Recovery slowing but still going; Singapore soars

Although gambling revenues in Maryland decelerated somewhat from May, they were still 1% higher than last June and 14% more robust than 2019’s, for a total haul of $163 million. It was basically a two-horse race, with MGM National Harbor controlling 42% of market share to Maryland Live‘s 34.5%. MGM’s category killer grossed $68 million (up 7.5%) while Cordish Gaming‘s rival powerhouse brought in $56 million (down 4%). Horseshoe Baltimore was a distant third with $17 million but achieved a victory of sorts by being flat with last year. (Any month in which Horseshoe is not sliding downward is a good month.) Best of the rest was Ocean Downs with $8.5 million, despite being 3% off its feed, while Hollywood Perryville brought in $7.5 million, a 4% dip. Hardest hit, relatively speaking, was Rocky Gap Resort, down 7% but good for $5 million.

As sports betting slowed into the summer months, so did Arizona sports book grosses. Books kept $29 million on handle of $513 million. However, the books gave back nearly $13 million in promotions, as they continue to spend a dollar to acquire a dollar. FanDuel was slightly behind DraftKings in handle ($152.5 million to $156 million) but finished first in revenue with $16 million (a 56% market share) while DraftKings ended with an ignominious $1.5 million. BetMGM was second with $8 million, far outpacing Caesars Sportsbook‘s $2 million. DraftKings was one of the three least-promotional operators, along with Churchill Downs and Barstool Sports, so overspending in that department can’t be blamed for its unimpressive result. The operators most inclined to give away the store, by contrast, were FanDuel, Rush Street Interactive and BetMGM. Whether that’s a solid long-term strategy remains to be seen but for the moment it’s working.

Jottings: Despite lowering his price target on Las Vegas Sands, stock analyst Joseph Greff remained upbeat, highlighting the considerable and growing strength of Marina Bay Sands. As for Macao, investors are “washed out (and have been for a while now) and … expectations are for continued soft trends in visitation from China into Macau through the end of the year (to the extent that investors are paying attention and/or even care about Macau)” … Biloxi outperformed expectations during Fourth of July weekend. But things are far from sunny behind the scenes of Gulf Coast tourism boosters … In a symptom of our times, an inebriated customer at The Point casino in Washington State pulled an unlawful handgun on a dealer. The assailant was so drunk (blood alcohol .332) that police didn’t bother to throw him in the clink and he wasn’t even charged until the following Tuesday … Tribes in Michigan are putting their money where their mouth is, subsidizing the replacement of offensive mascots and logos at four high schools. Out are “Warriors,” “Indians,” “Big Reds” and “Redskins”; in are “Huskies,” “Golden Knights,” “Red Hawks” and ever-popular TBA … Expect June in Las Vegas to be like May only more so. Deutsche Bank analyst Carlo Santarelli predicts the Las Vegas Strip will be further up while locals casinos will continue their gentle decline from 2021 levels … Crown Resorts, now under new ownership, has scored a managerial coup, plucking Wynn Macau COO Ciarán Carruthers away from Wynn Resorts and installing him as CEO. Carruthers will be eased into the job by September, as short-tenured CEO Steve McCann is gradually eased out … Imagination continues to run riot at Caesars Entertainment. As part of the Horseshoe Las Vegas makeover, there will be a new, 80-game video arcade called—wait for it—”ARCADE.” Yup, those all-caps will make a world of difference. Out goes the sports book, by the way.