{"id":873288,"date":"2025-01-17T12:12:27","date_gmt":"2025-01-17T20:12:27","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/shop\/?p=873288"},"modified":"2025-01-17T12:12:34","modified_gmt":"2025-01-17T20:12:34","slug":"its-cool-out-there","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/its-cool-out-there\/","title":{"rendered":"It’s cool out there"},"content":{"rendered":"\n

There are two ways<\/strong> of looking at last month’s gambling grosses out of Atlantic City.<\/strong> One is that business is good, remaining at the stellar level of 2023 (if no higher, admittedly). Two, that business is extraordinary, being 11% higher than in 2019. Of course, Big Gaming will break out its crying towel and try to spin the numbers are a sign that the sky is falling, but don’t buy it. Boardwalk casinos grossed $232 million, ever so slightly ahead of iGaming, which brought in $228 million. This has prompted some pundits to instantly proclaim the demise of brick-and-mortar gambling in New Jersey<\/strong>, but let’s not get carried away.<\/p>\n\n\n\n\n\n\n\n

Of course, Borgata<\/strong> was head and shoulders above the competition at $62.5 million, up 7%. Hard Rock Atlantic City<\/strong>, by contrast, shed 4.5% to slip to $43 million, not exactly sloppy seconds. Ocean Casino Resort<\/strong> hopped 4.5% to $34.5 million, a very good nut to make in Atlantic City, even if the Illitch family entertains delusions of gaining the top spot. Nope. Haven’t done it in Detroit<\/strong>, won’t do it here. Just barely in double-digits was Bally’s Atlantic City<\/strong>, plunging 13% to $10 million and last place. Golden Nugget<\/strong>, once so forlorn, at least managed $11 million (-1%), while Resorts Atlantic City<\/strong> slipped a full point to $12.5 million. That leaves the ‘middle class’ of the Boardwalk, Caesars Entertainment<\/strong>. Only one of its three casinos was revenue-positive, although their numbers were all respectable: Tropicana Atlantic City<\/strong> $20 million (-5%), Harrah’s Resort<\/strong> $19.5 million (-7.5%) and Caesars Atlantic City<\/strong> $19 million (+1%) … but why is your high-roller property your lowest grosser?<\/p>\n\n\n\n

As indicated, iGaming was boffo, shooting up 26%, led by DraftKings<\/strong>‘ $57 million. Behind it were FanDuel <\/strong>($51.5 million), BetMGM<\/strong> ($51 million) and Caesars Palace Online<\/strong> ($21 million). However, sports betting was a wipeout, as fans won and revenues plummeted a staggering 43%, for a dismal 5% in hold. Books took home $63 million out of $1.2 billion in handle (-5%). This time FanDuel prevailed with $29.5 million, trailed by DraftKings ($15.5 million), BetMGM ($7 million), Fanatics<\/strong> (an impressive $5 million) and Caesars Sportsbook<\/strong> ($1.5 billion). ESPN Bet<\/strong> fared worst, actually losing money to bettors last month. One more nail in that coffin.<\/p>\n\n\n

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Speaking of the Illitch family<\/strong> and Motown, casinos in Detroit<\/strong> took home $109 million last month. The numbers weren’t encouraging, as that’s 2% off last year’s pace and -14% from 2019. Again, MGM Grand Detroit<\/strong> owned the market, posting $51 million for a 1% gain. Hollywood Greektown<\/strong>‘s fortunes continue to ebb, as it slipped 4% to $25 million. At MotorCity<\/strong> the Illitsches occupied their accustomed middle ground, but falling 5% to $33 million. Well … how about those Detroit Lions<\/strong>?<\/p>\n\n\n\n

