{"id":15848,"date":"2015-04-07T12:42:15","date_gmt":"2015-04-07T20:42:15","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15848"},"modified":"2015-04-07T12:42:15","modified_gmt":"2015-04-07T20:42:15","slug":"misery-in-macao-penns-good-fortune","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/misery-in-macao-penns-good-fortune\/","title":{"rendered":"Misery in Macao; Penn’s good fortune"},"content":{"rendered":"

Macao<\/strong> took such a hard hit last month that distinction lies not in which casino did best but whose business was least bad. And, with the territorial government promising to help Peking<\/strong> \"MGM_Cotai\"<\/a>further ratchet up its anti-graft campaign, Operation Skynet<\/strong>, recovery seems a long ways away<\/a> indeed.\u00a0\u201cThrough enhancing communication and cooperation with mainland authorities\u2026 and supporting the fugitive manhunt and asset recovery activities, the [Commission Against Corruption<\/strong>] will exert the best efforts to prevent Macao from turning into a transit point or destination for illicit money outflows and corrupt officials fleeing the mainland,\u201d said government minister\u00a0Andr\u00e9 Cheong<\/strong>. He also promised closer cooperation<\/a> with\u00a0Guangdong<\/strong>, Guangxi<\/strong> and Fujian<\/strong> provinces.<\/p>\n

How bad is the damage? Wynn Macau<\/strong> got off relatively lightly in mass-market table revenues, down 5% as compared to Sands China<\/strong>‘s -30%. In the all-important VIP market, MGM China<\/strong> ‘only’ fell 39% while Wynn tumbled 53%. MGM’s 21% decline in slot play was also cited as a market-best, while Sands brought up the rear with a 32.5% slippage. Part of what is weighing down Macao is a depressed real estate market on the mainland. High rollers are not finding it so easy to unload real estate when there are gambling debts to be paid.<\/p>\n

* Proliferation of gaming product in Ohio<\/strong> drove revenues up 12% last month, although they fell 4% on a same-store basis, suggesting that the market has reached capacity. Penn National \"Hard<\/a>Gaming<\/strong> did very well on the whole, despite a perplexing 12% decline at Hollywood Columbus<\/strong>. Its other properties all put in above-average slot\/day\/win numbers, with Hollywood Austintown<\/strong> posting a mind-boggling $298. The Caesars Entertainment<\/strong> properties replicated Hollywood Columbus’ formula of high grosses combined with substantial\u00a0percentage declines. The Horseshoe-branded properties were down 7% in Cleveland<\/strong> and 13% in Cincinnati<\/strong>. The biggest percentage gainer for the month was Hard Rock Rocksino<\/strong> up 16.5% and grossing more than any other casino in the state except Horseshoe Cleveland<\/strong>. Whatever their formula is, it’s definitely a winner.<\/p>\n

* All major operators took a bit of a haircut in Illinois<\/strong>, where Jumer’s Casino Rock Island<\/strong> came out the winner by simply being flat with last year. Caesars’ properties were down 10% statewide. Even the novelty factor couldn’t shield Harrah’s Metropolis<\/strong> from an 8% decline. Penn’s two riverboats were an aggregate -6% and parent GLPI<\/strong>‘s Casino Queen<\/strong> was an un-regal -9%. Boyd Gaming<\/strong> was 3% off the pace at its Par-A-Dice<\/strong>. Despite a 4% dip in revenue, Rivers Casino<\/strong> dominated the Land of Lincoln with an enviable $38 million gross.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macao took such a hard hit last month that distinction lies not in which casino did best but whose business was least bad. And, with the territorial government promising to help Peking further ratchet up its anti-graft campaign, Operation Skynet, … 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":[60,14,190,165,7,58,62,11,91,71,69,25,12,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15848"}],"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=15848"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15848\/revisions"}],"predecessor-version":[{"id":15849,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15848\/revisions\/15849"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}