{"id":14772,"date":"2014-10-15T13:26:55","date_gmt":"2014-10-15T21:26:55","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=14772"},"modified":"2014-10-16T09:15:26","modified_gmt":"2014-10-16T17:15:26","slug":"life-after-revel-sheldons-solid-quarter","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/life-after-revel-sheldons-solid-quarter\/","title":{"rendered":"Life after Revel; Sheldon’s solid quarter"},"content":{"rendered":"

\"Harrahs<\/a>Faced with fewer and fewer casino choices in Atlantic City<\/strong>, players seem to be choosing to stay home. The seaside city saw gaming revenues plummet 17% last month. That’s also the same percentage by which coin-in and slot revenues slipped. Table game play was down 18% and luck definitely was not with the casinos (-19% win). At $10 million for September, Internet<\/strong> play was about what we’ve come to expect … PokerStars<\/strong> can’t arrive a day too soon. With Showboat<\/strong> closed, and Revel<\/strong> (-99%, $100K) and Trump Plaza<\/strong> (-80%, $1.3 million) closing, there was dynamic movement in revenue. Trump Plaza<\/strong> players didn’t bail out Trump Taj Mahal<\/strong>, down 23% ($17.5 million). However, the Golden Nugget<\/strong> (+41.5%, $15 million) raked in business by the fistful. There must some unacknowledged genius in their marketing department. By closing Showboat, Caesars Entertainment<\/strong> was able to shoo players over to Harrah’s Resort<\/strong> (+6%, $31 million) and Caesars Atlantic City<\/strong> (+10%, $26 million), if not to Bally’s<\/strong> (-2%, $20 million).<\/p>\n

Resorts Atlantic City<\/strong> ($12 million) didn’t get any lift, being absolutely flat with last year. Tropicana Atlantic City<\/strong> ($21 million, however, saw a 6% bump. And let’s not forget Borgata<\/strong> (+6%), continuing to thrive with a $55 million gross. Does Brookfield Asset Management<\/strong> really<\/em> want to try and resuscitate Revel in this economic climate?<\/p>\n

\n

* On a happier note, revenues were 1% down at Las Vegas Sands<\/strong> but profits increased 7%<\/a>. Although there was an understandable tendency to focus on Macao<\/strong> revenue, Deutsche Bank<\/strong> analyst Carlo Santarelli<\/strong> found some interesting \"Sheldon\"<\/a>metrics in Sheldon Adelson<\/strong>‘s Las Vegas Strip<\/strong> properties. In almost all important categories — ADR, room revenue, table play, slot handle (way up) — Venetian<\/strong> and Palazzo<\/strong> posted numbers that either improved on the year previous or offset third-quarter declines. Retail, entertainment and dining generated $120 million, compared to the casino’s $200 million, but the former was flat with the year before. I guess Sands didn’t get the memo that Las Vegas<\/strong> isn’t supposed to be about gambling anymore.<\/p>\n

Adelson’s Pacific Rim<\/strong> properties took some lumps. Four Seasons Macao & Plaza Casino<\/strong> was down 20%, Sands Macao<\/strong> dipped 8% and Marina Bay Sands<\/strong> declined 5%. On the other side of the ledger, Sands Cotai Central<\/strong> was up 11% and Venetian Macao<\/strong> was flat with 3Q13. Heck, even red-headed stepchild Sands Bethlehem<\/strong> notched a 4% gain. Perhaps Adelson should quit meddling<\/a> in Florida<\/strong>\u00a0pot politics and enjoy his good fortune.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Faced with fewer and fewer casino choices in Atlantic City, players seem to be choosing to stay home. The seaside city saw gaming revenues plummet 17% last month. That’s also the same percentage by which coin-in and slot revenues slipped. … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,14,36,7,37,62,11,167,95,157,12,108,9,21,169,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14772"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=14772"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14772\/revisions"}],"predecessor-version":[{"id":14780,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14772\/revisions\/14780"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=14772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=14772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=14772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}