{"id":23704,"date":"2019-03-14T07:47:10","date_gmt":"2019-03-14T15:47:10","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23704"},"modified":"2019-03-14T07:47:10","modified_gmt":"2019-03-14T15:47:10","slug":"atlantic-city-rallies-pennsylvania-snoozes","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-rallies-pennsylvania-snoozes\/","title":{"rendered":"Atlantic City rallies, Pennsylvania snoozes"},"content":{"rendered":"

Given that a certain amount of cannibalization was inevitable with the debuts of two new casinos on the Boardwalk, a 5% February decline in same-store gambling revenue has to considered a pretty good result. \"\"The market overall was up a (pleasantly) surprising 16%, raking in $197 million. Slots were up 12.5% and tables vaulted 24.5%. (On a same-store comparison, the table-game number was even more impressive.) Borgata<\/strong> — grossing $50.5 million — missed out on all the good fortune. Down 8% overall,\u00a0table win dropped 15% and slots were 5% lower than last year. At the Caesars Entertainmen<\/strong>t triumvirate, the overall decrease was 6%, with table win down 9% on 7% less wagering and slots 5% off their feed, as coin-in dropped 6.5%.<\/p>\n

Volatile Caesars Atlantic City<\/strong> bounced 11% to $19.5 million, while Harrah’s Resort<\/strong> — traditionally the stronger of the two — slid 14.5% to $24 million. Bally’s Atlantic City<\/strong> (the casino likeliest to be sacrificed on the altar of a Caesars merger) fell 10% to $13 million. Newcomers Hard Rock Atlantic City<\/strong> and Ocean Resort<\/strong> grossed $21 million and $14 million respectively, as the latter continues to nose its way past last place, firmly occupied by Bally’s. Although Harrah’s had a bad month, it nearly snatched second place from Tropicana Atlantic City<\/strong>, grossing $24 million and change, in a 7% decline. The big achiever was Resorts Atlantic City<\/strong>, up a stellar 23% for a $15 million gross, while Golden Nugget<\/strong> slipped 7% to $16 million.<\/p>\n

Although Super Bowl<\/strong> betting was deemed “underwhelming” (just like the game itself), $320 million changed hands at the wickets and casinos kept almost $13 million.\u00a0\u201cIn addition, New Jersey<\/strong>\u2019s \"\"sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle,\u201d said PlayNJ.com<\/strong> analyst Dustin Gouker<\/strong>. 81% of wagers were placed digitally, an incremental improvement on January.\u00a0\u201cNew Jersey\u2019s sports betting market is less driven by major events than in Nevada<\/strong>, and February\u2019s numbers bear that out,\u201d Gouker concluded. \u201cThe market\u2019s consistency will eventually help New Jersey overtake Nevada as the largest legal sports betting market in the U.S., which is now more a question of when rather than if.\u201d<\/p>\n

FanDuel<\/strong>\/PointsBet<\/strong> ($6.5 million) led online wagering, followed by DraftKings<\/strong>\/Resorts ($3.5 million), with Tropicana\/WilliamHill<\/strong> and Borgata\/playMGM<\/strong> far, far to the rear. The FanDuel sports book at the Meadowlands dominated walk-up betting to such an extent ($1.5 million) that no other book is worth mentioning.<\/p>\n

Next door, in Pennsylvania<\/strong>, slot revenue was flat. With the most positive performance being Valley Forge Resort Casino<\/strong>‘s 9% climb to $7.5 million. In terms of cash, Parx Casino<\/strong> predictably led the state \"\"with a 3% hop to $34 million. Elsewhere in the Philadelphia<\/strong> area, SugarHouse<\/strong> grossed $15 million (+3%) and Harrah’s Philadelphia<\/strong> fell 7% to $16 million. Outstate, Sands Bethlehem<\/strong> grossed $24 million for a flat comparison — has the impact of Resorts World Catskills<\/strong> finally been absorbed? — while Mohegan Sun Pocono Downs<\/strong> fell 4% to $15.5 million. Mount Airy<\/strong>, however, gained 5.5% to $11 million. Rivers Casino<\/strong> gained 4% to $23.5 million while Penn National Gaming<\/strong>‘s The Meadows<\/strong> racino slipped 3% to $16.5 million and its Hollywood Casino<\/strong> gained 2% to finish at $16.5 million. Presque Isle Downs<\/strong> was down 4% to $9 million and Churchill Downs<\/strong> will have its work cut out for it at Lady Luck Nemacolin<\/strong>, falling 14% to just under $2 million.<\/p>\n

Everyone was revenue-positive in Detroit<\/strong>, led by MGM Grand \"\"Detroit<\/strong>\u00a0with $49.5 million, a 7% jump. MotorCity<\/strong> gained a point, to almost reach $39 million, while Jack Greektown<\/strong> was two points higher, finishing with $26.5 million. MGM Resorts International<\/strong> will have a quandary\u00a0on its hands if it moves to acquire Caesars. No operator can have two casinos in the Detroit market, so MGM would have to find someone to take the Caesars Windsor<\/strong> management contract off its hands (the casino is owned by the government of Ontario<\/strong>). Any bidders?<\/p>\n","protected":false},"excerpt":{"rendered":"

Given that a certain amount of cannibalization was inevitable with the debuts of two new casinos on the Boardwalk, a 5% February decline in same-store gambling revenue has to considered a pretty good result. The market overall was up a … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":19964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,244,176,154,44,199,120,172,165,241,245,167,257,69,95,111,242,243,129,252],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23704"}],"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=23704"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23704\/revisions"}],"predecessor-version":[{"id":23705,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23704\/revisions\/23705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/19964"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}