{"id":15698,"date":"2015-03-13T09:59:30","date_gmt":"2015-03-13T17:59:30","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15698"},"modified":"2021-04-03T07:13:50","modified_gmt":"2021-04-03T15:13:50","slug":"honeymoon-over-in-atlantic-city-resistance-in-connecticut","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/honeymoon-over-in-atlantic-city-resistance-in-connecticut\/","title":{"rendered":"Honeymoon over in Atlantic City; Resistance in Connecticut"},"content":{"rendered":"

All the gains Atlantic City<\/strong> casinos had been making from the downsizing of the market came to an abrupt end last month. Gambling revenues dove 16% and same-store revenues \"Golden<\/a>fell 2% (yes, even the Borgata<\/strong>‘s). Luck simply was not on the casinos’ side. Coin-in at the slots was 11% less and revenue fell 14%. Table play decreased by 22% and casino win was 19% less. Online play chipped in $10 million. Borgata’s slight dropoff, on a $45 million gross, was attributable to 12% less win (and despite an increase in wagers). All was fine in the slot realm, where coin in was up 5% and win rose 2%.<\/p>\n

In the aggregate, it was a terrible month for Caesars Entertainment<\/strong>, its trio of casinos down 18%. Most of that was attributable to Bally’s Wild Wild West<\/strong> (-14%), although Caesars Atlantic City<\/strong> also had an infelicitous month, off 4%. Harrah’s Resort<\/strong> remained impregnable, though, up 4%. The opposite scenario was represented by stumblebum Trump Taj Mahal<\/strong>, down 23% and grossing only $12 million. Carl Icahn<\/strong> cannot take over and sack the management team soon enough.<\/p>\n

Despite trailing the market in revenue, Resorts Atlantic City<\/strong> posted an 11% revenue increase, while Icahn’s Tropicana Atlantic City<\/strong> was 1.5% down. And the Golden Nugget<\/strong> continues to climb the ladder, passing Resorts, the Taj and Bally’s with a $45 million gross (a 14.5% improvement). Tilman Fertitta<\/strong> may have toyed with quitting the Atlantic City market but I sense that fit has passed.<\/p>\n

* Scientific Games<\/strong> met with J.P. Morgan<\/strong> analysts and the message was that Scientific Games “is the best positioned casino supplier in the industry.” Looking forward to a flat \"scientific-games-corp-logo\"<\/a>gaming market,\u00a0management believes that its diverse product offerings across slots, tables, and casino systems will enable it to grow its wallet share of total casino customer spend,” especially since it can bundle product offerings across its Bally<\/strong>, WMS<\/strong> and Shufflemaster<\/strong> product lines. The company’s installed base of wide-area progressives and other units fell by 2,601 last year but management thinks — wishfully, perhaps — to an industry-wide contraction in the overall installed base “less of this decline to losses to competitors.” Thanks to its Bally Technologies and WMS acquisitions, Scientific posted a $243 million loss for the year, despite a 29% revenue increase in 4Q1<\/a>4. Only the lottery segment disappointed, flat year over year.<\/p>\n

* We’ve known for a while that the Riviera<\/strong> would close on May 4 (LVA<\/em> was one of the first with the story) but the casino has made it official<\/a>, adding that the shutdown will take place at noon.<\/p>\n

* Turbulence at Perella Weinberg Partners<\/strong> has cost the firm its gig as bankruptcy advisor to Caesars Entertainment. The latter has severed ties with Perella in favor of Millstein & Co<\/strong>.<\/p>\n

* Politicians make like the idea of adding three convenience casinos but Connecticut<\/strong> voters are giving it the boot<\/a>. Although 62% of Connecticut resident approve of gambling, 75% want to keep the industry at its present size, a view that cuts across all groups sampled<\/a> in a Quinnipiac University Poll<\/strong>. Considering the low favorability rating of Gov. Dannel Malloy<\/strong>, advocates of casino expansion would appear to be dealing from a weak hand. Physician-assisted suicide and legal marijuana polled far better.<\/p>\n","protected":false},"excerpt":{"rendered":"

All the gains Atlantic City casinos had been making from the downsizing of the market came to an abrupt end last month. Gambling revenues dove 16% and same-store revenues fell 2% (yes, even the Borgata‘s). Luck simply was not on … 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":[23,77,60,166,7,167,33,55,160,107,9,129,21,169,38,89],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15698"}],"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=15698"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15698\/revisions"}],"predecessor-version":[{"id":29470,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15698\/revisions\/29470"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}