Atlantic City casinos grossed $252 million last month, up 1% year/year. A 2.5% hop in slot revenue ($186.5 million) on 1% more coin-in more than made up for a 2% dip in table win ($63.5 million) on 5% lower wagering. Borgata was comfortably in front with $62 million (+3.5%), outdistancing Hard Rock Atlantic City‘s $44 million (+6%) and Ocean Casino Resort‘s $30.5 million (+5%). Caesars Entertainment‘s threesome suffered a -15.5% reversal at Harrah’s Resort ($23 million) while Caesars Atlantic City was revenue-positive ($22.5 million, +2%), but Tropicana Atlantic City wasn’t ($23.5 million, -4%). Caesars’ official position is ‘Let’s wait and see when the $400 million capex kicks in’ but it may have to settle for middling status in a market dominated by relative newcomers. By contrast, Bally’s Atlantic City enjoyed a comeback month, leaping 13% to $16 million. Resorts Atlantic City sagged 3% to $17 million, while Golden Nugget enjoyed one of its better months, climbing 4% to $13.5 million, not enough to keep it out of last place.
A 14% decline in handle helped lead to only $98 million in sports betting revenue, on significantly tighter hold than in the September previous. J.P. Morgan estimates have FanDuel first with $40 million, followed by DraftKings‘ $22 million, BetMGM‘s $10 million, Caesars Sportsbook‘s $10 million and Barstool Sports‘ $4 million. Internet gambling revenue climbed 10% to hit $135 million. Here, BetMGM was tops with $41 million, closely dogged by DraftKings ($39 million), then much further back are FanDuel ($14 million) and Caesars ($12 million).
Massachusetts‘ three casinos won $94.5 million last month, a 6% lift. At $61.5 million, Encore Boston Harbor ran away from the field, up 7%. Its slots rose 5% and its tables 10%, vindicating Wynn Resorts‘ high-roller strategy. MGM Springfield continues to reverse its fortunes, gaining 6% to hit $20.5 million, as table revenues rocketed an amazing 51%. And to think we told them to junk the tables. MGM Resorts International is having the last laugh. Plainridge Park also got in on the fun, up 1% for $12 million in win.
Big Gaming might, having gone all-in on New York Gov. Kathy Hochul (D), want to hedge its bets now that challenger Lee Zeldin (R) has improbably closed to within striking distance, with three weeks remaining. One poll shows the race statistically tied but it’s an extreme outlier. On average, Zeldin is five points back but this should never have been a close race. However, Hochul has shied away from confronting Zeldin—and running scared is never a good look. Supplicants for New York City casinos, meanwhile, would have good reason to fear the wrath of Zeldin if he pulls off an upset.
Jottings: Almost 25,000 people turned out for this year’s Global Gaming Expo, a success by any measure. It was twice the attendance of 2021’s show and just shy of 2019’s record 27,000 … So what’s happening with Diamond Jacks in Bossier City? It’s “dilapidated” but not dead. New owner Foundation Gaming is seeking state approval for renovation plans that could top out at a $200 million investment. “I’ve been very impressed with Foundation and I feel very confident they will inject new life into the property, which is good for Shreveport-Bossier and for Louisiana,” said top regulator Ronnie Johns … Sports betting and Internet gambling continue to trend upward in Ontario, with operators grossing $267 million on over $6 billion in handle. The average spend per player is $142 a month …. To the fear and trembling of British online casino operators, Prime Minister Liz Truss will release the dreaded White Paper “in a few weeks” … Defying the Alabama attorney general and supreme court, GreeneTrack has reopened, offering Class II gambling, now in the form of historical horse racing. Owner Luther Winn said, “We are going through the reopening process because the attorney general of the state of Alabama does not recognize the people in Greene County and does not recognize the legislation that we passed in 1986 exempting GreeneTrack from sales tax” … Better late than never: Fanatics says it is ready to launch sports wagering in as many as 20 states by the next NFL season. Then again, CEO Michael Rubin had promised that he’d be taking Philadelphia 76ers actions by the end of this year … Public opinion backs a Menominee Tribe/Hard Rock International casino in Kenosha. A Tarrance Group poll indicates 60% of area residents are for the development and only 16% against, with support especially high amongst Millennials and Generation X … It took eight years but Bermuda has finally issued a casino license. It went to the beachside St. Regis Hotel … Internet gambling is proving a hard sell, G2E attendees were told. “No one outside of the gaming industry is interested in pushing forward in iGaming right now. To interest legislators, you need third-party validators,” said Jonathan Michaels of Sightline Payments. Furthermore, post-pandemic stimulus outlays are leaving states flush with cash and not in need of new tax revenue … Finally, heartfelt congratulations to Matt Wilson, new permanent CEO of Light & Wonder. We predicted he wouldn’t be “interim” boss for long. Board Chairman Jamie Odell, “Matt has demonstrated impressive leadership, strategic vision, and a passion for our business. The board is confident in Matt’s ability to unlock the full potential of Light & Wonder as we enter this exciting next chapter.”
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