{"id":841885,"date":"2023-04-17T07:39:37","date_gmt":"2023-04-17T15:39:37","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=32557"},"modified":"2023-09-26T13:23:06","modified_gmt":"2023-09-26T21:23:06","slug":"atlantic-city-still-up-full-house-fuels-diners-japan-payday","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/atlantic-city-still-up-full-house-fuels-diners-japan-payday\/","title":{"rendered":"Atlantic City still up; Full House fuels diners; Japan payday?"},"content":{"rendered":"\n
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Casino revenues were outstripped in New Jersey<\/strong> in March by i-gaming ones, $228.5 million to $253 million. But Atlantic City<\/strong> continued to be healthy, up 5.5%. Slot winnings were 1% higher on flat coin-in but table games did 7% better despite 5% less wagering. Bottom line: Players spent less, lost more. Borgata<\/strong> galloped 12% ahead to $61.5 million (not too shabby for a 20-year-old resort), while Hard Rock Atlantic City<\/strong> remained fairly static, up 2% to $40 million. Ocean Casino Resort<\/strong> vaulted 36% to $34.5 million. In the middle tier (i.e.<\/em>, Caesars Entertainment<\/strong>), the leader was Harrah’s Resort<\/strong>, nudging ahead 3% to $20.5 million. Tropicana Atlantic City<\/strong> wasn’t far behind at $19 million (flat) but Caesars Atlantic City<\/strong> slipped ignominiously to $17 million, down 7%.<\/p>\n\n\n\n\n\n\n\n

As for the grind joints, they all ceded ground, most notably Bally’s Atlantic City<\/strong>, plunging 22% to $10.5 million and distant last place. Oldster Resorts Atlantic City<\/strong> made $13 million, down 2.5%, and Golden Nugget<\/strong> slipped 3% to $12 million. Gamblers obviously decided that if they were going to play, they were going to do it in casinos where quality counts. I-casinos raked in $166 million, leaping 18%, led by DraftKings<\/strong>‘ $56 million, followed by BetMGM<\/strong> and its $44 million. Leftovers went to Caesars ($14.5 million), FanDuel<\/strong> ($17 million) and BetRivers <\/strong>($8.5 million). Despite much managerial ballyhoo, BallyBet <\/strong>failed to show up on the radar but WynnBet<\/strong> ($1.5 million), PointsBet <\/strong>($7 million) and Barstool Sports<\/strong> ($4.5 million) all did.<\/p>\n\n\n\n

Sports betting yielded $93 million out of $1 billion in handle, with FanDuel’s $36 million lapping the field. DraftKings made $28.5 million and nobody else was close. BetMGM brought home $8 million, PointsBet $4 million, Caesars Sportsbook <\/strong>$2 million and Barstool $4 million. BetRivers couldn’t even eke out a million.<\/p>\n\n\n\n

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A wide-ranging coalition<\/a> of New York City<\/strong> interests is ganging up<\/a> on Caesars Entertainment’s proposed Times Square <\/strong>casino. Their argument boils down to a casino equaling fewer tax dollars but more traffic. “Casinos are built to keep visitors inside their doors as long as possible, patronizing their own restaurants, shops and entertainment venues,” the coalition states and that’s certainly true. New York State<\/strong> casino pickers ought to weigh how much business the Caesars proposal would bring to the surrounding area, as opposed to how much it would capture. An amenity-light casino would seem like the one with the best chance of approval. Nor is the casino playing well with the tabloids, both the New York Post<\/em> and New York Daily News<\/em> having weighed in against it.<\/p>\n\n\n\n

Despite a sputtering start<\/a>, The Temporary at American Place<\/strong> in Waukegan<\/strong> may be gaining traction and stimulating business in the area<\/a>. Reports a local newspaper, “another new business began selling to customers nearby in the area around the Fountain Square<\/strong> shopping center and four or five more are in the planning stages.” Since American Place is virtually bereft of amenities in the early going (more are promised a few years hence), this is an opportunity to make hay while the sun shines. Not surprisingly, two of the four new businesses that have been announced are eateries<\/a>. A man can work up a powerful hunger at American Place that the casino itself is ill-positioned to sate. Stated Waukegan Mayor Ann Taylor<\/strong>, \u201cI am very pleased that we have seen significant economic development surrounding the casino.”<\/p>\n\n\n\n

