{"id":22684,"date":"2018-10-15T08:31:57","date_gmt":"2018-10-15T16:31:57","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22684"},"modified":"2018-10-15T08:31:57","modified_gmt":"2018-10-15T16:31:57","slug":"punishing-month-in-atlantic-city","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/punishing-month-in-atlantic-city\/","title":{"rendered":"Punishing month in Atlantic City"},"content":{"rendered":"

Gross-gaming revenues (not counting Internet<\/strong> play) were up 8% in Atlantic City<\/strong> last month, to $232 million. However, the prosperity wasn’t citywide, with same-store revenues down 11%. We’re still a long way from agreeing with Roger Gros<\/strong>‘ doom-and-gloom-and-doom\"\"\u00a0prediction that two casinos will close this year but this gives him grist for his mill. Still, slots were up 8.5% and table games 5.5%. (Poker took a beating, down 15.5%.) Borgata<\/strong> ($60.5 million) was hammered, with table win plunging 25.5%,\u00a0That dragged the casino’s performance down 13.5%, as slot win fell 8% too. The Caesars Entertainment<\/strong> portfolio tumbled 13.5%. Broken out by property, it was $23 million (a 23% dive) at Caesars Atlantic City<\/strong>, $27 million (a 14% declivity) at Harrah’s Resort<\/strong> and $17 million (down 6.5%) at Bally’s<\/strong>. Interesting that the grind joint (Bally’s) suffered least\u00a0against the new competition.<\/p>\n

Resorts Atlantic City<\/strong> took an 11% trim, to $16 million, while the Golden Nugget<\/strong> slipped 3% to $18 million. Only the Tropicana Atlantic City<\/strong> held steady, grossing $30 million and holding onto second place. (Good news for incoming owners Eldorado Resorts<\/strong>.) Ocean Resort<\/strong>\u00a0slipped back into last place, with $15 million, while Hard Rock<\/strong>‘s challenge to the Trop faded with a $26 million gross. Atlantic City wasn’t ready for some football, professional or collegiate, with only six sports books in operation. Borgata’s $2.5 million haul averaged to $84,000\/day, while Ocean Resort was second with $1.3 million, Golden Nugget grossed $1.1 million, and Bally’s, Harrah’s and Resorts all followed with relatively small amounts, in descending order of business.<\/p>\n

Credit Suisse<\/strong> analyst Cameron McKnight<\/strong> called the sports-betting numbers “YUGE!” He wrote, “This is rapidly approaching \"\"the $47.29 annual per capita spend we\u2019re estimating for New Jersey<\/strong> in our market model, and $33.31 for the US market overall. It\u2019s still early days for sports betting in New Jersey, participants yet to launch a full suite of products.” Some 57% of wagers were placed online, “inline with mature markets like the UK<\/strong> and Australia<\/strong>.” McKnight predicted that U.S. sports betting would reach $4.5 billion by 2023, still chump change compared to the $150 billion outlaw market. And if Sen. Charles Schumer<\/strong> (D) gets his wish to let the major leagues dictate what kind of bets can be offered and what information will be shared with the sports books, they’ll simply be driving bettors back underground.<\/p>\n

\u201cAfter seeing September, it is a very real possibility that New Jersey could surpass Nevada<\/strong> as the country\u2019s largest sports betting market by the end of the year,\u201d wrote gaming analyst Dustin Gouker<\/strong>. “With New Jersey\u2019s population base [to say nothing of New Yorkers], it is hard to see where the ceiling is right now. Even when Pennsylvania<\/strong> launches sports betting, New Jersey should continue its upward swing.\u201d To put that in context, the Garden State’s sports-betting handle was $184 million versus Nevada<\/strong>‘s $558 million. While we agree with Gouker that New Jersey has the potential to surpass the Silver State, but not during this year.<\/p>\n

*\u00a0Over in Pennsylvania, by the time satellite casinos are built the Keystone State may have reached the saturation point in gaming. \"\"Slot revenues were flat. Sands Bethlehem<\/strong> continues to shed market share to Resorts World Catskills<\/strong>, down 2.5% to $24 million. Parx Casino<\/strong> leapt 5%, to $34 million, The Meadows<\/strong> was flat with almost $18 million and Hollywood Casino<\/strong> was down 4% to $17 million. Rivers Casino<\/strong> rose 2% to $23 million while sibling SugarHouse<\/strong> gained 2% to $15 million. Harrah’s Philadelphia<\/strong> was flat at $16.5 million while Boyd Gaming<\/strong>\u00a0played lucky in its first month at Valley Forge<\/strong>, jumping 9.5% to $7.5 million.<\/p>\n

Elsewhere, Mohegan Sun at Pocono Downs<\/strong> was down 3% to $16 million and Mount Airy<\/strong> was also 2% off, to $13 million. Presque Isle Downs<\/strong> was flat at $10 million while Lady Luck Nemacolin<\/strong> shed a percentage point, to land at $2.5 million.<\/p>\n

* Detroit<\/strong> casinos were mostly robust last month, with MGM Grand Detroit<\/strong> grossing nearly $50 million (up 3.5%), MotorCity<\/strong> up 1% to $39 million but Jack Greektown<\/strong> taking a 2% stumble, to finish with less than $27 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gross-gaming revenues (not counting Internet play) were up 8% in Atlantic City last month, to $232 million. However, the prosperity wasn’t citywide, with same-store revenues down 11%. We’re still a long way from agreeing with Roger Gros‘ doom-and-gloom-and-doom\u00a0prediction that two … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":6366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,239,244,154,44,199,120,172,165,22,37,241,245,167,207,101,69,95,30,242,243,129,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22684"}],"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=22684"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22684\/revisions"}],"predecessor-version":[{"id":22688,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22684\/revisions\/22688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/6366"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=22684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=22684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=22684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}