Ohio defies the calendar; Pennsylvania vote pricks Adelson’s balloon

Ohio gaming revenues powered up 5.5% last month despite a supposedly “unfavorable” calendar (one less weekend day).  Except for a flat outcome at Thistledown Racino ($9.5 million), everyone was revenue positive for the month. Even Jack Cleveland snapped out of its funk to deliver a 10% improvement, to $17 million. Jack Cincinnati was up 9.5% for a $16 million outcome. Eldorado ResortsScioto Downs was up 7% to $13 million while struggling Belterra Park rose 6% to $7 million. Independent Miami Valley Gaming was up 2% to $12 million and slots-only Hard Rock Rocksino remained the dominant property in the Buckeye State, ascending 5% to $19.5 million.

The Penn National Gaming portfolio performed well, to varying degrees. Hollywood Austintown continues to be a powerhouse, up 10% to $9.5 million and averaging $293/slot/day in win. Hollywood Dayton didn’t average so badly either: $259/win/slot/day, growing revenue 5% to $8 million. Hollywood Toledo rose 5% to $16 million and Hollywood Columbus eked out a 1% increase, for $18 million. Here’s a how-not-to model for reporting casino earnings. The use of sequential comparisons is not only meaningless, it suggests an anti-gambling stance.

* Pennsylvania may have stuck a fork in Sheldon Adelson‘s crusade to ban Internet gambling. Key Adelson ally and Keystone State congressman Charlie Dent (R, below) suddenly finds himself high and dry, the state Lege having shot the anti-Internet horse out from under him. Said Poker Players Alliance Executive Director John Pappas, “Going into this week, anti-iGaming forces were already crippled; no federal bills to speak of, fewer Congressional champions and a [Department of Justice] with more important things to do than trample states’ rights. Now, I would have to think the ‘RAWA’ effort is mortally wounded.” We hope long life for the 84-year-old Adelson, the better that he can see the United States march into the Internet gaming sphere and take its place there with other great nations. Some wonder if, in a fit of pique, Adelson may retaliate by selling Sands Bethlehem, a casino with which he has a complicated relationship. It’s never lacked for interested buyers.

* Resorts World Sentosa saw an 11% increase in gambling revenue in 3Q17 — but a 35% growth in profit. Genting Group explained [sic] the improved result with a jumble of unhelpful verbiage, baffling to the layman. Genting reported $977 million in play and VIP win gave an assist, as rolling-chip volume (i.e., credit) surged 22%. Resorts World also credited “higher average visitor spend,” not to mention higher foot traffic, placed at 21,ooo visitors per day. That should increase further when the Maritime Experiential Museum opens shortly. Referring to a series of food festivals, Genting stated, “These events have collectively attracted almost 170,000 visitors, which is testimony that our approach to re-position RWS as a lifestyle brand is working.”

The megaresort is slated for a $734 million makeover next year, although that’s still attendant upon governmental approval (the Singapore administration likes to sign off on casino designs).  In other news, Genting washed its hands of a South Korea casino project — not a bad move, given the instability on the Korean peninsula. At the same time, Genting took out a “Samurai” bond to underwrite its preliminary casino-development activities in Japan, where it is one of the heavyweights battling for limited integrated-resort licenses.

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