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There is apparently no consequence to abusing one’s relationship with customers, even after being hit with a record fine. William Hill<\/strong> shrugged off<\/a> a 92 million GBP slapdown, saying blithely, \u201cNo further expected impact on our UK operations or revenue expectations arising from the settlement between the Gambling Commission<\/strong> and William Hill announced on 28 March 2023 in relation to historic player safety failings.\u201d Indeed, profits are \u201cto be significantly higher year on year.\u201d Indeed, pre-tax profits are a staggering 218 million GBP<\/a>. Parent company 888 Holdings<\/strong> expressed some pro forma<\/em> remorse, saying, “Significant remedial actions have put the group in a far stronger position from a compliance perspective.” If that’s the case, they’d better not screw up again\u2014and get hit even harder if they do. What may hurt more than epic fine is Premier League<\/strong>‘s unilateral, surprise decision to ban gambling ads from the front of footballers’ shirts. That will pinch 888 and others in the wallet for sure.<\/p>\n\n\n\n

Hardly had MGM Resorts International<\/strong> been approved for an Osaka<\/strong> casino than gaming analysts broke out the loco weed<\/a>. Giddily predicted CB Richard Ellis<\/strong> analysand John DeCree<\/strong>, it would outdraw both<\/em> Singapore<\/strong> megaresorts for gambling revenue and would surpass it in tourism. MGM’s biggest problem, he predicted, would be to build enough hotel rooms to meet demand (despite a puny casino floor). Annual cash flow from Osaka will be $52 million, DeCree estimates, a mingy return on what will (at bottom) be an $8 billion investment.<\/p>\n\n\n\n

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Argues DeCree, \u201cOsaka is one of the largest MSAs … in the world with a population of over 19 million and sees over 12 million foreign tourists per year. The local population in Osaka is three times larger than in Singapore, and while Singapore draws more foreign tourists, Osaka more than makes up for that in domestic tourism. Osaka is a quick 90-minute flight or two-hour bullet train from Tokyo<\/strong>, giving MGM access to an even greater population base with no other domestic casino options potentially for several years.\u201d While early revenue projections (MGM says $3.9 billion, with all but $700 million derived strictly from gambling) leaned heavily on whales from China<\/strong> and South Korea<\/strong>, now the emphasis is on domestic players, something sure to chagrin the paternalistic federal government should it manifest thusly.<\/p>\n\n\n\n

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Although MGM’s revenue forecast is modest compared to DeCree’s (over $5.5 billion in gambling lucre per year), it’s supposedly predicated on a rival Tokyo casino. Is he sure? There’s been no hint of one for years and it would be well behind MGM in the unlikely event it happens. Still, that didn’t discourage DeCree from forecasting a possible $2 billion in yearly cash flow from Osaka (or as much as a 25% ROI). It seems hard to believe but strange things tend to happen in the Pacific Rim. J.P. Morgan<\/strong> analysts, however, are skeptical<\/a>, putting their chips on Macao<\/strong> for the foreseeable future. So is Genting Group,<\/strong> which is definitively out of Japan<\/strong>. Perhaps Las Vegas Sands<\/strong> or Wynn Resorts <\/strong>will again cast a longing eye in the direction of Mount Fujiyama<\/strong>, but unless Casinos Austria<\/strong> gets booted out of Nippon we doubt it.<\/p>\n\n\n\n

Jottings<\/em><\/strong>: Sports betting got voted down overwhelmingly<\/a> in North Dakota<\/strong>‘s state Senate. Blame GOP opposition and Gov. Doug Burgum<\/strong>‘s inability to devise a new tribal compact … The big continue to get bigger as Video King<\/strong>, maker of Class II gambling products, got snapped u<\/a>p by Everi<\/strong>. Video King’s 60-jurisdiction reach extends from tribal casinos to military bases and cruise lines … Mohegan Sun<\/strong> is out one year early at the Cowlitz Tribe<\/strong>‘s Ilani Casino<\/strong>. The Mohegans enjoyed a five-year run of managing the Washington State<\/strong> gambling hall.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casino revenues were outstripped in New Jersey in March by i-gaming ones, $228.5 million to $253 million. But Atlantic City continued to be healthy, up 5.5%. Slot winnings were 1% higher on flat coin-in but table games did 7% better despite 5% less wagering. Bottom line: Players spent less, lost more. Borgata galloped 12% ahead […]<\/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\/841885"}],"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=841885"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/841885\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=841885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=841885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=841885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}