{"id":29593,"date":"2021-05-19T11:06:56","date_gmt":"2021-05-19T19:06:56","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=29593"},"modified":"2023-09-26T14:56:30","modified_gmt":"2023-09-26T22:56:30","slug":"louisiana-advances-pennsylvania-recedes","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/louisiana-advances-pennsylvania-recedes\/","title":{"rendered":"Louisiana advances, Pennsylvania recedes"},"content":{"rendered":"\n
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Casino revenues in Louisiana<\/strong> enjoyed a big bounce last month, up 18% to $236 million, a substantial increase over 2019 levels. Mind you, that number was achieved without<\/em> two casinos that were operational in 2019, Diamond Jacks<\/strong> and Isle Grand Palais<\/strong>. The former succumbed to Coronavirus<\/strong> shutdown, the latter to Hurricane Laura<\/strong>. All markets showed strength, especially Shreveport<\/strong>\/Bossier City<\/strong>, so we will start there. Except for a 14% boost at Horseshoe Bossier City<\/strong> (pictured<\/em>, $16 million), the increases were eye-popping. Margaritaville<\/strong> rocketed 56% to $20 million and Eldorado Shreveport<\/strong> vaulted 46% to $13 million. (Watch out, Horseshoe: You’re closer to third place than first.) Boomtown Bossier<\/strong> jumped 27% to $5.5 million and Harrah’s Horseshoe Downs<\/strong> hopped 52% to $5 million. Only Sam’s Town<\/strong>, flat at $6 million, got left out of the party.<\/p>\n\n\n\n

New Orleans<\/strong> finally caught a break, with everybody revenue-positive except Treasure Chest<\/strong> (flat-chested at $9 million). Harrah’s New Orleans<\/strong> may have ‘only’ nudged up 7% but it led the market with $25 million, distantly followed by Boomtown New Orleans<\/strong>‘ $13 million (up 37.5%). Fair Grounds<\/strong> racino\u2014one of the few tracks from which Bob Baffert<\/strong> has not been banned\u2014leapt 31% to $4.5 million and Amelia Belle<\/strong> gained 12% to $4 million. In Baton Rouge<\/strong> it was pretty much the usual narrative. Belle of Baton Rouge<\/strong> sank 25.5% to $2 million, Hollywood Baton Rouge<\/strong>‘s $6.5 million was good for +9.5% and L’Auberge Baton Rouge<\/strong> ruled the roost with $18 million and a 35.5% gain. Outlying Evangeline Downs<\/strong> policed up $8.5 million, a climb of 27%.<\/p>\n\n\n\n\n\n\n\n

In the state’s most lucrative market, Golden Nugget Lake Charles<\/strong> ($32 million, +34.5%) elbowed aside L’Auberge du Lac<\/strong> ($31.5 million), despite the latter coming on 35%. That left Delta Downs<\/strong>, up 13% to $17 million. There was good news across the state for almost everyone. As for Belle of Baton Rouge, isn’t it time to open the sea cocks and let her settle into Davey Jones’ Locker?<\/p>\n\n\n\n

While recovery was the word of the month in Louisiana, Pennsylvania<\/strong> casinos weren’t feeling the love from players. Revenues were down 10% to $279 million, with slots 9% off the 20019 pace and tables ($29.5 million) down 12%. The presence of a pair of new casinos arguably makes the picture look better than it really was. In the Philadelphia<\/strong> area, newbie Philadelphia Live<\/strong> grossed $21 million, impressive until you see Rivers Philadelphia<\/strong> hanging on with almost $21 million of its own (-27%). Harrah’s Philadelphia<\/strong> did $16.5 million (-17%) and Valley Forge Resort Casino<\/strong> grossed $11 million (-6%). For a casino that was supposed to be a category-killer, Philadelphia Live is having a hard time breaking out of the pack. Meanwhile, Parx Casino<\/strong> floated serenely above the fray with $56 million and a 9% gain.<\/p>\n\n\n\n

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Pittsburgh Live<\/strong> continued auspiciously, banking $8 million, as competitors Rivers Pittsburgh<\/strong> ($28 million, -11.5%) and The Meadows<\/strong> ($15 million, -22%) felt a nip in their numbers. Elsewhere, Wind Creek Bethelehem<\/strong> grossed $36.5 million (-22%), Mohegan Sun at Pocono Downs<\/strong> bagged $18 million (-5%) and Presque Isle Downs<\/strong> netted $10 million (-12%). Mount Airy Casino<\/strong> was one of the few gainers, up 13% to $16 million, luck not shared by Hollywood Penn National<\/strong>, down 5.5% to $19.5 million, while Lady Luck Nemacolin<\/strong> ceded 11.5% to $2 million.<\/p>\n\n\n\n

