{"id":23285,"date":"2019-01-15T10:22:42","date_gmt":"2019-01-15T18:22:42","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23285"},"modified":"2019-01-15T10:22:42","modified_gmt":"2019-01-15T18:22:42","slug":"atlantic-city-managing-expectations-prosperity-in-pennsylvania-detroit","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-managing-expectations-prosperity-in-pennsylvania-detroit\/","title":{"rendered":"Atlantic City: Managing expectations; Prosperity in Pennsylvania, Detroit"},"content":{"rendered":"

Grossing $209 million last month, the Atlantic City<\/strong> casino market continues to grow, up 12% in the dead of winter, even if it was 7% down on a same-store basis. That’s a tradeoff the industry will have to accept, as more competition is proving good for Atlantic City as a whole, if not always beneficial to incumbent\u00a0operators. Slots were up \"\"11% (down 7% same-store) and tables bounced 17% (-6% same store). Borgata<\/strong> — $57.5 million — was flat overall but enjoyed a 9% bump at table games on 6.5% less wagering, while slot win was 5%. The Caesars Entertainment<\/strong> trio got thumped, down 14.5% and led by a 21.5% falloff in table win, on dramatically lower wagering. Over at Tropicana Atlantic City<\/strong> ($26 million), revenue was 2% down, with a 4% slip in slot winning negating a 6.5% increase in table win. Even so, Tropicana comfortably maintained the #2 spot, while Hard Rock Atlantic City<\/strong> and Harrah’s Resort<\/strong> tied with $23.5 million (-19% for Harrah’s). Caesars Atlantic City<\/strong> grossed $21.5%, off 10%, and Bally’s Atlantic City<\/strong> brought in $14 million, a 13% decline.<\/p>\n

The only revenue-positive casino was Resorts Atlantic City<\/strong>, up 2% to $14 million. That put it comfortably ahead of last-place Ocean Resort<\/strong>, grossing $12 million and in need of revenue generators other than its admired sports book. Rounding out the picture was Golden Nugget<\/strong>, grossing $16.5 million and down 11%.<\/p>\n

* As reported earlier in this space, Detroit<\/strong> casinos are coming off their best year ever. They closed out December strongly, with MGM Grand Detroit<\/strong> grossing $55 million (+9.5%), MotorCity<\/strong> nabbing $43 million (+9%) and even Greektown<\/strong> up 12% for $29.5 million. Over to you, Penn National Gaming<\/strong>.<\/p>\n

* Pennsylvania<\/strong> slots, responsible for three-fourths of the Keystone State’s gambling revenue, have been tallied and Parx Casino<\/strong> quashes the competition (again) with $35.5 million \"\"(+8%), followed by Sands Bethlehem<\/strong> (+4.5%) and Rivers Casino<\/strong> (+12%) both with $26 million. All casinos were revenue-positive, led by Valley Forge Resort Casino<\/strong>, up 18% to $8 million. Harrah’s Philadelphia<\/strong> ($16.5 million) and Mohegan Sun Pocono Downs<\/strong> (ditto) were up 5% and 3% respectively. The Meadows<\/strong> grossed $18 million, a 9% gain for Penn, while Hollywood Casino<\/strong> was also up 9% to $18.5 million. Presque Isle Downs<\/strong> vaulted 17.5% to $9 million and SugarHouse<\/strong> gained 5.5% to reach $15 million. Mount Airy<\/strong> was up 7% to $11.5 million and even tiny Lady Luck Nemacolin<\/strong> rose 6% to gross $2 million. Hey, every little bit helps.<\/p>\n

* Leading economic indicators out of Macao<\/strong> are good. Credit is up 10%, reserve \"\"requirements in banks have been halved and tax cuts are on the way. However, don’t break out the cake and sparklers just yet: It will take 12-15 months for these factors to show up in casino revenues, sayeth Credit Suisse<\/strong> analyst Cameron McKnight<\/strong>. “If Macau revenue growth decelerates, it likely reflects macro conditions at least a year ago \u2014 when credit growth was slowing. Secondly, credit growth is very volatile m\/m and q\/q,” he writes.<\/p>\n

* Vdara<\/strong> guests — well, some of them — can take advantage of the hotel’s new Club Lounge<\/strong>. It offers a pre-arrival concierge service, all-day noshing<\/a>, free booze between 2 p.m. and 4 p.m., and quiet spaces in which to work. It’s available for free if you’re staying in a Luxury Suite, City Corner Club Lounge Suite or\u00a0Studio Fountain View Club Lounge Suite. Other guests can use the lounge for a pricey $75 fee ($100 on weekends). It’s out of our price range but we think it’s a grand thing for Vdara guests.<\/p>\n","protected":false},"excerpt":{"rendered":"

Grossing $209 million last month, the Atlantic City casino market continues to grow, up 12% in the dead of winter, even if it was 7% down on a same-store basis. That’s a tradeoff the industry will have to accept, as … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,239,244,176,56,154,44,18,14,199,241,62,245,167,69,95,242,129,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23285"}],"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=23285"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23285\/revisions"}],"predecessor-version":[{"id":23288,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23285\/revisions\/23288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/1900"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}