Category: Casino News

Posted on by — 2 Comments

Storm in Atlantic City; Big trouble for sports betting

All was not sunny at Borgata last weekend. Our Atlantic City correspondent writes, “When we were driving back to Borgata, heavy rain started. As we pulled into MGM valet intake the wind was getting stronger. The luggage carts were starting to roll around, so the valet people took quick action and knocked the luggage carts over into the nearby grassy area to keep them from hitting parked cars. The wind got extremely strong, and started to make the parked cars rock back and forth, including ours, and we even felt some ‘lift.’

Continue reading Storm in Atlantic City; Big trouble for sports betting
Posted on by — 5 Comments

Caesars meets The Street; NYC shuffle; Shreveport switcheroo

Caesars Entertainment CEO Tom Reeg and Senior Vice President of Corporate Finance Brian Agnew just sat down with Deutsche Bank analyst Carlo Santarelli, who came away sufficiently impressed with the Roman Empire to maintain a “Buy” rating on CZR. Santarelli found the execs “largely balanced and consistent,” their top priority being to reduce debt at the company, which definitely should be Job One. Other leading concerns are “operational prudence” and online execution. The analyst was pleased with “stable operations, underpinned by continued strength in Las Vegas,” as well as by continued traction towards profitability and growth in the Digital business.”

Continue reading Caesars meets The Street; NYC shuffle; Shreveport switcheroo
Posted on by — 1 Comment

Under Southern skies; Presidential casino players

Photo: Courtesy of Shutterstock

Truist Securities analyst Barry Jonas took a swing through Dixie casinos last month and had quite a bit to report. He hit the New Orleans, Lake Charles, Baton Rouge and Biloxi markets, his primary takeaway being that operators are consistent and resilient, and the macroeconomic impact “has been limited.” Horseshoe Lake Charles is reported to be growing that market, whilst impacting incumbent operators “less than we feared” (as already noted in these pages). As for macroeconomic impact, “The only notable softness appears to be with more value-oriented, lower-to mid-tier customers in select (but not all) markets.” Jonas partly blamed said softness on lower tax refunds (-11%) this year. He “also heard enthusiasm over social security cost of living increases and higher interest rates on savings flowing to discretionary spend for the older demographic.”

Continue reading Under Southern skies; Presidential casino players
Posted on by — Leave a comment

MGM owns Ohio; NY Lege owns sports books; Texas jolt

Ohio casino tallies jumped 10% last month, hitting $197 million. It was a decisive win for MGM Northfield Park, which outstripped the competition by grossing $25.5 million, an impressive feat for a casino with *no* table games. Jack Cleveland continues to surge, hitting $23 million (+13%) and surpassing the two Penn Entertainment casinos, so dominant for so long. Hollywood Columbus climbed 16% to reach $21.5 million and Hollywood Toledo nudged up 2.5% to gross $18.5 million. The last of the non-racino properties, Hard Rock Cincinnati, was up 6.5% to $20 million. The heat-up of Jack Cleveland didn’t hurt Jack Thistledown‘s cause, as the racino hopped 8% to $15.5 million. Scioto Downs grossed $20 million, an 11% leap, while Miami Valley Gaming delivered $20 million for co-owner Churchill Downs, a 14% vault. Belterra Park hung in there with $7 million (+2.5%), whilst Hollywood Dayton was up 8.5% to $13 million and perennial overachiever Hollywood Mahoning Valley netted $13.5 million in an 8% hop. As you’ve undoubtedly noticed, no one was revenue-negative, praise be.

Continue reading MGM owns Ohio; NY Lege owns sports books; Texas jolt
Posted on by — 1 Comment

Crime and punishment

Former casino overlord Donald Trump is monopolizing the headlines today but let’s not let him have all the fun. There’s plenty of other gaming-related news today. First and foremost, in the same week that Nashville has seen the latest in an endless series of mass shootings, our attention is drawn back to the Mandalay Bay Massacre, one of the worst. Seemingly every news outlet in the country has gotten ahold of the FBI report on shooter Stephen Paddock. Even though Paddock cased possible shooting sites from San Francisco to Boston, the G-men put down his Las Vegas outburst to a fit of pique. (Kudos to the Wall Street Journal for getting the feds to give up the goods.) A witness told G-Men that “was not treating Paddock well because a player of his status should have been in a higher floor in a penthouse suite.” Yup, that’ll really cause people to go postal. Happens every day.

