{"id":21883,"date":"2018-06-14T07:04:05","date_gmt":"2018-06-14T15:04:05","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21883"},"modified":"2018-06-14T07:27:38","modified_gmt":"2018-06-14T15:27:38","slug":"big-day-in-new-jersey-atlantic-city-slips","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/big-day-in-new-jersey-atlantic-city-slips\/","title":{"rendered":"Big day in New Jersey; Atlantic City slips"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/bg6wCcKKUlk\" width=\"450\" height=\"253\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Sports betting in <strong>New Jersey<\/strong> <a href=\"http:\/\/www.nj.com\/politics\/index.ssf\/2018\/06\/the_big_day_is_here_sports_betting_finally_to_begi.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">will go off as planned<\/a>. As I write this, <strong>Monmouth Park<\/strong> is 20 minutes away from taking its first wager, <a href=\"https:\/\/lasvegassun.com\/news\/2018\/jun\/13\/sports-betting-to-be-focus-at-major-us-casino-conf\/\" target=\"_blank\" rel=\"noopener noreferrer\">presumably placed<\/a> on the <strong>World Cup<\/strong> by Gov. <strong>Phil Murphy<\/strong> (D).\u00a0&#8220;I&#8217;m thrilled to be doing it,&#8221; Murphy told a radio host,\u00a0It&#8217;s been a long time coming. Many, many years.&#8221; You said it, Phil. <strong>Borgata<\/strong> will be close upon Monmouth Park&#8217;s heels, opening a sports book at 11 a.m. Kudos to <strong>MGM Resorts International<\/strong> for having the class not to rain on Murphy&#8217;s parade, which will contain other Garden State dignitaries. The governor thinks that the state&#8217;s official projection of $13 million in tax revenues is a low-end number but we&#8217;ve been down this road before with <strong>Internet<\/strong> gaming and it&#8217;s better to be conservative when budgeting gambling levies.<\/p>\n<p>So great was the sense of urgency that <!--more-->the state issued emergency regulations to cover sports betting, not having time to draft permanent ones. We hope the latter will be in place a month from now, when mobile wagering becomes legal.\u00a0\u201cLegal sports betting will add rocket fuel to the already-impressive growth rates for New Jersey&#8217;s legal online casinos,\u201d predicted columnist <strong>Steve Ruddock<\/strong>.\u00a0\u201cThe addition of sports betting will also create crossover customers that will expand the revenue pie for online casino games. <strong>DraftKings<\/strong> and <strong>FanDuel<\/strong> add splashy brands to New Jersey\u2019s online gambling market, and will help energize the industry.\u201d<\/p>\n<p>The euphoria (even I can feel the excitement) over sports betting helps soften the blow of a poor May in <strong>Atlantic City<\/strong>. Casino revenues were <img loading=\"lazy\" class=\"alignleft size-full wp-image-4981\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/10\/tropicana_havana.jpg\" alt=\"\" width=\"300\" height=\"235\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/10\/tropicana_havana.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/10\/tropicana_havana-150x117.jpg 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>down 7%. Slot revenues were pretty flat but the Boardwalk got cleaned out on table games, where win was down 25.5%. (Mind you, we&#8217;re talking about a $193.5 million market, bigger than\u00a0any Midwestern state.) Winners included the <strong>Tropicana<\/strong>, storming into second place with $31 million and a 7% gain. The <strong>Golden Nugget<\/strong> was up 6% to nearly $20 million and\u00a0<strong>Resorts International<\/strong> also bucked the trend, nudging up 1% to $15.5 million.<\/p>\n<p>Borgata was down 10%, having been clocked at the tables (-33%) and despite 2.5% more slot win on higher coin-in. It grossed $61.5 million, so MGM will be crying all the way to the bank. Hardest-hit was <strong>Caesars Atlantic City<\/strong>, down 24% to $22 million. <strong>Harrah&#8217;s Resort<\/strong> grossed $27.5 million, a 7% decline and <strong>Bally&#8217;s<\/strong> tumbled 11.5% to $16 million. Atlantic City&#8217;s landing was cushioned by a 15% increase in online play, still dominated by the Golden Nugget, with 35.5% market share.<\/p>\n<p>* <strong>Dan Gilbert<\/strong> can&#8217;t get any traction at <strong>Jack Detroit<\/strong>, which was flat last month with $29 million. (Some would like to have his problems, I&#8217;m <img loading=\"lazy\" class=\"alignright size-medium wp-image-4479\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/mgm-grand-detroit-promotions-300x261.jpg\" alt=\"\" width=\"300\" height=\"261\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/mgm-grand-detroit-promotions-300x261.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/mgm-grand-detroit-promotions-150x130.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/mgm-grand-detroit-promotions.jpg 415w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>sure.) As always, <strong>MGM Grand Detroit<\/strong> was dominant with $54 million and a 7% increase. <strong>MotorCity<\/strong>, which continues to look like a strong candidate for a tuck-in acquisition, made a 2% increase to $41.5 million. You have to hand it to <strong>Terrence Lanni<\/strong>: He built a better mousetrap at MGM Grand and it will rule the Motown market until Hell freezes over.<\/p>\n<p>* <strong>Pennsylvania<\/strong> slot revenue has been tallied and <strong>Parx Casino<\/strong> continues to rule with $36 million and a 5% increase. Elsewhere in the <img loading=\"lazy\" class=\"alignright size-medium wp-image-20842\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2017\/12\/Parx-PA-online-casino-300x194.jpg\" alt=\"\" width=\"300\" height=\"194\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2017\/12\/Parx-PA-online-casino-300x194.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2017\/12\/Parx-PA-online-casino-150x97.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2017\/12\/Parx-PA-online-casino.jpg 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><strong>Philadelphia<\/strong> market, <strong>SugarHouse<\/strong> was flat at $15.5 million, <strong>Harrah&#8217;s Philadelphia<\/strong> was also stagnant at $17 million but <strong>Valley Forge Casino<\/strong> was up 12% to $8 million. <strong>Sands Bethlehem<\/strong> gained 2% to $27 million, <strong>Mohegan Sun at Pocono Downs<\/strong> was off 2% to $17.5 million, while <strong>Mount Airy<\/strong> was down 3% to $12.5 million. <strong>Hollywood Casino<\/strong> grossed $18 million, a 1.5% dip and <strong>Rivers Casino<\/strong> grossed $23 million for a 2.5% gain. <strong>Presque Isle Downs<\/strong> gained 2.5% to $10 million, <strong>The Meadows<\/strong> racino slid 9.5% to $17.5 million and little <strong>Isle of Capri Nemacolin<\/strong> fell 10.5% to $2.5 million. Think <strong>Eldorado Resorts<\/strong> will find anyone to take that off their hands?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sports betting in New Jersey will go off as planned. As I write this, Monmouth Park is 20 minutes away from taking its first wager, presumably placed on the World Cup by Gov. Phil Murphy (D).\u00a0&#8220;I&#8217;m thrilled to be doing &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/big-day-in-new-jersey-atlantic-city-slips\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,44,227,199,172,7,37,85,11,167,91,69,95,30,111,12,74,129,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21883"}],"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=21883"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21883\/revisions"}],"predecessor-version":[{"id":21886,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21883\/revisions\/21886"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}