Category: Casino News

Don’t look now, Las Vegas but we may have another failsino on our hands. Construction has ground to a total halt on Dream, the south-Strip resort project that looked like a sure thing not so long ago. Developer Bill Shopoff is as much as $30 million in hock, stalling work on Dream. Shopoff is evidently renegotiating with his principal lender, for reasons undisclosed. (Cost overruns?) With a budgetary cap of $575 million, Dream has been proceeding so far from cash on hand, leaving it $400 million-plus short of the finish line. That’d require a “bridge loan” big enough to span Long Island Sound.

Gambling revenues inched upward in New Jersey, plus 1% statewide, mainly driven by Internet casinos (+9%). In Atlantic City, slot winnings rose 3.5% to ($159 million) on 4% more coin-in but tables slipped 4.5% to $54 million as wagering dipped 1%. The comp-sweating Golden Nugget tumbled 14% to $11 million, tightening its stranglehold on last place, well behind Bally’s Atlantic City ($12 million and an impressive +14%) and Resorts Atlantic City ($12.5 million, -2%). Borgata put even more distance between itself and the competition, up 9% to $57.5 million. Hard Rock Atlantic City was flat and way back at $37.5 million. Ocean Casino Resort slid 11.5% to $26 million. Does the Illitch Family still fantasize about having the top casino in A.C.? That leaves the Caesars Entertainment triumvirate, led by Harrah’s Resort‘s $21.5 million (+8%), lagged by Caesars Atlantic City ($19 million, +1.5%) and the Tropicana Atlantic City with $17 million, flat in February.

Maryland aside, gambling revenues continue to trend upward. Even in Iowa, where they nudged only 1% higher from last year (undoubtedly due to new competition from Nebraska) but were high heavens (+38%) over 2019, aka the good old days. Indiana’s gain was also a modest 1% from 2022 for a $199 million haul. Hard Rock Northern Indiana surged 9% to $34.5 million, while Horseshoe Hammond‘s decline slowed to 1.5%, bagging $28 million. Ameristar East Chicago slid 8% to $16.5 million and Blue Chip was up 4.5% to $11 million. To the south, Horseshoe Indianapolis galloped 8% faster, winning $26 million, while Harrah’s Hoosier Downs cantered +1.5% to $17.5 million.

Best of the non-racinos (other than Horseshoe Hammond) was Caesars Southern Indiana, grossing $21.5 million for a 9.5% gain. Bally’s Evansville peaked at $14 million and a couple of its competitors got hit hard. Rising Star fell 20.5% to $3 million and Hollywood Lawrenceburg tumbled 14% to $13 million. Belterra Resort rounded out the unfortunates, down 7.5% to $6.5 million. French Lick Resort climbed 8.5% to $6.5 million, enabling us to end on a positive note.

February was moderately unkind to Maryland casinos, which were down 3.5% from last year to reach $157 million. Top-grosser of course was MGM National Harbor, flat at $65.5 million. Reliable runner-up Maryland Live was close behind at $56 million, but suffered a 6% drop. Horseshoe Baltimore faded 8% to $16 million, which seems to be the floor but also very near the ceiling for this casino. The only revenue-positive casino was Ocean Downs, up 4% to $7 million, so owner Churchill Downs knows something everyone else doesn’t. Hollywood Perryville slid 7% to $7 million and Rocky Gap Resort was down 3% to $5 million. Are we entering a cooling-off period? It’s still too soon to say.

Lest we should get all warm and fuzzy about Blackstone Group, second-largest landowner on the Las Vegas Strip, here’s a bracing reminder of how it got to be where it is today.