Stable in Atlantic City; Saturated in Pennsylvania

Casino business in Atlantic City was flat last month (not bad with one less weekend day), with the surviving casinos grossing $186 million. Internet revenue shot up 23.5% to $20.5 million. Slots were up 1% but tables, where wagering was down 4.5%, won 3.5% less, for a $48.5 million gross. Borgata made 9% less, for a total of $55 million. Of course, what constitutes a bad month for Borgata would considered cause for celebration anywhere on the Boardwalk. Despite a slight uptick in slot winnings, Borgata was punished at the tables, winning 28% less on 14% less wagering. Caesars Interactive has fallen into last place in terms of Web market share, still dominated by Golden Nugget (30%). Resorts Digital/PokerStars continues to climb into contention, nipping the Tropicana Atlantic City by a tenth of a percentage point. With two months to go in the year, ‘Net betting in New Jersey has reached its best-ever benchmark.

Except for Borgata and the Trop (down one measly percent) all A.C. casinos were revenue-positive for the month. The Nugget ($18 million) was up 9.5% as was Caesars Atlantic City, $26 million the richer. Bally’s was up 2% ($17 million) and Harrah’s Resort 3.5% ($30.5 million). Resorts Atlantic City rounded out the group with $15 million, a 5% gain. Although Glenn Straub would have you believe he’s doing Atlantic City a big favor, it seems to be doing well enough without him.

* Plainridge Park in Massachusetts silenced early doubters last month, up 8% to $13.5 million. Penn National Gaming would seem to have the problem of low attendance during New England Patriots games figured out. The jump in win came despite a slight loosening of the slot hold, as $175.5 million was wagered during the month.

* Casinos in Detroit were mostly on their game last month, with MGM Grand Detroit up 2%, to $48.5 million, and MotorCity rising 3% to $38.5 million. But Jack Detroit or whatever Dan Gilbert is calling Greektown Casino these days slipped 1% to finish with $26 million. MotorCity does so well as an independent that I’m surprised some larger casino company with free cash flow hasn’t snapped it up yet.

* Table games revenue isn’t in yet in Pennsylvania but slots represent 75% of revenue and were mostly off for the Keystone State. Lady Luck Nemacolin was up 13% ($2.5 million) and Valley Forge Resort Casino rose 12% to $7 million, while Mount Airy Casino managed a 4.5 gain, to $12 million. Everyone else was revenue-negative, ranging from Parx Casino (-1%, $32 million) to SugarHouse (-4%, $14 million). The rest of roll call reads as follows: Mohegan Sun (-3%, $16.5 million), Harrah’s Philadelphia (-3%, $16.5 million), Presque Isle Downs (-2%, $9 million), The Meadows (-2%, $18 million), Hollywood Casino (-2%, $16.5 million), Sands Bethlehem (-3%, $24 million), Rivers Casino (-2%, $21 million). In light of these numbers, it’s very much a question where the Legislature thinks the ‘pent-up demand’ for satellite casinos is, but that’s their problem for the moment.

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