{"id":872248,"date":"2025-01-09T06:57:32","date_gmt":"2025-01-09T14:57:32","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/shop\/?p=872248"},"modified":"2025-01-09T06:57:49","modified_gmt":"2025-01-09T14:57:49","slug":"business-as-usual","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/business-as-usual\/","title":{"rendered":"Business as usual"},"content":{"rendered":"\n

Just when you<\/strong> thought that Illinois<\/strong>‘ casino business couldn’t get any more diluted comes word that zany legislators are thinking of lifting the cap yet again, in order to put one in Decatur<\/strong>. We’ve got to think about that, but it doesn’t seem like a great idea on the face of it, especially with the latest round of new casinos yet to be absorbed. Last month saw $157 million in winnings, 11% higher than 2023 and 26% higher than 2019 … but 14% lower<\/em> on the all-important same-store basis. Which is a fancy way of saying there’s not enough moolah to go around.<\/p>\n\n\n\n\n\n\n\n

As usual, Rivers Des Plaines<\/strong> led everyone by a country mile with $43 million in receipts, but that was 5% off its feed. Maybe it lost some business to Hard Rock Rockford<\/strong>, which rocketed 85.5% upward to $12 million and second place in the Land of Lincoln. Grand Victoria<\/strong> sank 9% but still was good enough for $11.5 million, best of the non-Rivers legacy properties. Newbie Wind Creek Southland<\/strong> grossed $11 million, as suburban casinos continued to trump urban ones. Speaking of which, Bally’s Casino<\/strong> in downtown Chicago <\/strong>jumped 21% but still made only a rather wan $10.5 million, wan considering its prime location. Close behind was Harrah’s Joliet<\/strong>, with $10 million, despite an 11.5% tumble. Hollywood Joliet <\/strong>showed its age, -7.5% to $7 million, but Hollywood Aurora<\/strong> was up 1%, grossing $8.5 million. Doing somewhat better than either of the Penn Entertainment<\/strong> riverboats was The Temporary at American Place<\/strong>, surging 21% to $9.6 million.<\/p>\n\n\n

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Downstate, the outperformer was DraftKings Casino Queen<\/strong> in East St. Louis<\/strong>, of all places, leaping 25.5% to $8 million. Nearby Argosy Belle<\/strong>, meanwhile, was flat at $2.5 million. Peripatetic Par-A-Dice<\/strong> (over which Peoria<\/strong> and East Peoria<\/strong> are fighting to host its next iteration) did $5 million, down 9.5%, while Bally’s Quad Cities<\/strong> dipped 3% to $5 million. Also at $5 million\u2014and flat\u2014was Harrah’s Metropolis<\/strong>. Diving 9% was Golden Nugget Danville<\/strong>, down to $3.5 million, but Walker’s Bluff Casino <\/strong>hopped some 15.5% to $3 million.<\/p>\n\n\n\n

There is no ambiguity<\/strong> about Ohio<\/strong>‘s casino grosses, as the state has kept a firm ceiling on industry expansion (and Big Gaming never squawks about it either). December was 6.5% better than 2023 and 23% more so than in 2019. The statewide haul was $198 million, plus sports betting, which we’ll get to in a moment. Even without a hotel, Hollywood Columbus <\/strong>($25 million) was just a few decimal points behind slots-only MGM Northfield Park<\/strong> ($25 million), suggesting an imminent threat to MGM’s longstanding supremacy. Hollywood leapt 14%, almost overtaking MGM’s 7% acceleration. Jack Cleveland<\/strong> was flat at $21.5 million but still strong enough for third place. <\/p>\n\n\n

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Hard Rock Cincinnati<\/strong> was also flat but its $20 million edged out Miami Valley Gaming<\/strong>‘s $19.5 million (+3%), while slots-only Miami Valley in turn bested Hollywood Toledo<\/strong>‘s $18 million (+2.5%). The latter also found itself looking up at slots-only Scioto Downs <\/strong>($18.5 million), which jumped 8.5%. Jack Thistledown<\/strong> improved 5.5% to $15.5 million but saw its standing threatened by a couple of Penn Entertainment<\/strong> racinos: Hollywood Dayton<\/strong> leapt 15% to $14 million whilst Hollywood Mahoning Valley<\/strong> was up 9.5% to $14 million. That’ll be good news for those Penn investors who think the company is too focused on its online assets. Finally, Belterra Park<\/strong> (above<\/em>) jumped 11.5% to $7 million. So there was good news for almost everyone.<\/p>\n\n\n\n

In sports betting, Buckeye State handle wasn’t too shabby, up 19% but winnings zoomed 71% to $114 million. FanDuel<\/strong> was tops with $46.5 million, then came DraftKings<\/strong> with its $38 million. After that were Bet365<\/strong> ($8.5 million), BetMGM<\/strong> ($6.5 million), ESPN Bet<\/strong> ($3.5 million) and Caesars Sportsbook<\/strong> ($1.5 million). When ESPN Bet is besting Caesars, it might be time for the Roman Empire to fret.<\/p>\n\n\n

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Casinos in the Free State, <\/strong>otherwise known as Maryland<\/strong>, were flat last month\u2014but still 10% healthier than in 2024. Healthiest was behemoth MGM National Harbor<\/strong> (above<\/em>) with its outsized $73.5 million, up 4%. Maryland Live<\/strong> ceded 2.5% to $59 million but still far healthier than Horseshoe Baltimore<\/strong> and its feeble $13 million (-13%). Ocean Downs<\/strong> and Hollywood Perryville<\/strong> grossed an identical $7 million, with the Churchill Downs<\/strong> racino flat and the Penn Entertainment<\/strong> casino 6% off its pace. That left Century Casinos<\/strong>‘ struggling Rocky Gap Resort<\/strong>, which tumbled 12% to $4 million. Century CEO Peter Hoetzinger<\/strong> says a new marketing plan is coming. It can’t come soon enough.<\/p>\n\n\n

