Ohio still strong; Internet saps brick-and-mortar casinos

Small wonder Sheldon Adelson hates online gambling. He’s big into casino-hotels, whose market share is dropping from $68 billion to $44 million. That’s the lowest figure in a decade and a 35% shrinkage. What’s driving it? Well, Covid-19 obviously and the consequent consumer shift to Internet gambling. Four of the top 10 iPad applications are gambling ones, propelling over $22 million in revenue. According to LearnBonds.com, “DoubleDown had the highest revenue among gambling apps at $9.07 million, followed by Slotomania Vegas Casino Slots at $4.88 million while Bingo Blitz is third at $4.28 million. Jackpot Party is fourth with revenue of  $4.21 million.”

Meanwhile, online gambling continues to creep forward from state to state, a trend that may accelerate as state legislatures see the tax revenues that it’s bringing to their out-of-state colleagues. “During a downturn in the economy, many operators usually sacrifice occupancy to maintain room rates. Gaming resorts often suffer more than hotels in recessions,” writes Justinas Baltrusaitis. In Las Vegas we’re currently seeing the opposite: room rates slashed in order to juice occupancy. They also have to contend with the relative paralysis of the tourist economy, a factor with which regional casinos don’t have to contend. That’s why you’re seeing Wall Street cooling toward Vegas-centric stocks … and companies like MGM Resorts International suddenly warming toward Internet play.

Bad news at Boyd Gaming. Staff are being terminated at both the California Hotel and still-shuttered Main Street Station. Ironically, the axe fell more heavily at the open California (168 jobs gone) than at Main Street (116 positions nuked). The latter will surely be back but perhaps without Triple 7 Restaurant & Brewery, which lost its manager and master brewer. According to Eater Las Vegas, Cal casualties include “a banquet chef, 13 bussers, five cocktail servers, nine cooks, 12 food servers, and a bartender and two bar backs.” Our condolences go out to all of them.

What’s Las Vegas’ next gambling hot spot? How about Bob’s Big Boy in Centennial? The family friendly eatery will apply for permission to install 15 video poker machines, in what is described with some understatement as “a rarity for the 71-year-old brand.” If you can’t wait for the (undisclosed) debut of the restaurant and want a Big Boy fix, head up to Terrible’s Casino in Indian Springs, where the finishing touches are going on an in-house Big Boy. And be sure to have your photo taken with the mascot.

Overseas sports books are seeing heavy action on the presidential election, including a $67,000 wager on Donald Trump on Sept. 1. (If Trump pulls it out, that should be a big payday.) We haven’t even seen the really significant play yet, which is expected to occur in the fortnight prior to Election Day. The markets were predictive in 2016, with Trump closing a big gap on Hillary Clinton. Said PayPerHead Product Manager Nate Johnson, “We expect a flood of wagers on our platform after the second debate. If Trump performs well, everyone will know he’s over the coronavirus. Hopefully, they both perform well, and our agents see action on both candidates.”

Final thought, regarding last night’s floor show in Salt Lake City. We haven’t seen that much tap dancing since Ginger Rogers and Fred Astaire tripped the light fantastic in Swing Time.