{"id":22229,"date":"2018-08-08T07:01:01","date_gmt":"2018-08-08T15:01:01","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22229"},"modified":"2018-08-08T07:09:30","modified_gmt":"2018-08-08T15:09:30","slug":"casino-revenues-surge-almost-everywhere","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/casino-revenues-surge-almost-everywhere\/","title":{"rendered":"Casino revenues surge (almost) everywhere"},"content":{"rendered":"

Maryland<\/strong> casino business continues to boom, up 5.5% last month. MGM National Harbor<\/strong> led the pack with $58 million. It will, however, be a source of dismay to ownership that play \"\"continues to trend toward highly taxed (60%) slots and away from low-tax table games. In July the split was $32 million\/$26 million. Rival Maryland Live<\/strong> is even more reliant upon the one-armed bandits, $34 million\/$14 million. Slot revenue was up 17% at National Harbor and tables jumped 13%, for an overall gain of 15%. Maryland Live was up only 2%, thanks to a 6% decline at the tables. National Harbor averaged $1.9 million per day, a boffo day by any measure and one MGM would love to achieve from any of its Las Vegas Strip<\/strong> casinos.<\/p>\n

This prosperity is not rubbing off on Horseshoe Baltimore<\/strong>, falling 11% to $20.5 million. Hollywood Perryville<\/strong> slid 7% to $6 million while table games continue to power Ocean Downs<\/strong>, rocketing 34% up to $9 million. Out west, Rocky Gap Resort<\/strong> did a respectable 1.5% gain up to $5 million. Horseshoe is losing the war for market share, commanding only 14% compared to MGM’s 40% and Maryland Live’s 20%. Penn National Gaming<\/strong> had a little bit of good news in West Virginia<\/strong>, where its Hollywood Casino at Charles Town Races<\/strong> gained a percentage point, a number that would have been better had table winnings not taken a 20% dive.<\/p>\n

* Whatever ailed the Illinois<\/strong> economy last month wasn’t catching in Ohio<\/strong>, which reported a 3% increase in casino\/racino revenues. Slots carried the ball, representing 86% of revenue, as table \"\"wagering fell 7.5%. Hollywood Toledo<\/strong> slipped 2% to $17 million while Hollywood Columbus<\/strong> grew 3.5% to $19.5 million. As for Penn’s outlying properties Hollywood Dayton<\/strong> rose 4% to $8.5 million ($271 win\/slot\/day) and Hollywood Mahoning Valley<\/strong> was up 5% to $10 million ($320 win\/slot\/day). To put the latter number in context, that level of slot win is usually associated with category killers like MGM National Harbor and Penn’s Plainridge Park<\/strong>.<\/p>\n

Despite flat revenues, Hard Rock Rocksino<\/strong> led the state with $22.5 million. Scioto Downs<\/strong> leapt 7% to $15 million and Belterra Park<\/strong> was up 2.5% to $7.5 million. Privately held Miami Valley \"\"Gaming<\/strong> had a particularly impressive month at the slots, vaulting 13.5% to $14 million. Which leaves us with the Jack<\/strong> portfolio. Jack Cincinnati<\/strong> was up 2.5% to $17 million and Jack Thistledown<\/strong> gained 5.5% to $10 million. But Dan Gilbert<\/strong> just can’t figure out downtown Cleveland<\/strong>. Revenues fell 5.5% to $16 million. At that rate we’ll be mightily surprised if the permanent casino ever gets built.<\/p>\n

* Gross gaming revenues from Macao<\/strong> are in and Galaxy Entertainment<\/strong> narrowly bested Sands China<\/strong>, $2.15 billion (a 30% jump) to $2.1 billion (up 21.5%). Sociedade de Jogos de \"\"Macau<\/strong> grossed $1.4 billion (a 10% gain), Melco Resorts & Entertainment<\/strong> logged $1.3 billion for a 3% uptick, Wynn Macau<\/strong>‘s 8.5% gain was good for almost $1.4 billion while MGM Resorts International<\/strong> brought up the rear with $656 million, albeit on a 24% surge. These numbersm barring further information, seem to bode better for MGM Cotai<\/strong> than Wynn Palace<\/strong>, while Parisian<\/strong> is obviously buoying Sheldon Adelson<\/strong>‘s always-strong portfolio. Given the amount of new product brought into the market by Melco, I’m surprised Lawrence Ho<\/strong> didn’t do better.<\/p>\n

VIP gaming revenue was up 12% and mass-market revenue rose 20%. Sands may have underperformed, considering that enjoys 35% of industry cash flow compared to Galaxy’s 25%. Wynn has \"\"16%, Melco had 12%, MGM a mere 6% and fast-fading SJM 6% also. (A harsh blow for the company with the most casinos in Macao.) In terms of VIP play, Galaxy dominated with 30%, Wynn outperformed with 19%, SJM remained VIP-centric with 16%, Sands was close behind with 15%, equaled by Melco, while MGM eked out 6%. Those Cotai junket rooms can’t be ready soon enough.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maryland casino business continues to boom, up 5.5% last month. MGM National Harbor led the pack with $58 million. It will, however, be a source of dismay to ownership that play continues to trend toward highly taxed (60%) slots and … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":17162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[244,176,70,154,199,201,97,241,94,62,72,222,245,71,69,30,111,12,213,31,139,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22229"}],"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=22229"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22229\/revisions"}],"predecessor-version":[{"id":22232,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22229\/revisions\/22232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/17162"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=22229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=22229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=22229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}