Between the twin disappointments that were Formula One Weekend in November and Super Bowl weekend earlier this month, the Las Vegas Strip saw an extraordinary upsurge of gambling. Can it last? Who knows. It’s as unexpected as it is welcome, coming after six straight months of decline. Strip casinos erupted 22.5%, hitting $840 million. Statewide, casinos jumped 12.5% for over $1.4 billion.
Continue reading Strip explodes in January
But first, a quickie Oscar update. A major upset appears to be brewing in Hollywood. Last night, Conclave took Best Ensemble at the Screen Actors Guild Awards. Why is this significant? Because this award has foretold four of the last five Best Picture winners at the Academy Awards (Parasite, CODA, Everything Everywhere All At Once, Oppenheimer). So we’re pushing our chips to the middle of the table and saying put them on Conclave (+225). Also, I’m Still Here has pulled (decisively?) ahead of Emilia Perez for Best International Feature, -140 to +110. Now, back to our regularly scheduled programming …
Continue reading Back to business …If you feared an Emilia Perez sweep after its staggering 13 Academy Award nominations, fret not. This year’s Oscars looks like it’s going to be one of those years where there’s a little something for everybody, unlike last year’s Oppenheimer juggernaut. Indeed, Emilia Perez has gone into a spectacular odds eclipse and will be hard-pressed to take home more than one or two little gold men. Instead, in a moment of head-shaking WTF, the odds-on favorite for Best Picture is …
Continue reading Fearless Oscar forecast
OK, so sports betting got walloped. Other than that, Atlantic City had nothing to complain about last month. January casino revenues hit $210 million, 2% better than the year before and 18.5% higher than in 2019. Evidently Covid-19 sharpened gamblers’ appreciation for the Boardwalk. iGaming actually outstripped brick-and-mortar casinos with $221.5 million. Are we starting to see a day when iGaming will be so ubiquitous and prosperous that land-based casinos become glorious (expensive) anachronisms? We sure hope not … but take nothing for granted.
Continue reading Atlantic City warms up
Inclement weather notwithstanding, Americans turned out to gamble last month. A late-2024 softening in casino takings firmed up with the new year, as play continued at levels so elevated they are sometimes hard to credit. For instance, Illinois had the first gains we could believe in quite a long time. Casinos won 10% more than early last year and even 1% more than in 2019, on a same-store basis. When new, hit Wind Creek Southland was factored in, winnings shot up 21% year/year and an astounding 52% from 2019.
Continue reading A January thaw
Today, something non-controversial AND quantifiable. Boyd Gaming was the first major casino company to report 4Q24 earnings and no wonder why: The numbers impressed Wall Street. Even before the earnings call, Jefferies Equity Research analyst David Katz opined that “the breadth of development projects in its pipeline, which we anticipate will generate growth over time, and focus on capital returns should provide a catalyst for shares.” As the value of Boyd’s 5% stake in FanDuel continues to accrue, he wrote, and year/year comparisons in Las Vegas ease, Boyd will continue to outperform its rivals, especially with its project pipeline in Virginia and Sin City.
Continue reading Buoyant Boyd, solid Station
It didn’t take long for Dr. Miriam Adelson to become the most hated person in Dallas, possibly even in all of Texas. In a move of apparent perversity, she shipped star Dallas Mavericks player Luka Doncic off to the Los Angeles Lakers in return for one older, oft-injured player, sabotaging Mavs fans’ hopes in the process. As 27% owner of the Mavericks, Mark Cuban has to wear some of the opprobrium for this but the majority of the ownership (and blame) are securely Mrs. Adelson’s, proving yet again that there’s nothing worse than a rich idiot.
Continue reading How the Grinch stole Dallas
America’s most famous son-in-law, Jared Kushner, evidently has faith in Atlantic City as a place to live. His Kushner Properties has acquired a $2 million, seven-acre plot of land near Absecon Inlet, with a view to erecting 180 townhomes. This is the latest of several plans for the acreage, none of which have come to pass. We hope Kushner has better luck than his predecessors.
Continue reading Atlantic City bulletins & other news
Bally’s Chicago lurches from crisis to calamity. Its latest misfortune would be aggravating were it not so perversely funny. Although Bally’s Corp. is shaking practically every tree in Christendom in its desperation for money, a group of cranks feels left out of this sucker bet. A couple of Texas crackers, Richard Fisher and Phillip Aronoff, are suing Bally’s, claiming their rights as white men are being violated by not being able to put money into this boondoggle. Fools and their money …
Continue reading Grumpy old men
First, the good news. Statewide, gambling revenues in Nevada were up 2% last month, halting a five-month skid. However, there was no relief from decline on the Las Vegas Strip, where the take was down 2.5%. If you’re searching for a silver lining in that, Deutsche Bank had expected an 8% drop. Whew. The main culprit for the Strip’s continued declivity was baccarat. That notoriously volatile game saw house winnings plummet 10% on 4.5% less money wagered and looser hold.
Continue reading Vegas, we have a problem