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We said last weekend<\/strong> that there had to be a casino heavyweight behind the casino push<\/a> in Fairfax County, Virginia<\/strong>. And there is: Wynn Resorts<\/strong>, using Comstock Holding Cos<\/strong>. as a stalking horse. The presence of a company with such close ties to China<\/strong> is unlikely to allay newly voiced national-security fears. An Encore<\/strong>-branded casino-hotel would anchor an imposing mixed-use development<\/a>, seen above. Details are sketchy right now but it looks like Wynn and Comstock have been hard at work crafting a complex that would be about as subtle as an A-bomb. The NIMBY set will not be pleased.<\/p>\n\n\n\n

Wynn could use some good news right now, having just been kicked in the cojones<\/a> in New York City<\/strong>. In a massive setback, Community Board 4<\/strong> voted unanimously against Wynn\/Related Cos<\/strong>.’ $12 billion plan to drop their version of CityCenter onto Manhattan<\/strong>. (Henceforth should we refer to it as the “Manhattan Project”?) Degradation of The High Line <\/strong>public park was a major concern and High Line co-founder Joshua David<\/strong> let Wynn have it: “A carefully planned mixed-use neighborhood is wiped out for a garish Las Vegas<\/strong>-style monstrosity that has no place on Manhattan\u2019s West Side. If we wanted to live in Las Vegas, we would live in Las Vegas<\/em>.\u201d Can’t argue with that, especially at the income level needed to live in NYC. David griped that Wynn’s vision “reeks of greed and disregard for the community<\/em>.” Hey! We resent that remark. “Greed and disregard” is Big Gaming’s motto.<\/p>\n\n\n\n

Speaking of disregard,<\/strong> the drowsy, non-union Las Vegas Review-Journal<\/em> continues to largely ignore the labor action taking place at Virgin Las Vegas<\/strong>. Strikers have gotten so far under the skin of touchy Virgin prexy Cliff Atkinson<\/strong> that he redeployed his goon squad to try and break up a picket line. Damned employees, thinking they have rights! If you watch the video<\/a>, you will see Atkinson’s goons\u2014in a move straight out of the Margaret Elardi<\/strong> playbook\u2014removing signs that are posted on public property, while Las Vegas Metro<\/strong> does nothing, as usual. Maybe when Atkinson’s Canadian paymasters tire of the strike and cut his puppet strings, he can find a job at Casino Royale<\/strong>. He and the Elardis are kindred spirits.<\/p>\n\n\n

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Jottings<\/em><\/strong>: Sparing no feelings, Deutsche Bank<\/strong> analyst Carlo Santarelli<\/strong> deemed 2024 “a year to forget<\/a>” if you were operating a regional casino. With the exception of Boyd Gaming<\/strong>, regional operators “underperformed considerably versus the major indexes<\/em>.\u201d He added, \u201cOf late, while the optics haven\u2019t improved materially, stability under the surface has seemingly emerged<\/em>.\u201d Whew … High-limit slots might not seem like something new to Miami<\/strong>-area casinos, unless you’re Miccosukee Casino & Resort<\/strong>, which just added them<\/a>. 59 one-armed bandits have been added to the casino’s repertory, aimed exclusively at high rollers … That Mashpee Wampanoag<\/strong> casino is back, sort of<\/a>. A “welcome center” at the Massachusetts<\/strong> reservation will feature 10 slot machines. The tribe is keeping mum about the larger ramifications of the devices … It’s MGM Resorts International<\/strong> out, Venelazzo<\/strong> in, at Hyatt Hotels Corp<\/strong>. The latter has signed Venelazzo<\/a> to its loyalty program, in what looks like a coup for both parties. Bravo … Vici Properties<\/strong> CEO Ed Pitoniak<\/strong> described American consumers as resilient in a recent interview<\/a>. He was pleased with the performance of his Las Vegas<\/strong> Strip<\/strong> assets, citing a number of big-ticket events as drivers of business … A Montana<\/strong> tribal casino is planning to add a water park<\/a> to its offerings. The Little Shell Tribe of Chippewa Indians<\/strong> is celebrating the fifth anniversary of its eponymous casino-resort and business is evidently booming … Seemingly a thousand years in the making, MGM Osaka<\/strong> finally begins<\/a> construction in April. It’s got to be sweet vindication (and relief) for CEO Bill Hornbuckle<\/strong>, even if the timeline for completion has receded into the fall of 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Just when you thought that Illinois‘ casino business couldn’t get any more diluted comes word that zany legislators are thinking of lifting the cap yet again, in order to put one in Decatur. We’ve got to think about that, but it doesn’t seem like a great idea on the face of it, especially with the […]<\/p>\n","protected":false},"author":83928,"featured_media":849869,"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":[1903],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.lasvegasadvisor.com\/shop\/wp-content\/uploads\/2024\/01\/Chicago.jpg?fit=2121%2C1414&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/872248"}],"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=872248"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/872248\/revisions"}],"predecessor-version":[{"id":872259,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/872248\/revisions\/872259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/849869"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=872248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=872248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=872248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}