Ocean outperforms Atlantic City; Encore Boston crushes competition

Atlantic City casino revenues were $202 million last month, flat with the year previous. Slot revenues were up 3.5%, table win down 6%. Despite flat wagering at the tables and slots, Borgata gained 6% at the slots and ceded 7% at the tables for an overall 1.5% increase. It grossed $51.5 million. The Caesars Entertainment trio was up 1%, managing to gain 3% on slot win, an advance almost negated by 3.5% less table win on 7% less wagering and despite an astronomical hold percentage. Caesars Atlantic City grossed $22 million, an 8% increase, Harrah’s Resort reported $24 million, up 1% and Bally’s Atlantic City slid 9% to $13 million.

At the risk of burying the lead, Ocean Resort outperformed the competition rather spectacularly, skyrocketing 41% to $18.5 million, putting it up there with the big boys. Tropicana Atlantic City continues to wither, down 12.5% to $22 million. Hard Rock Atlantic City nosed past Harrah’s for a second-place finish with $24.5 million, a 5% uptick. Golden Nugget‘s $15 million represented a 9.5% decline while Resorts Atlantic City clung doggedly to last place with $12 million, a 12% slippage.

New Jersey sports books achieved their first-ever month of $488 million in handle. That’s supposed to be surpassed this month, what with the rise of NBA betting. Revenue in October was $46.5 million, of which $6 million will go to the state. “If New Jersey is going to pass Nevada during the NFL season, it will be in large part due to the comparative popularity of basketball in the Northeast,” gaming analyst Dustin Gouker said. “In Nevada, football betting is king, and it’s nearly as popular in New Jersey. But a key differentiator between the two markets is that New Jersey bettors’ have shown more interest in other major sports, especially basketball.”

85% of sports wagers were Internet-derived, dominated by FanDuel Sportsbook/PointsBet with $21 million in revenue. FanDuel’s Meadowlands sports book led the walk-up market with $4 million in gross revenue. As for online casino games, Golden Nugget beat its own record, grossing $16.5 million of the state’s $45 million total. “What the Golden Nugget continues to prove is that its online casino can generate millions in revenue and grow at an overwhelming pace without a negative impact on their own land-based operations,” said Eric Ramsey of PlayNJ.com. “When the first online casinos launched in 2013, many thought such a dynamic would be impossible. But clearly that has been proven wrong.”

* Pennsylvania‘s slots performance was nothing to write home about, being flat with last year. This doesn’t bode well for the wholesale expansion of gambling in the Keystone State. Boyd Gaming‘s Valley Forge Casino Resort continues to be a coffee achiever, up 13.5% to $8 million. Top grosser, no surprise, was Parx Casino, gaining 7% to $34.5 million. It was followed at some distance by Rivers Casino Pittsburgh, up 8% to $24 million. Wind Creek Bethlehem‘s $22 million represented a 3.5% dip, still good for third place statewide.

In the Philadelphia area, Rivers Casino Philadelphia (remember, no more SugarHouse) grossed $14 million, down 3.5% and Harrah’s Philadelphia pulled in $15 million, minus 4%. Also back in the pack were Mohegan Sun at Pocono Downs ($15 million, -1%), Mount Airy ($12 million, -1%), Presque Isle Downs ($9 million, -3%) and Lady Luck Nemacolin, grossing only $2.5 million but jumping 26%. Penn National Gaming had mixed luck, getting hammered at The Meadows racino ($14.5 million, -17%) but gaining 3% at Hollywood Casino for a $16 million finish.

* In Massachusetts, Wynn Resorts may finally be biting into Plainridge Park‘s slot revenue. The latter declined to $302/win/slot/day, still awfully impressive by industry standards. The Penn property grossed $11 million. Encore Boston Harbor grossed $46 million (or almost $1.5 million a day), grossing $22 million at the slots, win/slot/day of $228. Win/table/day was $5,308, crushing the $1,754 posted by MGM Springfield. The latter’s slot win per day was a subpar $186. The overall gross was $21 million. Competition from tribal casinos in Connecticut is clearly proving more difficult than MGM Resorts International expected.

* Japan‘s government has nominated four members to its Casino Management Committee. It’s progress. The nominees represent academia, the defense sector, taxation and law enforcement.

* The government of Macao has no great expectations for gaming revenue in 2020. It is budgeting for a (non-inconsiderable) $32 billion in casino revenue. GGR Asia cautions that “The local authorities are usually conservative in their annual forecasts on direct taxable income from gaming, typically underestimating the eventual tallies by a wide margin.” After a strong 2018, gaming revenue is down 2% year to date. In other Macanese news, the health department is cracking down on smoking in casinos, handing out 1,183 citations year to date. The worst offender? MGM Grand Macau, named a “black spot” for its number of violations. The city has authorized 613 smoking lounges in casinos but players don’t seem to be availing themselves of them.