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Ida hits coastal casinos; Case Bets

Gulf Coast casinos are currently weathering Hurricane Ida and can be optimistic—at least in Mississippi—that it will not be a replay of Hurricane Katrina, now that all the coastal casinos are onshore. However, garages are flooding and casino doors are being sandbagged and reinforced, so this isn’t being taken lately. Most Biloxi-area casinos were proactive about shutting down on Saturday afternoon, although tardy responses from Golden Nugget and Island View Casino are to be noted. We’ll provide further news as it arrives but Ida’s bark appears to have been worse than her bite, thank God.

Two sports betting licenses remain up for grabs in Arizona. But the full tribal complement of 10 has been issued by Gov. Doug Ducey (R). Winners include WynnBET (San Carlos Apache Tribe), Westgate Las Vegas (Fort Mojave Indian Tribe), Golden Nugget (Hualapai Tribe), Tonto Apache (Churchill Downs), two tribes going with no-name outfits and four tribes—including the doughty Tohono O’odham nation, flying solo. Sports teams dealt in included the Arizona Cardinals (BetMGM), the Arizona Diamondbacks (William Hill), the Phoenix Suns (FanDuel), the Phoenix Mercury (Bally’s Corp.), TPC Scottsdale (DraftKings), Phoenix Speedway (Penn National Gaming), the Arizona Rattlers (Rush Street Interactive) and the presently unaffiliated Phoenix Coyotes. Left out in the cold is the Gila River Indian Nation, which partnered with BetMGM but to no avail.

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Strip sets all-time record

Could last month’s Las Vegas Strip revenues really have been 46.5% higher than in July 2019? That’s what Wall Street analysts are telling us (Deutsche Bank‘s Carlo Santarelli says he only anticipated +5%) and there’s no reason to doubt them. The $794 million haul is an all-time monthly record for the Strip and a 30% explosion over June’s numbers. The previous all-time high, set in February 2013, was exceeded by $100 million. Locals-derived revenue was much less than expected but still up an impressive 13.5%. The $241 million locals gross would have been fatter had July not ended on a Saturday, leaving some slot lucre still in the hoppers (traditionally dumped on Mondays). Back on the Strip, slot coin-in leapt 36%, for win of $409.5 million. Table play rose 38% and win was up 31% to $226 million, despite lower hold. All-important baccarat saw increased wagering (+25%) and a lucky house, as win rocketed 114.5% upward (on significantly higher hold).

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Colin Jones (S1 E9): Knockout KISS

At the Blackjack Ball one year, Tommy Hyland came up to me saying he had a question. The preface “I have a question for you” is always a little unnerving, especially coming from someone you don’t talk to very often. So then he asked me … [wait for it …]

“Why do you recommend KO?”

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Why is There a Difference?

You’re playing dollar Double Double Bonus with progressives on both the royal and aces with a kicker (AWAK). On the hands we’re going to talk about today, the only thing that matters are quads and full houses, so assume AWAK pays $2,200 and a full house pays $45. If you’re not familiar with the game, trips pay $15 and aces with the fifth card not being a 2, 3, or 4 pay $800.

I’ll start with the three hands in question, where suits don’t matter:

  1. AAA45
  2. AAA44
  3. AAA43
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Bargains galore at Caesars; Station savages Culinary; Mega-Jottings

Caesars Entertainment is holding a fare sale across its non-Las Vegas properties, a possible signal that the stimulus-fueled recovery may be cooling (in economics, what goes up must come down). In Atlantic City you have your choice of such starting prices at $54/night at Harrah’s Resort, $59 at Tropicana Atlantic City and $64 at Caesars Atlantic City. Elsewhere in the Roman Empire the bargain destination is Tropicana Laughlin at $35/night. Surprisingly pricey is Harrah’s Cherokee at $169. Up there on the price ladder are Lumiere Place ($159), Isle Waterloo ($105) and Isle of Capri Boonville ($99). Bargain hunters have their choice of—ick!—Circus Circus Reno‘s $39 but we’d advise spending a bit more and staying down the street at Silver Legacy for $49. Harvey’s Lake Tahoe is wallet-friendly at $49, as is Harrah’s Gulf Coast at $75. With prices like those who needs Vegas, especially right now?

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Lake Charles leads Louisiana; Caesars welcomes super-spreaders

Louisiana casino revenues continue to march upward, gaining 10% over 2019 in July. The statewide gross was $222 million. Business was especially lively in Baton Rouge, up 32%. That was propelled by L’Auberge Baton Rouge, vaulting 41% to $16 million. Hollywood Baton Rouge leapt 37% to $6 million but Belle of Baton Rouge sank further, down 30% to a measly $1.5 million. New Orleans was also jet-propelled, up 17%, led by Harrah’s New Orleans, up 26% to $26 million, while Boomtown New Orleans jumped 25% to $11 million. Only Treasure Chest was revenue-negative, down 4.5% to $8 million. Amelia Belle was flat at $3.5 million, while Fair Grounds racino climbed 9.5% to $4 million.

