Last month’s gaming revenues from Ohio and Illinois were flat year/year. Some would look at that as a bad thing but it shows the states aren’t losing significant play to neighboring states. Ohio casinos 
grossed $160 million, with MGM Northfield still tops in the state ($20 million) despite an 11.5% falloff—a consumer vote of no-confidence in new management? Hollywood Columbus came up just shy of $20 million, riding a 2% gain, while Hollywood Toledo slid 6% to $17 million. That was also the gross at the two Jack Entertainment casinos, with Cleveland up 2% and Cincinnati down 4.5%. Jack Thistledown vaulted 12% to $12 million. Scioto Downs fell 8.5% to $14 million, while Belterra Park crept 1.5% ahead to $7.5 million. Churchill Downs‘ investment in Miami Valley Gaming continues to pay off, up 12.5% to $15 million. Hollywood Casino Dayton galloped 6% ahead to $10 million and Hollywood Casino Mahoning Valley gained 3% to $11 million.
Over in the Land of Lincoln, casinos grossed $115 million. Penn National Gaming took a double-whammy, falling 8% at Hollywood Aurora ($9.5 million) and 9% at Empress Joliet ($9 million). Harrah’s Joliet slipped 1% but still grossed $15 million, while Rivers Casino was up 10% to $38 million, a real Continue reading
surprise, was second with 33% and $48 million (+2%). Horseshoe Baltimore grossed $20 million (-9.5%), Hollywood Perryville was off 10% to $6 million, Ocean Downs gained 7% to $6 million and Rocky Gap Resort was flat at $5 million. West Virginia casinos and racinos were flat, despite a 3% bump in table winnings. A 9% surge in table games at Hollywood Casino in Charles Town made up for a 2% decline in slot win.
and considering the full range of our next steps. We will not have further comment until we have thoroughly reviewed and considered the [Massachusetts Gaming Commission’s] decision,” said company spokesman Michael Weaver, ominously. Wynn 
come up $5 million short. For instance, Reno (pictured) had snow in 24 of February’s 28 days and construction in Black Hawk provided another overhang. In Illinois, Eldorado expects to hit its $55 million cost-savings target at Grand Victoria by the end of this month. Wrote JP Morgan analyst Daniel Politzer, “we believe ERI has positioned itself for multiple years of meaningful EBITDA growth.” How? Operating and marketing efficiencies at its legacy properties, and a Pompano Park joint venture with Cordish Gaming, for starters. Oh, and there’s the little matter of “M&A optionality” read: Caesars Entertainment.
“[There] is a deeply wrongheaded habit to project today’s norms, values, ideals backwards in time to find our ancestors inevitably falling short. It betrays a very troubling intolerance of art and the ambiguity of art and the aspirations of art.” — historian Fergus M. Bordewich on the effort to 
begin with), with prices escalating in direct ratio to hotel occupancy. The more people who stay, the more you pay. This is an abomination and yet another indication that Big Gaming thinks you are a bunk of marks who are to be taken for everything they’ve got. Mind you, if the geniuses behind this idea chafe at the sight of patrons bringing pallets of bottled water to their room, just wait, it’s only going to become more prevalent. MGM is test-flying this odious new concept at the bottom of its food chain, i.e., Excalibur.
regional-gaming performance. “On a same-store basis Regionals were down 11.5% with AC and bad weather again a factor,” wrote Combes. “Regional EBITDA down 13% y/y excluding Centaur, given Atlantic City weakness and bad weather.” However, he noted, “Management sounded optimistic about the outlook for Vegas in 2019, calling out the group convention and non-group room nights already on the books.” Combes thinks Caesar can offset its Atlantic City vulnerability with single-digit [2.5%] revenue growth in Las Vegas and continued strength from Centaur’s two racinos in Indiana, even if the health of Las Vegas is somewhat dependent upon that of Caesars’ hub-and-spoke casino network.
sports broadcasts, where live or rerun, with the exception of horse races. (There’s always an exception for the horsey set, it would seem.) In changing their stance, GVC and William Hill are coming into line with parliamentary momentum in the United Kingdom, and even support a ban on gaming logos on footballers’ jerseys. “I call on our industry peers to help us bring about an end to broadcast advertising which promotes sports-betting in the UK no matter the time of day,” continued Alexander. Putting its money where its mouth is, GVC will 
company to move forward. While some had called for a still-higher fine, “We are confident that we have struck the correct balance and met our legal and ethical burdens,” wrote Massachusetts Gaming Commission Chairwoman Cathy Judd-Stein. The MGC also released its 
Gov. Ron DeSantis (R) is keeping the details close to his vest—and the clock is running fast on legalization, but it’d be a big step forward and open a lucrative new market. Florida parimutuels and sports arenas could offer sports betting under the compact, albeit with the Seminoles acting as a “hub” for wagers. By putting the Seminoles at the heart of the sports-betting hub and spoke system, placing the betting effectively on tribal lands, it would circumvent the recent restriction on new gaming without voter approval (a restriction that, ironically, the tribe strongly supported). The deal would run for 31 years, 11 more than 
“There is no truth more thoroughly established, than that there exists in the economy and course of nature, an indissoluble union between virtue and happiness, between duty and advantage, between the genuine maxims of an honest and magnanimous policy, and the solid rewards of public prosperity and felicity.” — George Washington, from his inaugural address, delivered 230 years ago today.
23), Wynn Resorts is trying to reap some positive karma. It has abandoned its pay-for-parking policy. Not only will short-term parkers get to use the Wynn garages for free, so will overnight guests. The policy change goes into effect tomorrow. Let’s hope Wynn’s example spreads to Caesars Entertainment, MGM Resorts International and The Cosmopolitan of Las Vegas.
acquisitions. Downtown continues to be Boyd’s bastion of strength, 8% above expectations, while corporate expenses were 2% less than modeled. “Management highlighted that performance at Gold Coast has been solid and share gains made last year during construction of competing properties (i.e., Palms and Palace [Station]), have largely maintained,” wrote JP Morgan analyst Joseph Greff. Continued dominance of the Hawaii trade and a long-term comeback in Downtown also aided 
“When I announced MGM 2020 back in January, I knew it would be a long and challenging road to implementation. I pledged you would hear from me once decisions on our new operating model are completed and it is ready to implement. Thank you for your patience and support as we’ve worked through the process to get to the place where we find ourselves today.
comparison. In March 2018, baccarat win was up 118%. Last month it was down 56% on 43% less wagering. Non-baccarat table games won 16% more on 3.5% higher wagering. Slot coin-in was 5% and the one-armed bandits kept 5.5% more than in 2018. The real strength was in the locals market, up 6.5%. Downtown ($59 million) was up 9%, North Las Vegas did $26 million (+8.5%) and the Boulder Strip raked in $70.5 million (+9%). Laughlin lost ground, down 4% to $49.5 million but uncategorized Clark County gained 5% to $112 million.
hotel will need to generate cash flow of $130 million to hit 13% ROI. However, Unite-Here Gaming Research puts the annual EBITDA at $117 million, which is hardly a disgraceful shortfall, although the Culinary estimates it take Wynncore-sized room rates to get that far. True, Station management has ratcheted expectations down from “mid-teens” ROI to “double-digit.” But how would the Palms perform had Station left it in its previous state?
law has to survive three more votes in the House before moving along to the state Senate. However, it has powerful bipartisan backers in Majority Leader Alec Garnett (D) and Minority Leader Patrick Neville (R). With two weeks left until adjournment, though, it may be a nip-and-tuck affair. The bill would juice existing casinos into sports-betting concessions while horse track Arapahoe Park, ironically,