Category: Casino News

Despite only grossing $7.5 million last month, Horseshoe Lake Charles was the difference between an unadjusted, 6% decline in gambling revenue for Louisiana and a same-store, 10% declivity (lagging prosperous 2019 by 4%). Even so, the country’s most adverse casino state was led by L’Auberge du Lac ($27 million, -13%), enjoying a temporary edge on Golden Nugget ($26 million, -18%), although Horseshoe is taking a big chomp out of both their backsides. Delta Downs didn’t get through unscathed, either, down 12% to $14 million. The reinvention of Harrah’s New Orleans into a Caesars continues slowly, very slowly, with the casino raking in $17.5 million in July, a 23% plunge. Nobody else seems to have picked up significant business, given that Treasure Chest was off 14% to $7 million and Boomtown New Orleans faded 13% to $9 million. Fair Grounds racino grossed $3 million (-14.5%), Amelia Belle did the same (-12.5%), whilst Evangeline Downs actually went 4% higher to $6.5 million. It’s good to see somebody improving in the Bayou State.

Continue reading Horseshoe can’t save Louisiana; Big Brother returns

Gambling revenues have been so overheated since the pandemic that some kind of market correction was overdue. The much-vaunted recession having failed to manifest itself, the gloom-and-doom crowd on Wall Street must content itself with small retreats in casino winnings. Case in point, Atlantic City. The Boardwalk was down 3% last month to $290 million—but still comfortably 5% higher than it was in July 2019, a halcyon period. The month was highlighted by a rare reversal of fortune for Ocean Casino Resort (pictured), down 6.5% to $38 million.

Overall, casinos were carried by usual suspects like Borgata ($78.5 million, up 2.5%) and Hard Rock Atlantic City ($53 million, flat) and an unusual one: Bally’s Atlantic City, up 2% to $17 million. The doghouse was occupied by Golden Nugget, down 3.5% to $14 million, though not for lacking of trying by Resorts Atlantic City, plunging 16% to $15 million. That leaves the Caesars Entertainment threesome, wherein Caesars Atlantic City ceded a percentage point to reach $25 million, just a hairsbreadth behind Harrah’s Resort ($25 million, -4.5%), while Tropicana Atlantic City tumbled 13.5%, landing at $24 million. Incidentally, Caesars has long since eliminated the volatility at its eponymous casino, whose revenues used to be as elastic as a Slinky.

Continue reading Gambling returns to normality; Boyd’s low-cost charity

Sounding pleased with Wynn Resorts (“Upside across the board”), J.P. Morgan analyst Joseph Greff lauded its 2Q23 performance as “solid,” without budging from his “Overweight” rating or $142/share price target. That’s despite Wynn blowing past Greff’s cash-flow estimates for Macao, Las Vegas and Boston. Lower-than-usual hold in mass-market play undid better-than-usual retention of VIP gambling money in Macao but surpassed cash-flow projections by at least $10 million. Mass-market table action hit 91% of pre-Covid levels, as the enclave continues its faster than expected comeback. Retail sales were described as “strong,” while Wynn’s Macanese hotels ran at 96% occupancy.

Also firing on all cylinders was Wynncore, which scored better-than-expected marks in gambling, room rates, F&B and even the troubled entertainment program. Las Vegas-derived revenues of $578 million far overshot Wall Street‘s anticipation. Ditto cash flow. Room rates were an astronomical $462/night as “the high end continues to outperform.” While slot coin-in was but 88% of 2Q19 altitudes, table games more than compensates, seeing 127% as much wagering.

Continue reading Macao powers Wynn; Indiana down, Missouri flat