Category: Casino News

Given the high hopes that preceded it, Bally’s Casino in downtown Chicago is no better than a succes d’estime. Whereas then-mayor Lori Lightfoot (D) had penciled in $12 million in 2023 tax revenues, Bally’s Medinah Temple crib is on pace to realize just over half that, having passed along just $5 million through November. Betting the Windy City’s fortunes on an urban casino was always a risky wager and it seems to be crapping out. Revenues at the temporary casino last month were $7.5 million, flat with October. On the upside, admissions to the casino rose to 86K (a 4% sequential increase), as players left $88 a head behind them. That puts Bally’s in the number-two spot in the state.

Continue reading Bad news in Illinois; Miriam Adelson, shill

Corruption seems to be endemic to politics in Chicago and it’s caught up with the deal that juiced Bally’s Corp. into a Windy City casino. Nothing about the arrangement passed the smell test save that Bally’s had the most plausible of three (unappealing) proposals for a Chicago megaresort. After setting up a selection process, then-Mayor Lori Lightfoot (D) unilaterally short-circuited it by choosing Bally’s hors concours, without apparent consideration of long-shot bids by Rush Street Gaming and Hard Rock International. The deciding factor was a legitimized form of bribery, Bally’s promise of at least $40 million in upfront money in return for getting the nod. Neither of the other contestants was so crass. If they were it might have worked out in their favor. And Bally’s got steered at the last minute to the temporary-casino site of Medinah Temple, which oh-so-coincidentally happened to be owned by a major Lightfoot backer. Nothing to see, right?

Continue reading Bally’s deal probed; Peace in Detroit

Formula One numbers will have to wait. The data of the day is Nevada‘s casino performance in October. It was good for the Las Vegas Strip, up 1%, but even better at the locals casinos, which rose 6% from 2022. Slot play on the Strip was fairly stagnant, with both win ($406 million) and coin-in down 1%. Table games sagged 6% to $219 million, driven by 12% less wagering. Baccarat, however, came to the rescue with $90 million won (+43%) as players wagered $589 million (+20%). Slots were tighter off the Strip, with 1.5% less coin-in still translated to win of $212 million (+5.5%). Table revenue was but $49 million, which represented a 7% increase. Statewide, casinos took in $1.3 billion, a 3% improvement.

Continue reading Locals lift Vegas; Tex Adelson’s ghost rides again

Business is still strong on the Boardwalk. Casino revenues of $228 million for October in Atlantic City were 3% higher than last year and a healthy 13% more than in 2019 (and still Big Gaming claims that it can’t make money at the shore). Sports betting leapt 18% to revenue of $92 million on $1.3 billion in handle. And i-gaming generated $167 million, a 13% jump. A poor performance at the slots (-14%) translated into a 9% drop for Borgata, closing out the month with $57 million. But that’s nothing compared to the performance of Ocean Casino Resort, which shot ahead of Hard Rock Atlantic City. Ocean grossed $43.5 million, a +53% moonshot. Hard Rock did a not-inconsiderable $41 million, up 6%.

Continue reading Atlantic City surges, PA & LA slide; Peace in Detroit?

That novelty factor wore off quickly for Bally’s Casino in Chicago. The good news for Bally’s Corp. is that the Medinah Temple temporary won $7.5 million last month, good for (distant) fourth place in the state, far behind Rivers Des Plaines. The bad news is for the City of Chicago itself, as the Sun Times reports that the number is “well behind city tax revenue projections for Chicago’s desperately underfunded police and firefighter pensions,” and that the data showed a dropoff from September. There’s also been a 20% decline in visitors. We warned Chicagoans that then-mayor Lori Lightfoot had absurd numbers dancing in her head. If the rescue of those pension funds relies on one casino, they’re screwed, sad to say.

Continue reading Bally’s flags; Midwest malaise; Boardwalk blotter