{"id":868782,"date":"2024-11-22T11:27:00","date_gmt":"2024-11-22T19:27:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/shop\/?p=868782"},"modified":"2024-11-22T11:27:12","modified_gmt":"2024-11-22T19:27:12","slug":"big-gaming-in-the-gloaming","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/big-gaming-in-the-gloaming\/","title":{"rendered":"Big Gaming in the gloaming?"},"content":{"rendered":"\n

We definitely seem to be entering a cooling-off period for casinos. It was inevitable. Unless you’re a paid-up member of the American Gaming Association<\/strong>, you’re not liable to think that the go-go years of the post-Covid rebound would last forever. With tariffs<\/a> and middle-class tax hikes on the horizon, it’s time to gather ye financial rosebuds while yet ye may. That includes, you, Pennsylvania<\/strong>, where revenues stagnated from October 2023 to last month, which closed out at $274.5 million, accompanied by a decline in OSB revenues and a big surge in iGaming.<\/p>\n\n\n\n\n\n\n\n

Despite a 3% dip, Parx Casino<\/strong> was comfortably atop the leader board with $46 million, followed by Wind Creek Bethlehem<\/strong>, still spanking its New York State<\/strong> competition with $41.5 million (-1.5%). In the greater Philadelphia <\/strong>area, Rivers Philadelphia<\/strong> surged 13% to $19 million but that wasn’t enough to overtake Philadelphia Live<\/strong> ($21 million, flat). The decline and fall of Harrah’s Philadelphia<\/strong> continues, as it slumped 9% to $10 million, bested by Valley Forge Resort<\/strong>‘s $11.5 million (+8%). Defying a spate of bad publicity, Rivers Casino<\/strong> in Pittsburgh <\/strong>was down but 2% to $28 million. Nearby Hollywood Meadows <\/strong>gained 2.5% to $15.5 million and Pittsburgh Live<\/strong> hopped 3% to $9 million. Cult casino Lady Luck Nemacolin<\/strong> continues to play a hot hand, up 11% to $2 million and not experiencing a revenue-negative month since it kicked out Churchill Downs<\/strong>.<\/p>\n\n\n\n

Mohegan Pocono<\/strong> slipped 3% to $17 million, Mount Airy Resort<\/strong> was up 5% to $16 million and Presque Isle Downs <\/strong>jumped 7.5% to $8.5 million. Penn National<\/strong> slid 8.5% to $12 million, Hollywood Yor<\/strong>k was down 1.5% to $7.5 million and Hollywood Morgantown<\/strong> was flat at $5.5 million. Parx Shippensburg<\/strong> showed some leg, leaping 16% to $3 million. iGaming revenue leapt 22% to $189 million, with FanDuel <\/strong>enjoying a 27.5% plurality of the money. Others dividing up the swag were DraftKings <\/strong>(18.5%), BetRivers<\/strong> (17.5%), BetMGM<\/strong> (14.5%), Caesars Palace<\/strong> (4%) and Hollywood Casino <\/strong>(3.5%). Sports betting revenue dropped 18% to $56 million. The lion’s share ($28 million) went to FanDuel, lagged by DraftKings ($14 million). PointsBet<\/strong> and BetMGM each garnered $3 million, while ESPN Bet <\/strong>and Caesars Sportsbook<\/strong> brought up the rear at $1.5 million $1 million respectively.<\/p>\n\n\n

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Over in the Bay State,<\/strong> casino revenues slipped 2.5% to $94 million (still 20% superior to 2019), while OSB winnings by operators fell 16% to $50 million, on handle of $735 million. The latter surged 32%, giving us another case of the players cleaning out the sports books\u2014and more power to them. Massachusetts<\/strong> casinos were dominated by Encore<\/strong> Boston Harbor<\/strong>‘s $59.5 million, a 7% slippage being caused by poor luck at the tables. MGM Springfield<\/strong> has either been fled by table game players or (more plausiblly) has reoriented its marketing toward slot players. Tables were 39% lower than in 2019 and down 9% from last year, while slot takings were 6% higher\u201424% greater than in 2019. Plainridge Park<\/strong>, meanwhile, continues its lucky streak, jumping 12% from last year. OSB honors went to DraftKings<\/strong>‘ $25.5 million. FanDuel<\/strong> trailed with $15.5 million, and also rans included BetMGM<\/strong> ($3.5 million), Fanatics<\/strong> ($2 million), ESPN Bet<\/strong> ($1.5 million) and Caesars Sportsbook<\/strong> ($1 million).<\/p>\n\n\n\n

Parlay bets continued<\/strong> to be the province of suckers in the Land of Lincoln. Illinois<\/strong> sports books took 30% of their action from parlays … and 69% of their winnings, as they held at 10.5%. Unlike several other states, sports book winnings leapt 58% in September, reaching $136.5 million. Handle was $1.3 billion, up 21%. FanDuel<\/strong> and DraftKings<\/strong> slugged it out, $54 million to $47.5 million. So much for Jason Robins<\/strong> taking his ball and going home. Fanatics <\/strong>continued its improbable climb, third with $10.5 million, followed by BetRivers<\/strong> ($9 million), BetMGM<\/strong> ($5 million), Caesars Sportsbook<\/strong> ($5 million) and ESPN Bet<\/strong> ($3.5 million).<\/p>\n\n\n\n

Some of the bloom<\/strong> may be off the casino rose but iGaming shows no signs of abating. In Michigan<\/strong> it rocketed 38% to $220.5 million. BetMGM<\/strong> and FanDuel<\/strong> were locked dead even with $56 million apiece, followed closely by DraftKings<\/strong> ($49 million). Others in contention were Caesars Palace<\/strong> ($17 million), BetRivers<\/strong> ($14 million) and Hollywood Casino<\/strong> ($5 million). Sports betting handle moved just 5% upward, to $560 million, but revenue plummeted 27%, hitting $33 million. Most of that\u2014$23 million\u2014got blown on promos and free play. FanDuel was dominant with $17 million, segued by DraftKings ($6.5 million) and BetMGM ($4.5 million). ESPN Bet<\/strong> scared up $2 million, whilst Fanatics and Caesars Sportsbook<\/strong> saw a million apiece.<\/p>\n","protected":false},"excerpt":{"rendered":"

We definitely seem to be entering a cooling-off period for casinos. It was inevitable. Unless you’re a paid-up member of the American Gaming Association, you’re not liable to think that the go-go years of the post-Covid rebound would last forever. With tariffs and middle-class tax hikes on the horizon, it’s time to gather ye financial […]<\/p>\n","protected":false},"author":83928,"featured_media":857738,"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":true,"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":"https:\/\/i0.wp.com\/www.lasvegasadvisor.com\/shop\/wp-content\/uploads\/2024\/04\/wynn_night-full.jpg?fit=1001%2C540&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/868782"}],"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=868782"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/868782\/revisions"}],"predecessor-version":[{"id":868842,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/868782\/revisions\/868842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/857738"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=868782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=868782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=868782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}