Gambling revenues in Illinois were jolted 10% upward last month, hitting $131 million. This was driven by 15% greater visitation, customer spend being 4.5% lower. Most of the increase was driven by new product. Otherwise, the boost would have been only 4%. American Place improved markedly, reaching $7 million in its second month, putting it on par with Hard Rock Rockford ($6 million, +22.5%) but still trailing the rest of the Chicago market. Rivers Casino Des Plaines enjoyed a 9.5% bump to $48 million, while Grand Victoria slipped 6% to $13 million. Hollywood Joliet gained 10.5% to $8.5 million, Harrah’s Joliet slid 11% to $11 million and Hollywood Aurora was flat at $9 million. Full House Resorts seems to be executing on its Waukegan business plan to the extent of creating new gamblers, not so much at drawing business from outmoded rivals.
Elsewhere in the state, Bally’s Quad Cities improved 19% to $6 million, Par-A-Dice hopped 4.5% to $6 million and Harrah’s Metropolis was flat at $5.5 million. Also flat was Argosy Belle ($3 million), while DraftKings Casino Queen slipped 4% to $7 million.
Downriver in Missouri, revenues were placid at $177 million, on flat visitation and spend. Ameristar St. Charles was becalmed at a state-leading $26.5 million, while nearby Hollywood St. Louis ($22.5, +1.5%) continues to be edged by fellow Penn Entertainment property River City ($24 million, flat). Horseshoe St. Louis was also flat at $14 million, in a market whose competitive dynamics show little sign of changing.
Over in Kansas City, a more volatile market, Bally’s Kansas City is still gaining market share, up 4% to $11.5 million. That mostly came at the expense of Harrah’s North Kansas City, down 3.5% to $16 million. Argosy Riverside (pictured) was flat at $16 million, while Ameristar Kansas City was also static for a market-leading $18.5 million. Century Casinos was down 6% in Caruthersville ($4.5 million) and 3% in Cape Girardeau ($6.5 million). Isle of Capri Boonville did best of the outstate casinos, jumping 8% to $8.5 million.
Indiana did better than either of the aforementioned Midwest states ($225 million) but still hit a -4.5% speed bump. Hard Rock Northern Indiana grew its business 3% to reach its first $40 million month, rivaled only by Horseshoe Indianapolis ($33.5 million, +4%). Horseshoe Hammond had to settle for a still-impressive $29 million (a 15% tumble), while Ameristar East Chicago slid -9% to $18 million. Theoretically, a Chicagoland metro casino will draw business off of Hard Rock … but away from Ameristar and Horseshoe Hammond, too. Blue Chip rounded out the shore with $10 million, an -11.5% declivity. The state’s other racino, Harrah’s Hoosier Park, slipped 10% to $21 million. Aside from Hard Rock and Horseshoe Indianapolis, the only revenue-positive casinos was Caesars Southern Indiana (can’t beat that brand name), up 7% to $23.5 million.
Among the losers were Belterra Resort, plunging 18% to $7 million, French Lick Resort‘s $7 million (-6.5%) and Rising Star, off 7% to $4 million. Bally’s Evansville salvaged its dignity by being flat at a respectable $16 million. Less fortunate was Hollywood Lawrenceburg ($14 million, -9.5%), besieged by new gaming capacity in Kentucky and a loss of sports-betting-motivated players from Ohio. Speaking of which … Indiana books captured $43 million on $433 million handle. FanDuel won the state with $16.5 million, outpacing DraftKings ($13.5 million), Caesars Sportsbook ($5 million), BetMGM ($4.5 million) and BetRivers ($1 million). Barstool Sports fared dismally, falling just below our $1 million threshold, narrowly ahead of PointsBet and way ahead of nonfactors WynnBet and uniBet.
Players who wagered with PointsBet got screwed on a Memphis Grizzlies game last week. Tyus Jones notched his ninth double-double of the NBA season but it went for naught for bettors, as Points Bet wouldn’t pay out, saying it has “mispriced” the odds. A lengthy explanation/apologia was proffered, saying the OSB provider had failed to input Jones’ assists into the betting line, “generating an incorrect price of +1600 for a selection that was generally available around +350 across the industry.” Whoops.
But why should punters pay the price (literally) for PointsBet’s incompetence? As one Twitter user queried, would PointsBet have voided the wagers if they didn’t cash? Indeed, a bet on the Grizzlies to win (they didn’t) wasn’t voided although it was also mispriced. It seems like PointsBet is practicing selective discretion. It effed up and should have to pay the consequences. There goes another Bill Miller talking point about the superiority of legal U.S. sports books to Lefty down at the corner bar.
Yesterday we asked readers to wake us when something happened in Japan. Well, guess what? It did. In news that should gladden the heart of Bill Hornbuckle, the Kyodo News reported that the central government is (finally) ready to approve MGM Resorts International‘s $9 billion Osaka megaresort, to be developed in tandem with Orix Corp., which is expected to bear the brunt of the cost. Governmental assent could come as soon as today. The hope is that MGM/Orix can open the resort by late 2029. It is also anticipated that the new destination will generate 20 million visitors per year, with an economic impact of $8.5 billion annually. The design isn’t very inspiring but MGM shareholders have to be cheering the news after such long and tantalizing delay.
The news for Casinos Austria is not so good. Its $3.2 billion Nagasaki project’s future “remains cloudy … shrouded in controversy” per Inside Asian Gaming. The government is still kicking it around, so don’t expect a precipitate announcement. Japan’s constipated casino-approval process moves slowly, when it moves at all. In this case, the government may be having buyer’s remorse over Casinos Austria’s lack of large-scale experience, as well as the complaints of two rebuffed rival developers, who say the selection process was tainted toward the gaijin from Austria. At present, the Nagasaki project remains contingent upon a Credit Suisse bailout.
MGM got more good news today when J.P. Morgan analyst Joseph Greff raised his price target on the stock. He didn’t cite the Japanese news but leaned on U.S. regional gaming performance, the Las Vegas Strip and Macao—not necessarily in that order. Greff wrote that the Strip “should benefit from continued midweek group and convention business, as well as a strong event calendar.” As for Macao, “MGM’s share of Macau isn’t a rounding error, but more meaningful to the equity.” VIP play is just 20% of what it was before Covid-19 (and a governmental crackdown) and unlikely to rebound but the mass market is helping to make up for that.
Dirty hotel rooms may become the law of the land in Nevada. State Sen. Marilyn Dondero (D) is pushing a bill that would repeal and end daily room cleaning. Naturally, the Culinary Union is not happy about this, as it threatens jobs within its core constituency. Expect it to show up and make some noise at today’s Committee on Health & Human Services hearing in Carson City. Seriously, this is a bad idea, a black mark on Nevada’s image and Dondero should be ashamed of herself.
I loved the previous design MGM had for Japan, which was recycled from their never built AC Mega Resort.