“I know the world is bruised and bleeding, and though it is important not to ignore its pain, it is also critical to refuse to succumb to its malevolence. Like failure, chaos contains information that can lead to knowledge—even wisdom.”—Nobel Prize-winner Toni Morrison, who died last Monday.
Market share was dominated by MGM (41%) and Maryland Live (33%). The Cordish Gaming property grossed $49 million, a 3% uptick. Horseshoe Baltimore ($19.5 million) continues to fade, down 5%. Among outlying casinos, Ocean Downs grossed $8 million (-5.5%) while Hollywood Perryville gained 6% for a $6.5 million finish. Rocky Gap Resort was flat at $5 million. In West Virginia, casino revenues fell 7%, driven by a 26% plunge in table winnings. It was worse than average at Charles Town Races, falling 11% as table-game revenues went into a 37% tailspin.
news: There was an EBITDA miss in Macao, where an expected $355 million materialized at $343 million. VIP play was “soft” despite being 5% above expectations. But “the one sizable bright spot” was mass-market revenue, up 22%. As for the Las Vegas Strip, it “came in stronger, reflective of strong casino volumes and RevPAR [$300/room], reflective of share gains there amidst a renewed focus on domestic casino growth.” Next revenue was expected to be $436 million but was $464 million. Table game wagering was up 9%, 28% higher than expected, while slot handle was up 4% instead of being (as anticipated) flat. Slot revenue was an impressive $339/win/slot/day. Room revenues rose 8% on 90% occupancy and $333 ADRs, a 6.5% increase.
($128 million) -$18 million, the Midwest ($97 million) -$3.5 million, the Central U.S. ($123 million) -$3 million, the South ($117 million) -$13.5 million and the Eastern U.S. ($170 million) -$6 million. We don’t know if this bodes ill economically but it should give Eldorado pause about 
Review-Journal‘s Richard Velotta could find no better word for 2019 to date than “mediocre,” albeit a mediocrity founded upon 42 million projected visitors. Conventioneers, however, could take the front rank among Vegas pilgrims, on pace to surpass 2017’s 6.6 million. And although gaming win on the Las Vegas Strip hasn’t been what it used to be, other markets are compensating. Slot win, up 2.5% year to date, is carrying the Silver State, down only once in the last 10 months. Tourism boffins are already saying ‘Wait ’til next year,’ pinning their hopes on the Oakland Raiders and Resorts World Las Vegas‘ tantalizingly delayed debut.
Act would authorize a casino in Bridgeport owned by Foxwoods Resort Casino and Mohegan Sun. The tribes would be required to spend at least $100 million, walking-around money for them. In return, the two tribal mammoths would get dibs on sports betting, including lucrative mobile and online wagering. The bill may have to wait until the regular session in February, giving MGM lots of time to lobby and litigate, the things it does best. The company’s already spooked Gov. Ned Lamont (D), who said, “I’ve got to see where all the players are on this because if this gets stuck in the legal muck, like it’s been for the last five years, we’re not going to show any progress.”
operates hotels in the Las Vegas market, including Renaissance. Reporter Scott Roeben describes Oyo as “a rapidly-expanding Indian budget hotel company.” What the advent of Highgate would mean for Hooters casino operator Paragon Gaming isn’t known but since this seems to be strictly a hotel play, we figure Paragon is safe. Roeben implies that Oyo would have difficulty getting a gaming license, making Paragon all the more attractive to the new landlords.
last year, that the details ranged “from breathtakingly original to laughably absurd.” It was such a weird concept, even by Las Vegas Strip standards, that it defeats our best efforts to describe Kind Heaven. Best 
writes. Sounds plenty good to us. Consider that profit leapt 64% last quarter, admittedly propelled by a one-time, $556 million gain from the sale of Sands Bethlehem. Hoium’s take on Macao was that it was just “
coincidental—but surely not—that McCarran International Airport set a June record for arrivals and departures. Strip slot win was up 10% on 8% higher coin-in while baccarat win rocketed an eye-popping 117% on only 20% higher wagering. The house, if it needs saying, played very luckily. Not on non-baccarat games, however: Win was down 10% on 7.5% less wagering. The June numbers helped out a 2Q19 that had been rather lackluster, up less than 1% for the quarter on 3% less table win and 4% greater slot win. The gross-revenue and baccarat comparisons for July will be easy, so it will be interesting to see if the Strip can repeat June’s command performance.
TripAdvisor reviews were culled to create a ranking that ends at Harrah’s Council Bluffs and begins at Wynncore. At #20, The Cosmopolitan of Las Vegas, edged out Caesars Palace and Aria. WinStar Casino in Oklahoma is not only the largest tribal gambling palace it is also the highest-rated (#4), while Harrah’s New Orleans (#5) dominated the Caesars Entertainment portfolio, followed by The Cromwell (#11) and Horseshoe Bossier City (#12). You’ll want to keep those, Tom Reeg. Back on the Strip, Palazzo eclipsed its progenitor, Venetian (#16). In Reno, leading the list at #8 is Atlantis Casino Resort Spa. Hardly anyone plays at Lady Luck Nemacolin but enough liked it to make it lucky #7, the only Pennsylvania casino to crack the top 50.
befell Harrah’s” in 2007, perhaps worse since Caesars has sold most of its real estate, leaving with less of an asset base against which Eldorado can borrow. The latter will cash and carry $7.2 billion of the acquisition, cover some of the cost with stock (Eldorado’s is far more valuable than Caesars’), assume $6.3 billion in debt, and have Vici Properties sell assets and jack up rents by $98.5 million. Eldorado “may be in a more precarious position than you might think,” writes Hoium. “The debt load may not seem onerous if you look at the projected $3.6 billion in annual [cash flow, a 21% return on investment] after the deal is closed, which includes $500 million of assumed synergies, but we shouldn’t assume that EBITDA will remain where it is now forever.”
Stitt, for his part, is playing chicken with the tribes, threatening to shut all their casinos on Jan. 1 if they don’t dance to his tune. “We believe Gov. Stitt has been misinformed about how these compacts work. We believe this is a correct fee structure. Either it’s the same deal, or he wants to offer a better deal to the tribes,” Oklahoma Indian Gaming Association Chairman Matt Morgan said. He counterproposed adding new revenue streams like Class III table games and sports betting. Furthermore, he stated that an “evergreen” clause in the compact had already turned over, giving the tribes 15 more years of exclusivity.
expectations” on the Strip and in line with anticipation about Macao. Despite weak baccarat volumes in Las Vegas, the company performed “marginally better than three to six months ago.” That includes MGM 2020, which generated $100 million in savings, not the $70 million that was expected. Table game win (Strip only) was 22% up on 7% higher wagering. Similarly, slot win rose 4% on 1% more coin-in. Non-gaming revenues rose 5%. Overseas, MGM Cotai continues to underperform, missing Wall Street projections by $12 million.-
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