{"id":20115,"date":"2017-08-25T06:36:35","date_gmt":"2017-08-25T14:36:35","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=20115"},"modified":"2021-06-21T06:06:33","modified_gmt":"2021-06-21T14:06:33","slug":"atlantic-city-wins-big-typhoon-hato-clocks-macao","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-wins-big-typhoon-hato-clocks-macao\/","title":{"rendered":"Atlantic City wins big; Typhoon Hato clocks Macao"},"content":{"rendered":"

Having trounced its opposition in last year’s election, Atlantic City<\/strong> continues on its roll, with its casinos posting a 20% increase<\/a> in operating profit through June.\u00a0\u201cFor three consecutive quarters now, \"\"the current operators reported double-digit growth in gross operating profits. They must be doing something right,\u201d said\u00a0New Jersey Casino Control Commission<\/strong> Chairman Matt Levinson<\/strong>. Yes, and they’re doing it without Glenn Straub<\/strong>, still in a titanic sulk over having to be licensed at Revel<\/strong>. Down\u00a0at the Tropicana Atlantic City<\/strong>, the management team deserves a bonus, having increased Trop operating profits a stunning 105% ($35 million). Mohegan Gaming Entertainment<\/strong> is also showing results at Resorts Atlantic City<\/strong>, up 63% ($9.5 million). Tilman Fertitta<\/strong> wrested an extra 27% ($17 million) out of his\u00a0Golden Nugget<\/strong>, while Borgata<\/strong> gained 22% for a whopping $129 million.<\/p>\n

The news wasn’t all good, unfortunately. While volatile Caesars Atlantic City<\/strong> increased its operating profit 25% ($45.5 million), profitability fell at the two other Caesars Entertainment<\/strong> casinos. Harrah’s Resort<\/strong> ($50 million) slid 13% while Bally’s<\/strong> dipped 6% ($16 million).<\/p>\n

* Macao<\/strong> is reeling from Typhoon Hato<\/strong>, which left five dead and 153 injured in the Chinese protectorate. Electrical power to the Cotai Strip™<\/strong> was minimal but water infrastructure was not so lucky. Said Las Vegas Sands<\/strong> spokesman Ron Reese<\/strong>,\u00a0\u201cOur people on the ground in Macao said this was the worst typhoon they had \"\"seen in 20 years.\u201d The casinos seem to have gotten by with minimal damage: a broken window Sands Cotai Central<\/strong>‘s Starbucks<\/strong>, “minor damage” at Wynn Macau<\/strong> and Wynn Palace<\/strong>, both of which remained open for business, ignoring a directive from the Gaming Inspection &\u00a0Coordination Bureau of Macau<\/strong>.\u00a0“All transportations — air, ground, sea — have halted, so customers who have checked out cannot leave yet,” said a Sands China<\/strong> exec, doubtless counting up the extra gambling revenue that could be made from the stranded guests.<\/p>\n

One anonymous casino executive, however, fumed that “It’s like we have gone back to the stone age. People have to queue on the street \"\"for water? It is unbelievable to have no power and water more than 48 hours after.\u00a0How can the government claim we are a first-world city?”\u00a0Cancellation of ferry service and closing of the borders could really impact the bottom line.<\/p>\n

The South China Morning Pos<\/em>t blamed the “casino factor” for Macao’s tardy typhoon warning. Hato laid bare the failure<\/a> of Macao’s infrastructure to keep pace with casino-fueled growth.\u00a0\u201cIt\u2019s \"\"a long-time story of incompetence and a lack of caring to find a solution,\u201d said lawmaker Jose Coutinho<\/strong>, who added that casino-fueled prosperity led to complacency. For instance, a replacement for the city’s decrepit hospital remains on the drawing boards. It has been a higher priority for City Hall to dole out casino-tax revenues to residents. Will Hato leave\u00a0a reordered sense of priorities in its wake or will Macao revert to the status quo? Our money’s on the latter.<\/p>\n

Some, like contractor\u00a0Wong Kit-wah<\/strong>, imputed darker motives to the calamity. Alleging public-sector corruption, he said,\u00a0“Although this is a natural disaster the losses shouldn’t be so massive.”<\/p>\n

* Pechanga Casino & Resort<\/strong> already has a gaming floor larger than that of MGM Grand<\/strong>. It’s adding 568 hotel rooms to grow to a total of 1,090, nosing out\u00a0Harrah’s Resort Southern California<\/strong> to become the largest casino-resort<\/a> in the Golden State. But I’ll let the pictures tell the story:
\n