Sports-betting handle was $479.5 million. Books would have made out like bandits were it not for $10 million in promotions, leaving a still-impressive $36 million in revenue. Credit Suisse<\/strong> analyst Ben Chaiken<\/strong> dissented, calling the numbers “uninspiring,” if expected. FanDuel <\/strong>was first in revenue ($11.5 million), then DraftKings<\/strong> a distant second with $5.5 million, then Rush Street Interactive<\/strong>‘s $4 million. JP Morgan<\/strong> analyst Joseph Greff<\/strong> described Barstool Sports<\/strong> revenues (diminished by terrible hold) as “insignificant.” It was, however, third in market share of handle with 12%, besting Rush Street’s 9%. FanDuel remained predominant with 35% ($167.5 million) and DraftKings settled for 22% ($106 million). BetMGM<\/strong> grabbed 13% of handle and Penn National Gaming <\/strong>7.5%. <\/p>\n\n\n\n

Also playing were Parx ($14 million handle, $2 million revenue), Unibet<\/strong>\/Mohegan Sun Pocono ($7 million handle), Betfred<\/strong>\/Wind Creek ($3 million handle), Caesars ($2 million handle) and TwinSpires<\/strong> ($2 million handle). Revenues at the latter four venues were negligible, with Caesars in the red.<\/p>\n\n\n\n

\"\"In search of a silver lining, PlayUSA<\/strong> analyst Dustin Gouker<\/strong> wrote, \u201cWith the Olympics and the NBA Playoffs later than usual this year, this will still be a summer that is better than a typical year. And that could be especially so if [the Philadelphia 76ers<\/strong>] make a deep run into July.” The Sixers and Pittsburgh Penguins<\/strong>, along with the Pittsburgh Pirates<\/strong> and Philadelphia Phillies<\/strong>, were credited with softening a seasonal decline that has been worse in other states, especially Michigan<\/strong> (-30.5%). After all, who’s betting on the Detroit Tigers<\/strong> nowadays? Good news for Pennsylvania sports books was the reinstatement of alcohol at the sports books, which boosted walk-up play, further softening the revenue blow.<\/p>\n\n\n\n

Internet gambling slid down a bit ($5 million or so) from March to $93 million but that was far better than Chaiken’s predicted $80 million. Since it combines BetMGM, DraftKings and Penn under one umbrella, Hollywood Casino held sway with 37.5% market share (or $34 million). Rush Street was second with $27 million and 29%. FanDuel trailed with 16% ($15 million) and Barstool hadn’t yet launched. FoxBet<\/strong>‘s 7% was good for $8 million. Slots\u201468% of revenue\u2014were king\u2014while Mount Airy’s poker monopoly snared $2.5 million. However, the party won’t last long, as it’s being crashed by BetMGM\/Hollywood Grantville<\/strong> and Rivers Philadelphia. It’s been a good run, Mount Airy.<\/p>\n\n\n\n

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Bobby Flay<\/strong> has received a stay of execution at Borgata<\/strong>. He will remain in business until autumn whilst MGM Resorts International<\/strong> scrambles to replace him. Our Atlantic City<\/strong> correspondent reports, “On Saturday, we went to Hard Rock<\/strong> for their 4 p.m. Motown Music<\/em> live show. The tables were set up or two-four people. Even with free tickets, they had some empty tables. We left at 30 minutes\u2014some ‘bar bands’ had better singers. Then to their Legends Lounge for very good food. I won a few $, she paid for the dinner and show a few times over.” Then it was on to the Golden Nugget<\/strong> the next day. “The Lounge no longer had the servers deliver the food to you. You could now go to the food area, and select what you wanted, and they gave you the plate. It greatly reduced the time there. Good food, lost $11.” Can’t ask much more from a casino visit, can you?<\/p>\n\n\n\n

Jottings<\/em><\/strong>: According to WalletHub<\/strong>‘s number crunchers, Salt Lake City<\/strong> is a far better basketball town than Las Vegas<\/strong>. Gotta work on that, NBA<\/strong>. Even so, it’s doubtful Sin City would match Charlotte<\/strong> as the best bargain in the league with its $32.50 average ticket (Charlotte manages to be both wallet-friendly and cosmopolitan) … The Baltimore Ravens<\/strong> have tagged BetMGM<\/strong> as their first official gaming partner. In addition to the inevitable signage, there will be a special MGM hospitality suite, as well as Ravens-specific marketing campaigns. Read it and weep, Horseshoe Baltimore<\/strong> … Kudos to Graton Resort & Rancheria<\/strong> for unilaterally raising the minimum hourly wage<\/a> to $18.50. It’s the right thing to do and further evidence of gaming leading from the front where living wages are concerned … The sharks are circling the Trump Organization<\/strong>. Criminal charges<\/a> are now being explored in New York State<\/strong>, although we doubt forensic accounts are “pouring [sic<\/em>]” through Trump tax documentation … Large-scale concerts return to Mohegan Sun<\/strong> on July 18, starting with Air Supply<\/strong>. The WNBA<\/strong>‘s Connecticut Sun<\/strong> has already resumed home games at the casino, starting 2-0.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casino revenues in Louisiana enjoyed a big bounce last month, up 18% to $236 million, a substantial increase over 2019 levels. Mind you, that number was achieved without two casinos that were operational in 2019, Diamond Jacks and Isle Grand Palais. The former succumbed to Coronavirus shutdown, the latter to Hurricane Laura. All markets showed […]<\/p>\n","protected":false},"author":83928,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1728],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/29593"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/users\/83928"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/comments?post=29593"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/29593\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=29593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=29593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=29593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}