slipped 10% to $4 million. Lake Charles saw a bonanza though, with Golden Nugget rocketing 41% to $32 million, past L’Auberge du Lac‘s $30 million (+14%), while Delta Downs gained 12.5% to achieve $13.5 million. Boyd Gaming‘s two rural properties fared poorly, however, with Amelia Belle sinking 10% to $3 million and Evangeline Downs down 12.5% to $6 million.

Continue reading Upsurge in Louisiana; Stitt stiffed; Fubo Sportsbook folds

Adding more and more casinos isn’t ‘growing the pie’ in Pennsylvania. Instead, the bottom fell out of September’s numbers, which were 8% below 2019 ones (i.e., the good old days). Against last year, they were 1% lower, for a tally of $280 million. Parx Casino, the Keystone State’s only smoke-free gambling den, was 5% off last year’s pace but still was rolling in dough to the tune of $49 million. Next best in the Philadelphia market was Philadelphia Live, having picked itself up off the canvas, posting a 1.5% gain to $18.5 million. Rivers Philadelphia (above) fell 10% to $17 million, Harrah’s Philadelphia slid 11% to $13 million and Valley Forge Resort brought up the rear with $11 million, a 5% slippage. Outstate, the runaway winner was Wind Creek Bethlehem, up 2% to $43 million and a great success story for tribal gaming.

In the Pittsburgh area, Rivers Pittsburgh clobbered the competition with $30 million (-3%), as Hollywood Meadows also ceded 3% to hit $16 million and Pittsburgh Live gained 1.5% for $9 million. Smokers flocked back to Mount Airy, which jumped 9.5% to $17 million, whilst Penn National tumbled 11.5% to $14 million. Presque Isle Downs was down 4% to $10 million, Lady Luck Nemacolin plunged 17.5% to $2 million, Hollywood York vaulted 20% to $9 million and newbie Hollywood Morgantown contributed $5 million. Returning to Philadelphia Live for a moment, since 2019 it has cost Harrah’s 34% of its revenue and Rivers Philadelphia 28%, while leaving Parx unaffected. Really, how wise was it to site five casinos in the greater Philly area? Not very.

Continue reading Saturation in Pennsylvania; Makeover for Venelazzo

Landing a meeting with Caesars Entertainment CEO Tom Reeg, as well as several top execs, J.P. Morgan analyst Joseph Greff didn’t hear so much as a peep about the mooted Las Vegas Strip asset sale, which he assumes is on hold “given present financing terms for sizable asset sales and that CZR retains until market conditions improve.” Even so, Reeg & Co. asserted that “demand remains strong” and that neither macroeconomic conditions (read: inflation) nor gas prices were putting a dent in business. They expect even better things from next year thanks to Formula One, which they say will bring in “hundreds of thousands” of tourists, just as it drove 300,000 people to visit Singapore. It will also shore up one of the traditionally weakest weekends of the year.

Continue reading Caesars bares all; Midwest flattens; Adelson pledges neutrality