{"id":21512,"date":"2018-04-13T07:49:54","date_gmt":"2018-04-13T15:49:54","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21512"},"modified":"2018-04-13T07:49:54","modified_gmt":"2018-04-13T15:49:54","slug":"bumpy-month-for-atlantic-city-stanley-ho-has-left-the-building","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/bumpy-month-for-atlantic-city-stanley-ho-has-left-the-building\/","title":{"rendered":"Bumpy month for Atlantic City; Stanley Ho has left the building"},"content":{"rendered":"

Winter has not been kind to Atlantic City<\/strong>, with gaming revenues down 3.5% in March ($193 million). At least Internet<\/strong> gaming is a bastion of strength, 17.5% more productive last month, with Golden Nugget<\/strong> \"\"dominating that sector with 34% market share. Resorts Digital<\/strong> continues to move past Tropicana<\/strong> (the new tail-end Charlie) up to 16.5% market share. Borgata<\/strong>‘s terrestrial gambling was flat, year\/year. Tables brought in 3.5% less on 6% lower wagering. Slot win grew 2.5% on 4% more coin-in. A good month at Harrah’s Resort<\/strong> ($32 million, up 7%) couldn’t save Caesars Entertainment<\/strong>‘s bacon. Caesars Atlantic City<\/strong> got clobbered, its $22 million representing a 25% plunge. Bally’s<\/strong> grossed $16 million, for a 7% decline.<\/p>\n

Resorts Atlantic City<\/strong> is inching toward Bally’s and potentially out of last-place status. In March it grossed $15 million, a 9% slippage, while Tropicana slid 7.5% but grossed $29 million. Golden Nugget grossed $19.5 million, for a dramatic 17.5% climb.<\/p>\n

If anyone in Atlantic City is looking for a gaming executive with a questionable background, they can hire newly licensed Anthony C. Patrone<\/strong>. Despite the objections of the Division of Gaming Enforcement<\/strong>, the New Jersey Casino Control Commission<\/strong> granted Patrone a gaming license, despite a blotch on his record. During his stint with a Louisiana<\/strong> tribal casino Patrone was accused of manipulating computer records<\/a> to secure an unearned bonus. Charged with felony theft, computer fraud and obstruction of justice, Patrone pled out to a misdemeanor without admitting guilt. (His record has since been expunged.) Said Patrone, \u201cTo be found definitively suitable in my home state is deeply gratifying, especially because of the extremely high bar set by the New Jersey<\/strong> regulatory structure throughout its history.\u201d I wonder if the DGE will be keeping a close eye on him.<\/p>\n

Over in Pennsylvania<\/strong>, where one-armed bandits represent 75% of all gaming revenue, Parx Casino<\/strong> ($37.5 million) had another terrific month, slot revenue up 9%. Sands Bethlehem<\/strong> was back with the rest of the slot pack, its $28 \"\"million gross representing 3% growth. Hard on its heels was Rivers Casino<\/strong>, grossing $26 million and up 9.5%. Penn National Gaming<\/strong>‘s eponymous racino won $20 million at the slots, up 1%, Pinnacle Entertainment<\/strong>‘s The Meadows<\/strong> was up 3%, just shy of $20 million, and Harrah’s Philadelphia<\/strong> had a good month, with a $19 million gross and 2%. Mohegan Sun Pocono Downs<\/strong> also had a $19 million month and grew revenue by 6.5%.<\/p>\n

SugarHouse<\/strong>‘s $19 million was good for a 5% gain, while Mount Airy<\/strong> ($12 million) was the only revenue-negative gambling house, down 1.5%. One of the biggest gainers was Presque Isle Downs<\/strong>, up 11.5% to $10.5 million (Churchill Downs<\/strong> will be happy to read that). Valley Forge Casino<\/strong> ($8 million) had the biggest gain — 13.5% — while Lady Luck Nemacolin<\/strong> was flat at $3 million.<\/p>\n

* Detroit<\/strong> turned its back on native son Dan Gilbert<\/strong> last month, as Jack Greektown<\/strong> revenue dropped 2% to $31 million. As usual, MGM Grand Detroit<\/strong> ($58 million, +7%) and MotorCity Casino<\/strong> ($49 million, +9%) posted gains. When the April numbers come out, it will be interesting to \"\"see if a strike at Casino Windsor<\/strong> brought Detroit any additional business, although the primary impact is being seen at competitor Gateway Casinos<\/strong>‘ properties in Ontario<\/strong>. Casino Windsor is completely closed, dark, kaput<\/a>, 59% of its 2,300-member workforce having voted to strike over pay issues. Although the facilities are much smaller, Gateway’s Rob Mitchell<\/strong> reported,\u00a0\u201cThere is no question our general managers are reporting increased traffic as a consequence of the labour disruption at Caesars Windsor.\u201d Gateway is adding a third casino in Chatham and Mitchell says that players formerly loyal to Casino Windsor are expressing interest in the new property, even though it’s 15 months away.<\/p>\n

* Stanley Ho<\/strong> has been a vegetable for some time, so it should come as no surprise that the 96-year-old oligarch and alleged polygamist is calling it quits<\/a> (or having it done for him), putting control of SJM Holdings in the
\n\"\"hands of daughter Pansy Ho<\/strong>. We’ll see how her 16 siblings take it. Whenever Stanley Ho relinquishes control of one of his companies it’s like an episode from King Lear<\/em>. SJM stock reacted positively to the news, perhaps in hopes that the slow-moving company might finally get its act together, after sleepwalking through the declining years of Stanley Ho’s reign. What this means for Pansy Ho’s remaining stake in MGM China<\/strong> nobody is saying yet but she’s going to have her thumbs in a lot of pies going forward. As for her father, a dinosaur\u00a0from Macao<\/strong>‘s mobbed-up days, we’re not exactly sorry to see him go.<\/p>\n","protected":false},"excerpt":{"rendered":"

Winter has not been kind to Atlantic City, with gaming revenues down 3.5% in March ($193 million). At least Internet gaming is a bastion of strength, 17.5% more productive last month, with Golden Nugget dominating that sector with 34% market … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":7443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,176,154,44,199,172,7,37,189,84,62,11,167,91,110,69,95,30,25,12,213,61,87,129,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21512"}],"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=21512"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21512\/revisions"}],"predecessor-version":[{"id":21513,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21512\/revisions\/21513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/7443"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}