Despite fewer weekends than in 2019, Pennsylvania casino revenues nudged up 3% last month, albeit not a same-store comparison, what with three new casinos having opened in the interim (that would make it -9%). Slots won $185.5 million and table games $73.5 million. High hold was good for sports-betting revenues, which came in at $85 million ($64 million after promotional outlays) on handle of $762 million, holding up well in comparison to five-weekend October. Internet gambling brought in another $94 million. Alas, only two casinos were revenue-positive for the month, which will continue to fuel fears of saturation (with slot routes just over the horizon). Valley Forge Resort was up 6% to $11.5 million and Wind Creek Bethlehem grew 5% to $41.5 million. No 2019/21 comparisons are available for Philadelphia Live ($16 million), Pittsburgh Live ($8 million) or Hollywood York ($7 million).
In the Philadelphia area, Cordish Gaming continues to siphon players away from Rivers Philadelphia (-20%) but falls further and further behind, as the latter grossed $20 million to Cordish’s 16 million clams. What was that about the stadium district being a can’t-miss location? Harrah’s Philadelphia is bleeding players to Cordish, down 27% to $14.5 million, while Parx Casino slipped 4% but grossed a mammoth $49 million. Across the state, Rivers Pittsburgh was down 5% to $29 million and Hollywood Meadows shed 13% to $15 million. Mohegan Sun at Pocono Downs dipped 8% to $17 million, Presque Isle Downs slid 21.5% to $8 million and Mount Airy was down 8% to $14.5 million. Hollywood Penn National fell 16.5% to $15.5 million and Lady Luck Nemacolin plunged 35.5% to $2 million. At least that’s enough to keep the lights burning.
Of the impressive sports wagering results, PlayUSA analyst Katie Kohler said, “November had one less weekend of football than in October, but the NBA and college basketball have proven to be formidable bet generators, too.” Revenue was actually at a record-setting level … or would have been without all the promotional spending. PlayUSA didn’t aggregate online and retail numbers but OSB was led by FanDuel‘s $37 million in win, followed by DraftKings’ $16 million and Barstool Sports‘ $8 million. BetMGM edged Barstool very slightly in handle but took home $6 million. Online gambling flagged a bit from October and was led by Rush Street Interactive‘s consortium with $30.5, then Penn National‘s four-skin congregation with $16 million. Online poker continues to be Mount Airy’s province with $2 million.
State Sen. Stephen Sweeney‘s controversial PILOT-revenue reduction bill passed out of the New Jersey Lege late last night and heads for Gov. Phil Murphy‘s desk and an inevitable signature. Sweeney got the bill through largely via scare tactics, invoking the specter of closed casinos in Atlantic City. However, as The Press of Atlantic City observes, “He has offered little evidence for the statement, and no casino has publicly made that claim.” Casinos will still pay more in property taxes next year—just not nearly as much. This is accomplished by exempting sports betting and Internet gaming from “casino revenues,” in a bit of ledger-demain. The Casino Association of New Jersey claims in-person revenue in down 22% in the last two years but, when one considers that pandemic-laden 2020 is included in those figures, a grain of salt is in order. Meanwhile, casino workers are getting left behind in the legislative queue, as legislation to close the casino-smoking loophole languishes. Murphy has said he’ll definitely sign it if it passes but that’s a big “if.”
Jottings: Despite the headlines, there are some good—even exemplary—actors among California card rooms. Club One Casino in Fresno shows how it’s done, in a lesson for the industry … Seems like the Las Vegas Raiders finally learned the phrase “must-win game,” narrowly beating the Cleveland Browns (admittedly, an unsurprising outcome) to keep their playoff hopes alive. Next up are the Denver Broncos, with sports books giving the Raiders a 1.5-point edge … BetMGM‘s role as official wagering partner of the PGA Tour has been extended through 2024. Said the lion’s Matt Provost, “In the last year we’ve seen an increase in our players betting on golf and are excited to now be the exclusive odds provider for pgatour.com” … A decision on a long-delayed Muskegon County tribal casino has been punted into May by Michigan Gov. Gretchen Whitmer (D). The Little River Band of Ottawa Indians seeks to build a 149,000-square-foot casino and 220-room hotel at a former horse track site. “We’ve been at it 12 years and another six months seems like a long time,” tribal Chairman Larry Romanelli said. “But I understand the reasoning,” citing ongoing Covid-19 crises. The real sticking point is that the casino would be 92 miles off-reservation … Speaking of Covid, casinos in Quebec have been ordered to close (again). Meanwhile, F&B service has been suspended at Ontario casinos.
