Dispatch from the Boardwalk

As Revel informs the bankruptcy court that it’s dickering with “potential” bidders, a new set of gaming numbers rolls in with the tide. Subtracting the Atlantic Club Hotel from the comparisons, Atlantic City is down 7% year/year. Online gaming revenue, up 6% from last month, cushioned the blow to the tune of $10 million. Slot revenue was down 9% on 8% less coin-in (slot hold was steady with last year) and a 17% decline in table play produced 17.5% less revenue.

Despite a microscopic increase in slot revenue, Borgata ($60 million) was down 6%. Table play was to blame. Although punters played only 3.5% less, Borgata was most unlucky, its table revenues down 21%. It also lost market share in online gambling, down to $3.2 million from $3.5 million.

A 2% revenue growth at Harrah’s Resort ($36 million) wasn’t enough to stave off a 10% decline at the Caesars Entertainment quartet. At 27% market share to 32%, however, Caesars Atlantic City is within striking distance of Borgata for online gaming supremacy. Except for Harrah’s, players fled Caesars-branded properties en masse. Bally’s Wild Wild West ($23 million) was -6% but Caesars A.C. ($28 million) was 20% down and doomed Showboat ($15 million) fell 19%.

Other properties on the death watch suffered. Trump Plaza ($5.4 million) plunged 34% and Revel ($15 million) plummeted 36%. The contagion even spread to Trump Taj Mahal ($22 million, -18%). By contrast, business was booming at the Golden Nugget ($18 million, up 40.5%) and the Tropicana Atlantic City ($28 million, up 34%). Even Resorts Atlantic City ($14 million, up 3%) enjoyed a modest gain. If Caesars thought that closing the Atlantic Club would spur a mass enlistment with the toga-clad casinos, it thought wrong.