Lake Charles was easily tops in dollar volume ($80 million), with L’Auberge du Lac ($32 million) very slightly besting Golden Nugget Lake Charles ($31.5 million), jumping 29.5% versus the Nugget’s +12.5%. Delta Downs gained 9% to $16.5 million. Moving over to Shreveport/Bossier City, in the last month before Shreveport’s smoking ban, Margaritaville continues to lead with $18 million (+24%), followed by Horseshoe Bossier City‘s $15 million (-3%) and Eldorado Shreveport‘s $11 million (+14.5%). Also playing were Boomtown Bossier City ($4.5 million, +8%), Sam’s Town ($5.5 million, -15.5%—are the smokers fleeing already?) and Louisiana Downs ($4.5 million, +21%). Rural Evangeline Downs grossed $7.5 million, up 11%.

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CC by KK at XV

By Jeff Leatherock, guest contributor

CityCenter, the last and largest Las Vegas project by Las Vegas’ largest builder nears 15 years old. The concept probably started before 2006 and completion was a few years later. So, claiming 15 kinda fits in a lazy fashion.

Kirk Kerkorian was the most active and largest developer of Las Vegas casino properties in history. He liked to “go large”. His list of “largest” includes the International (currently Westgate) in 1969; the first MGM Grand (currently Bally’s) in 1973; the current MGM Grand in 1994, which were each the “largest hotel on earth” at the time of their construction. He then embarked on the “largest privately funded construction development in America” with “Project CityCenter” in the early 2000s. Kerkorian was in his 90s at the launch of CityCenter, so I think it is safe to say he never lacked for financial courage, vision or hope for the future.

CityCenter was planned for roughly 75 acres bounded by Las Vegas Boulevard on the east, I-15 on the west, Monte Carlo Hotel & Casino (now Park MGM) on the south, and parts of the Cosmopolitan, Jockey Club and Bellagio on the north.

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Competitive vitality in Pennsylvania; The politics of casinos

Philadelphia Not-So-Live?

Pennsylvania was late to the casino-recovery party but it’s finally arrived, up 1% in July over 2019 for a gross of $310 million, of which $223 million was won at the slots. The good news may be short-lived, in that Hollywood York opened on August 12, contributing to the saturation of casinos we are seeing in the Keystone State. Parx Casino was way out in front of everybody else, grossing $58.5 million for a 14.5% gain. Elsewhere in the Philadelphia market, Rivers Philadelphia regained the edge on Philadelphia Live, winning $23.5 million, an 8% decline from 2019 but much better than in recent months. The Cordish Gaming competitor slipped to $22 million but bested Harrah’s Philadelphia‘s $17 million (-15%) while Valley Forge Resort Casino dipped 2% to $11.5 million.

In the Pittsburgh area, Pittsburgh Live garnered $10 million while Rivers Pittsburgh gained a percentage point to $33 million but The Meadows slid 10.5% to $18 million. Elsewhere, Mohegan Sun at Pocono Downs was up 7% to $20.5 million, Wind Creek Bethlehem slipped 6% but posted an impressive $42.5 million and Mount Airy netted $20 million in a 21% leap. Presque Isle Downs gained 7% to $12 million, Hollywood Penn National dipped 4.5% to $19.5 million and luckless Lady Luck Nemacolin fell 22% to $2.5 million.

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What is an AP?—Part II

[Colin Jones Season 1 will resume next time!]

Previously, we asked the question, “What is an AP?” As an example, I threw out for debate the machine player who learns a few fun facts on Twitter and then wanders around the casino picking up money as a button-pushing zombie. As kids, maybe as early as age 5, my brother and I would look in the coin returns of vending machines and pinball machines, and underneath the washers at the laundromat (those coins get yucky, no TITO!). Doesn’t every kid do that? I wouldn’t call that activity AP, and isn’t that exactly what some machine players are doing today?

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Atlantic City catches up; MGM confronts Covid; AAA salutes Circa

It took a while but the Boardwalk is finally even with 2019 numbers. July saw a gambling gross of $277 million, flat with two years ago. Slot win was up 6% on 2% more coin-in but tables declined 14% on only 3% less wagering. Luck was not with the house. That was especially true of Borgata ($64 million), which absorbed a body blow in the form of a 21% decline, driven by a near-cataclysmic 46% plunge in table win on 27% less play. Tighter hold held Borgata slots to only a 6% dip despite 14% less coin-in. The Caesars Entertainment Cerberus was 1% up, with table win 4% higher on 7% greater wagering, while slots were flat (and much tighter) with coin-in down 2%. Individually, Caesars Atlantic City grossed $26 million, a 4.5% gain, Harrah’s Resort slipped 2% to $29 million and Tropicana Atlantic City gained 2% to $29.5 million.

Bally’s Atlantic City was down 8.5% to $16 million and Golden Nugget fell 20% to $15.5 million. At the other end of the spectrum, Ocean Casino Resort shot up 58% to $30 million and Hard Rock Atlantic City solidified its hold on second place with $48 million (+23%). Also revenue-positive was Resorts Atlantic City, up 5.5% to $18.5 million.

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