As further evidence<\/strong> of a cooling-off (hardly unexpected or illogical, let alone dire) in U.S. gambling, Pennsylvania<\/strong> casinos dipped 3% last month, down 12% from 2019. The total booty came to $281.5 million. There were a few pockets of prosperity, if not the ones you’d expect. They included Valley Forge Resort<\/strong>, up 5% to $12 million, trouncing bigger Harrah’s Philadelphia<\/strong> and its $10.5 million (-10.5%). Despite a 3.5% slackening, Parx Casino<\/strong> dominated the greater Philadelphia<\/strong> area with a state-leading $48.5 million. Philadelphia Live<\/strong> (-3%) continues to lead Rivers Philadelphia<\/strong> ($18 million, -2.5%) in head-to-head action.<\/p>\n\n\n

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Wind Creek Bethlehem signage<\/figcaption><\/figure><\/div>\n\n\n

Wind Creek Bethlehem<\/strong> continued to clobber the outstate competition with $44.5 million (+1%). We’ve been to Erie<\/strong> and don’t associate it with gambling (or much of anything, candidly). Neither did players in December, avoiding Presque Isle Downs<\/strong> to the tune of -18.5% and $7 million, the worst performance in the state. Mohegan Pocono <\/strong>did $16 million, -3.5%, and Mount Airy Resort<\/strong> stumbled 7.5% to $14.5 million. By contrast, tiny Lady Luck Nemacolin<\/strong> jumped 6.5% to $2 million. Hollywood Penn National<\/strong> slid 5.5% to $13.5 million whilst Hollywood York<\/strong> dipped 2% to $8 million and Hollywood Morgantown<\/strong> jumped 6.5% to $6 million. Parx Shippensburg<\/strong> was flat at $3 million. In the Pittsburgh<\/strong> area, crumbling Rivers Pittsburgh<\/strong> dipped 2.5% to $18.5 million. Pittsburgh Live<\/strong> failed to make inroads ($10 million, -2.5%), nor didHollywood Meadows, ceding a point to $16.5 million.<\/p>\n\n\n\n

Keystone State sports betting went into a -52% tailspin, on only 3% lower handle. The gross was $47.5 million on $893 million wagered, a crummy 5% hold. Of that $47.5 million, not much was kept, with $25.5 million returned to players in the form of promo offers. It’s not easy to make money in the sports betting biz\u2014especially when you’re buying short-term business by giving away the store. FanDuel<\/strong> was way out front with $24 million in revenue, almost doubling up DraftKings<\/strong> and its $13 million. Save for BetMGM<\/strong>‘s $2 million, leftovers were negligible: BetRivers<\/strong> brought in $1 million, while ESPN Bet<\/strong>, Caesars Sportsbook<\/strong> and Parx <\/strong>couldn’t even manage that. iGaming continued to be dominated by the catchall Hollywood Casino <\/strong>package and its $86.5 million, as statewide grosses leapt 35% overall. FanDuel consoled itself with $61 million. Ditto BetRivers and its $35 million.<\/p>\n\n\n

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November’s bounce<\/strong> in the state of Louisiana<\/strong> was deceptive. Revenues were down 3% last month, coming in at $203.5 million (down 2% from 2019). The only outstanding performer was the new Treasure Ches<\/strong>t (no, not the old boat shown above), rocketing 73.5% up to $12 million. Caesars New Orleans <\/strong>debuted with a surprisingly modest 2.5% lift to $25.5 million. Boomtown New Orleans<\/strong> was flat with $9.5 million and Amelia Belle<\/strong> gained 3% to $2.5 million. Fair Grounds <\/strong>was the only gambling house in the Crescent City to lose ground, -2% to $3 million. Outlying Evangeline Downs<\/strong> was flat at $6.5 million. Lake Charles<\/strong> was somewhat of a disaster area, with everyone drooping. Golden Nugget<\/strong> was first with $27.5 million but it was a Pyrrhic victory, as business was 11% off. L’Auberge du Lac<\/strong>‘s $25.5 million represented a 9% falloff, while Horseshoe Lake Charles<\/strong> was dead in the water with $7 million, -27%. Delta Downs<\/strong> may have slipped 6% to $13 million but it did the least badly of anyone.<\/p>\n\n\n\n