Continue reading Crime and punishment
Posted on by — 3 Comments

Atlantic City dispatches; Sports betting meltdown?

Our East Coast correspondent had a good experience at Ocean Casino Resort last weekend. It started with no line at the “Prime” players-club check-in … although it was a quite a different (and worse) story if you fell into a lower player tier. Ocean rewards guests who “go green” (i.e., opt out of maid service) with a $20 F&B credit. “So our Saturday morning breakfast sandwiches were a few cents short of free. When we checked out, our balance due was $0.26 total. The employee asked if he should use ‘comps’ for the balance, but I paid cash.” Incidentally, Bart Blatstein holds several vacant lots in Ocean’s vicinty, but has announced no plans for them.

Continue reading Atlantic City dispatches; Sports betting meltdown?
Posted on by — Leave a comment

Big month for Strip; Miller’s rapid response; Titus time

Gambling grosses were ultra-boffo on the Las Vegas Strip last month, up 19% over the year previous and leaving 2019 in the dust, +25%. Locals casinos didn’t fare too badly, either if not as spectacularly as their Strip brethren: up 4.5%. Strip casinos went “Kaboom!” with $712.5 million in the bank. Strip slots were tight, as 11% more coin-in yielded 16% greater casino win, for $390.5 million. Table game players also played poorly, luck being with the house to the tune of $223 million, an 11% improvement on flat wagering. Baccarat was back with a vengeance, as 20% more was played and the house took whales to the cleaners, to the tune of a 59.5% improvement in win, despite looser-than-usual hold.

Continue reading Big month for Strip; Miller’s rapid response; Titus time
Posted on by — 2 Comments

Tilman keeps his cool; New Jersey woes; Mega-Jottings

Don’t hold your breath if you’re waiting for Tilman Fertitta to break ground on what will probably be a Post Oak Hotel on the Las Vegas Strip. The mogul is keeping his powder dry, or as Truist Securities analyst Barry Jonas summarized him, “No firm start date has been set, and management is willing to wait for clarity on economic conditions.” That could be a long wait. Already Fertitta’s high-end-dining business is softening, though Tilman expects his Joe Sixpack customers to be most affected by any economic downturn. And if you were wondering whether Tilman would expend any of his considerable political capital on behalf of Texas casino legalization, the answer appears to be no. Fertitta kept mum on the subject, beyond saying that Texas tribal casinos wouldn’t hurt his Lake Charles business, which hardly comes as a shocking analysis.

Continue reading Tilman keeps his cool; New Jersey woes; Mega-Jottings
Posted on by — 2 Comments

East Coast report; “Best growth story in gaming” is who?

As we rummage through our mailbag, we find a number of dispatches from our East Coast correspondent, who recently helped prop up the Golden Nugget in Atlantic City with a three-night stay. He was drawn by a giveaway at Ocean Casino Resort (above): “They were having this odd gift of an ‘outdoor folding stool.’ Of course we had to have one. This week Boscov‘s (regional department store) had this ad showing the true value of the item: $4.99, with making a $15 purchase. I never knew the Illitch Family was so generous.” Throw in a mingy $30 of free play and it’s still not a George offer. That’s not how you get to number-one status, Ocean.

Speaking of promotions, Bally’s Atlantic City is touting “another free dinner at Guy Fieri’s, and a ‘meet and greet’ with someone from the Godfather film with drinks and prizes, including five violin-shaped vodka bottles.” That throws down the gauntlet to the Nugget, which is responding with “a ‘cocktail party’ with drinks and prizes (but no food). I can understand with the high price of food and ‘supply chain issues’. Perhaps Tilman Fertitta could ask Golden Nugget’s employees to go to some ‘food pantries’ and try and get some food for Nugget’s Elite level players.”

Continue reading East Coast report; “Best growth story in gaming” is who?