Category: Casino News

First, the good news. That “inclusive pricing” strategy that the Las Vegas Strip filched from Downtown is working. The bad news is that it will probably be quickly abandoned, turning a promising recovery in Las Vegas into an anemic one, at best. Given all the misguided economic “policy” coming out of Washington, D.C., a nascent Vegas bounce-back could yet be smothered in the crib. It’s not like those fellows ever bankrupted a casino, is it? Oh, wait …

Continue reading A Mild Vegas Recovery Ahead?

There’s a fundamental flaw to Las Vegas‘ “Soak the Rich, Screw the Poor” business model. Somebody has to fill that preponderant number of hotel rooms (over 154,660) and gambling positions (too many to count). And the “Epstein class” isn’t going to stay at Circus Circus. But there’s hope. Maybe it’s recognition of our K-shaped economy, so called for the widening gap between rich and poor it manifests. Or, more likely, it’s the one-two punch of customer discontent and adverse media coverage of things like $13 candy bars at MGM Grand. Either way, there are signs that Big Gaming is finally waking up to the repulsive, anti-value message that Sin City has latterly presented to the public.

Continue reading Mixed Signals in Vegas

Delegating its CFO and vice president of investor relations, Churchill Downs packed them off to Boston to meet with J.P. Morgan stock analysts. The company is feeling high as a kite about Kentucky Derby prospects, to the point where it provided first-ever revenue guidance on the event: as much as $20 million in cash flow. Half of that reflects a deal with NBC to carry the race in prime time. “While there’s minimal downside risk to the low end, upside to the high end could come from wagering growth,” predicted analyst Daniel Politzer. Normal weather—unlike last year—would help, too.

Continue reading Visiting with Wall Street

Nothing sends those two twin vermin, Kalshi and Polymarket, scuttling to their rat holes like the threat of congressional action. In case you missed it, Sens. John Curtis (R) and Adam Schiff (D) have introduced a bill to get prediction markets the hell out of sports betting. Evidently sensing the seriousness of the moment, Kalshi and Polymarket promptly announced that they were going to put safeguards in place to ban insider trading. This is unlikely to satisfy the Senate’s bipartisan duo (we hope it doesn’t), but it shows how out of control event-contract wagering has become.

Continue reading Rats Cornered; Sherrill Finks Out

Casino revenues were flat overall last month in Atlantic City, which grossed $203 million in the aggregate. The one really dramatic shift involved Hard Rock Atlantic City and Ocean Casino Resort. The former plunged 14% to $36 million, right in striking distance of Ocean, which surged 9.5% to $35.5 million. Borgata, meanwhile, jumped 7.5% to $53.5 million. What ails Hard Rock, we wonder? In the middle tier (i.e., Caesars Country), Harrah’s Resort fell 8.5% to $17 million, Caesars Atlantic City hopped 3.5% to $14.5 million and Tropicana Atlantic City was flat at $16 million. Bally’s Atlantic City jealously guarded last place ($10 million) despite a 6.5% bounce, while Golden Nugget was a few dimes ahead of it, also grossing $10 million on a 3% slippage. Resorts Atlantic City rounded out the grind joints with $11 million, a 5.5% dip.

Continue reading Hard Times for Hard Rock