In its last month before finally being sent to the scrap yard, antediluvian Belle of Baton Rouge<\/strong> eked out 700 grand (flat). Queen Casino<\/strong>‘s $7.5 million effectively set the pace, being a 9% gain while L’Auberge Baton Rouge<\/strong> dipped 6.5%, for a $14 million haul. As for Shreveport\/Bossier City<\/strong>, the new Cordish Gaming<\/strong> property is coming along fast, so expect an imminent shakeup in the numbers. For now, Margaritaville<\/strong> ($16 million, -4.5%) continues to show the stellar value of its brand, while Horseshoe Bossier<\/strong>‘s struggles eased a bit, down 4% to $13 million. Except for Bally’s Shreveport<\/strong> ($9 million, -7.5%) nobody else was within shouting distance of those two. Not Boomtown Bossier<\/strong> ($4 million, -4.5%) nor Sam’s Town<\/strong> ($3 million, -4%), nor even Louisiana Downs<\/strong>, having a rare adverse month ($3 million, -9%). Your move, Cordish.<\/p>\n\n\n\n

Sandwiched between two<\/strong> terrible months (for sports books) of NFL<\/strong> action came a prosperous November. Illinois <\/strong>books experienced a 113% moonshot, achieving revenue of $154.5 million, with hold of 10%. Handle rose 11% and sucker bets, er, parlays accounted for 60% of winnings by Big Gaming. DraftKings<\/strong> was preeminent in the Land of Lincoln, recording $58.5 million in revenue to FanDuel<\/strong>‘s $55 million. Fanatics<\/strong> came on impressively with $11.5 million, trailed by BetRivers<\/strong> ($9.5 million), BetMGM<\/strong> ($6.5 million) and ESPN Bet<\/strong> ($5 million). December will not prove so remunerative … unless you’re a bettor.<\/p>\n\n\n

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Jottings:<\/strong> Our interview with American Gaming Association<\/strong> President Bill Miller <\/strong>has made print in Casino Life<\/em> magazine. However, the Web site isn’t very user-friendly, to be perfectly honest. So you can download<\/a> our in-depth discussion instead … Light & Wonder<\/strong>‘s stock price has been in a deep swoon ever since the Dragon Train <\/em>litigation blew up in its face. Jefferies Equity Research<\/strong> analyst David Katz<\/strong> argues that Light & Wonder is getting a bum rap … Meanwhile, DraftKings<\/strong> earned props from J.P. Morgan<\/strong> analyst Joseph Greff<\/strong>. He wasn’t so keen of Las Vegas<\/strong>-facing operators, citing \u201cstubbornly high estimates and a lack of fundamental catalysts, reacting to a challenging setup<\/em>.\u201d In other words, there’s nothing out there to move the needle this year … Deutsche Bank <\/strong>analyst Carlo Santarelli <\/strong>singled out Station Casinos<\/strong> for a quiet 2025<\/a>, citing significant capex projects at its Vegas properties. Still, he felt that “operating performance has been stronger than expected and our updated forecasts are achievable, if not beatable<\/em>” … Richard Schuetz<\/strong> didn’t hold anything back when addressing some assembled stock analysts. He warned<\/a> that the camel’s snout of federal regulation was poking into Big Gaming’s tent. If you’re not reading Schuetz’s weekly columns, you’re really missing out on unbridled casino commentary.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are two ways of looking at last month’s gambling grosses out of Atlantic City. One is that business is good, remaining at the stellar level of 2023 (if no higher, admittedly). Two, that business is extraordinary, being 11% higher than in 2019. Of course, Big Gaming will break out its crying towel and try […]<\/p>\n","protected":false},"author":83928,"featured_media":857273,"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\/atlantic.jpg?fit=400%2C265&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/873288"}],"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=873288"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/873288\/revisions"}],"predecessor-version":[{"id":873295,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/873288\/revisions\/873295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/857273"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=873288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=873288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=873288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}