Category: Casino News

A second running of the Las Vegas Grand Prix has come and gone, without moving the needle on the Las Vegas Strip. In fact, baccarat play was dreadful. Casino takings fell 18%, as players wagered 8.5% less on the game. Wasn’t Formula One supposed to bring in the whales? Guess again. The one Strip growth area was a low-roller one: slot play. Coin-in was up 5.5%. But Lady Luck was with the players, who made the casinos pay in the form of a 2.5% decline in one-armed bandit income. Table game revenues also suffered, down 5% on 9% less wagering.

If you’re racing to the bottom, you have to be an early riser to beat Virgin Las Vegas President Cliff Atkinson. Not content with offering his employees insultingly low wages, he recently and shamelessly played the race card, in an effort to divide and conquer the Culinary Union. When that evidently didn’t work, he called out his goon squad.

Finally! November brought some bonafide good news from Louisiana, as casino revenues finally trended upward in a manner in which we can believe. They not only rebounded 11% from last year, they were 2% higher than 2019. New product—Treasure Chest 2.0 and Caesars New Orleans—drove the bus, accounting for most of the upsurge from 2023 and all of the improvement from 2019 (a 3% swing). Treasure Chest exploded to $12 million (+88%) and Caesars leapt 28.5% to $26.5 million. Other New Orleans casinos and racinos were revenue-positive, too: Boomtown New Orleans ($10 million, 5%), Fair Grounds ($3 million, 7.5%) and Amelia Belle ($2.5 million, 6%). The excitement in the Crescent City probably gave Caesars Entertainment a welcome distraction from woebegone Horseshoe Lake Charles, which plunged 12% to $6.5 million. Golden Nugget jumped 11% to $28 million, ahead of still-impressive L’Auberge du Lac ($26 million, 9.5%) and Delta Downs ($14 million, 17%).

Today a newspaper headline declared “record” casino revenue in Detroit last month. We have to wonder in what sort of context this record was achieved. According to J.P. Morgan analyst Joseph Greff, Motown casinos are 14% down from 2019. Maybe the headline writer in question saw the 40% leap from November 2023, when strikes affected business, and flipped out. Anyway, the gross in question was $106.5 million, led by MGM Grand Detroit (of course) with a 61% vault to $49 million. Greff had MGM targeted for a 30% improvement this year … it’s on track for 45%. Wow.

Oh, the humanity! How terrible is must be to serve on the Nevada Gaming Control Board, pull down a nice salary and be expected to do actual work. (This is not meant to the slight the many, lower-ranking NGCB employees who are both underpaid and overworked.) Yesterday, the “gold standard” of regulation held another of its dog and pony shows, this time to rubber-stamp the new gaming licenses of Virgin Las Vegas prexy Cliff Atkinson and CFO Chad Konrad. In doing so, it put untried JC Hospitality at the helm of a major Las Vegas gambling floor. JC replaces Mohegan Sun, which found the location and market to be rough sledding, and opted out. JC now rushes in where Mohegan feared to tread.