Atlantic City catches up; MGM confronts Covid; AAA salutes Circa

It took a while but the Boardwalk is finally even with 2019 numbers. July saw a gambling gross of $277 million, flat with two years ago. Slot win was up 6% on 2% more coin-in but tables declined 14% on only 3% less wagering. Luck was not with the house. That was especially true of Borgata ($64 million), which absorbed a body blow in the form of a 21% decline, driven by a near-cataclysmic 46% plunge in table win on 27% less play. Tighter hold held Borgata slots to only a 6% dip despite 14% less coin-in. The Caesars Entertainment Cerberus was 1% up, with table win 4% higher on 7% greater wagering, while slots were flat (and much tighter) with coin-in down 2%. Individually, Caesars Atlantic City grossed $26 million, a 4.5% gain, Harrah’s Resort slipped 2% to $29 million and Tropicana Atlantic City gained 2% to $29.5 million.

Bally’s Atlantic City was down 8.5% to $16 million and Golden Nugget fell 20% to $15.5 million. At the other end of the spectrum, Ocean Casino Resort shot up 58% to $30 million and Hard Rock Atlantic City solidified its hold on second place with $48 million (+23%). Also revenue-positive was Resorts Atlantic City, up 5.5% to $18.5 million.

Sports betting yielded $55 million in revenue. FanDuel was the leader with $28.5 million, then DraftKings with $10.5 million, BetMGM ($6 million) and William Hill ($6 million). Internet gambling was more lucrative, engendering $118.5 million in win, dominated by BetMGM ($36.5 million), then Caesars/WynnBet ($17 million), DraftKings at $15 million and Golden Nugget Online ($11 million). It’s obvious why DraftKings covets GNOG, as it would easily vault into second place in New Jersey (and other markets) were the two databases merged.

Massachusetts, meanwhile, grossed $96 million last month, a 17.5% leap over July 2019. Encore Boston Harbor devoured market share, accounting for 62%, distantly followed by MGM Springfield (25%) and Plainridge Park (14%). The latter grossed $13 million and was up 3%. MGM hopped 16% to $24 million, as slots won 11% more and tables gained an impressive 26% (they haven’t always been Springfield’s strength). Encore grossed $59 million, up 22%, as slots won $34 million and tables accounted for $25 million. Sports betting, meanwhile, remains mired in the bog that is the Massachusetts Lege.

Michigan continues to be the new powerhouse of Internet gambling, generating revenue of $92 million from i-casino play in July, while sports betting yielded only $21 million—and that’s before promotional discounts ($7 million). Sports wagering was way down from June, with handle of $206 million, while i-gaming remained stable. FanDuel captured 40% of the revenue, then BetMGM (25%), DraftKings (16%) and underperforming Barstool Sports (7%). Internet casino play was the province of BetMGM, $34 million strong, followed by DraftKings ($15 million), FanDuel ($14.5 million), BetRivers ($7 million), Golden Nugget ($5 million), and Fox Bet and Barstool around $3 million apiece.

Yesterday MGM Resorts International CEO Bill Hornbuckle confronted the elephant in the room (and bid strongly to be our man of the year) by ordering all employees, company-wide to be vaccinated—or else. “MGM Resorts is now requiring COVID-19 vaccination as a condition for employment for all salaried employees and new hires throughout the United States” read the boldfaced portion of an official communiqué obtained by Vital Vegas. Well, somebody had to be first and it might as well have been MGM. Vaccination is what stands between Sin City and a second vast shutdown—and the first was so great for business, wasn’t it? We hope that other CEOs in Big Gaming will screw their courage to the sticking post and follow Hornbuckle’s lead.

Jottings: Congratulations to Circa, which just received the one and only four-diamond ranking in Downtown from AAA. The citation read, in part, “These establishments dedicate a significant amount of attention to detail that helps ensure a consistent and memorable guest experience. To uphold the exceptionally high standards required on a daily basis to attain this rating is an outstanding achievement.” … Has Tom Reeg thrown in the towel on Bally’s Las Vegas? The Great Restaurant Massacre continues as Nobu follows Buca di Beppo and Tequila Taqueria onto the list of eateries consigned to oblivion, along with BLT Steak and the Sterling Brunch, one of the finest buffets in Las Vegas. There are even rumors that Bally’s Grand Bazaar Shops will be obliterated. Would anyone miss them? … You’d think sports betting will be a slam dunk at the California ballot box but Global Gaming Business columnist Richard Schuetz argues otherwise. His contention (and it’s worth reading in full) is that the California Lege (“a parliament of whores”) will tank the implementation … Watch out for this, Las Vegas visitors: Some hotel chains are experimenting with new add-on fees. For instance, it will cost you extra to check in early (arguably justifiable) or to use the pool (preposterous). Doubtless these “amenities” will be mandatory whether you use them or not, if widely adopted.