Chilly in Atlantic City, deep freeze in Detroit; Siegfried, R.I.P.

Casino revenues in Atlantic City plunged 29% last month. “Results for the month reflect the negative impact of higher new COVID-19 cases in recent weeks, capacity limits and restrictions on F&B offerings, similar to other regional markets,” writes JP Morgan analyst Joseph Greff. The gross was $147 million, with slot revenues plummeting 34.5% and tables down 17%. As we’ll get to momentarily, there was some compensatory news on the cyber front, with i-gaming revenues shooting 102% higher than last year and sports betting skyrocketing 126%. As PlayUSA analyst Dustin Gouker put it, “The pandemic has had a diametrically opposite effect on New Jersey’s online and retail markets for both sports betting and casino games. But the growth of online betting was crucial in making up for at least some of the losses in revenue at Atlantic City casinos and certainly continue to steady the entire gaming industry.” But on to the brick-and-mortar stuff …

Borgata fell 28% $39.5 million as slots were down 31% and tables 28%. The Caesars Entertainment trio collapsed 41% on 46% less slot win, and tables were down 23%. Bally Corp. had a rough first month at its new, eponymous casino, spiraling 45% downward to $7 million. Caesars Atlantic City slipped 23% to $14 million, Harrah’s Resort was a calamitous -53% for $12 million and Tropicana Atlantic City dove 42% to $13.5 million. Only Hard Rock Atlantic City was revenue-positive, up 2% to $26 million. Ocean Resort stumbled 9% to $19 million, Resorts Atlantic City plummeted 42% to $7 million and Golden Nugget slid 43% to $8 million.