{"id":24528,"date":"2019-07-15T10:48:31","date_gmt":"2019-07-15T18:48:31","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24528"},"modified":"2019-07-15T10:48:31","modified_gmt":"2019-07-15T18:48:31","slug":"sports-wagering-net-bets-power-new-jersey-slow-month-in-pennsylvania","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sports-wagering-net-bets-power-new-jersey-slow-month-in-pennsylvania\/","title":{"rendered":"Sports wagering, ‘Net bets power New Jersey; Slow month in Pennsylvania"},"content":{"rendered":"

Despite being 7% down on a same-store basis, Atlantic City<\/strong> casino revenues grew 14% last month. The $236 million gross represents a 3.5% downturn in slot winnings (down 8.5% same-store) but a 26% jump at the tables (down 3.5% same-store). At Borgata<\/strong> ($65 million), revenues were up 6.5%, including a 24% vault at the tables and despite win\u00a0at the slots on 6% less coin-in. \"\"Unlike other Atlantic City casinos, the Caesars Entertainment<\/strong> trio got creamed at the tables (-21%) while slots slid 7% on 10.5% less coin-in. Leaving aside Hard Rock Atlantic City<\/strong> and Ocean Resort<\/strong>, for which no year\/year comparisons were made available, Borgata had the only revenue-positive month. Hard Rock continues to solidify its new grasp on second place with $30 million, while Tropicana Atlantic City<\/strong> faded to $26 million, down 16%. (Eldorado Resorts<\/strong> better get a grip on things before this fade is out of hand.) Harrah’s Resort<\/strong> ($24.5 million) took a 17% knock and Golden Nugget<\/strong> got slammed, down 23% to $16 million. The upside for the Nugget is that it is soon to be\u00a0making more<\/a> from Internet gambling than terrestrial play, according to Global Gaming Busines<\/em>s, which pointed to Tilman Fertitta<\/strong>‘s plethora of platforms for online play.\u00a0\u201cIf you look at Atlantic City, there isn\u2019t a clear indication that this online gambling revenue is coming at the expense of retail revenue,\u201d said analyst Chris Grove<\/strong>. \u201cIf anything, it seems to be almost wholly additive to retail revenue.\u201d So much for Sheldon Adelson<\/strong>‘s bogeyman talk about cannibalization.<\/p>\n

Caesars Atlantic City<\/strong> was only 6% off its feed, at $23 million, while Bally’s<\/strong> tried to make a case for its continued survival pace Eldorado<\/em> with a $16 million gross (incrementally better than the Nugget and Resorts Atlantic City<\/strong>), down 8%. Ocean Resort posted a $20 million gross and Resorts brought up the rear with \"\"$15.5 million, a 5% slippage. If June needed a silver lining, it was sports betting.\u00a0“To approach $275 million [in handle] during a month where the only major sports betting event is the NBA<\/strong> Finals says something about the trajectory of New Jerse<\/strong>y’s market,” quoth PlayNJ.com<\/strong> analyst Dustin Gouker<\/strong>. Sequentially, that was a 14% downturn from May. Continued Gouker,\u00a0“The rate of growth will eventually level out, but I do not believe that time is at hand …\u00a0Competition from the launch of Pennsylvania<\/strong>‘s sports betting apps could slow momentum, though.” FanDuel<\/strong> continued to dominate both online and walk-up business in the Garden State.<\/p>\n

* Slot revenue in Pennsylvania was mostly becalmed last month, with the notable exception of Valley Forge Resort Casino<\/strong>, where Boyd Gaming<\/strong> seems to have strapped a rocket to revenue numbers, up 12% (to $8.5 million) in an \"\"otherwise slow month. Perennial state leader Parx Casino<\/strong> was flat at $34.5 million, followed at some distance by Wind Creek Bethlehem<\/strong> ($25 million and with 100% less Adelson), up 1%, and Rivers Casino<\/strong>, up 5% to $24 million. Back in the mid-teens were Meadows Racetrack<\/strong> ($17.5 million, -7%), Hollywood Casino<\/strong> ($17 million, -2%), Harrah’s Philadelphia<\/strong> ($16 million, -5%), Mohegan Sun at Pocono Downs<\/strong> ($16 million, flat) and SugarHouse<\/strong> ($15 million, +2%). That left Presque Isle Downs<\/strong> ($10 million, -4%) and, if anybody cares, Lady Luck Nemacolin<\/strong> with $2.5 million.<\/p>\n

* Last weekend we caught Rocketman<\/em><\/a> on the second-run rebound. I’m not sure why audiences avoided a film about Elton John<\/strong> (my favorite Las Vegas Strip<\/strong> headliner) in droves when they had flocked to Bohemian Rhapsody<\/em><\/a>. Did the mix of biopic and musical comedy (a sort of magical-realism stew) put them off? Whatever the case, this movie sank like a stone, taking a fine lead performance from Taron Egerton<\/strong> with it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite being 7% down on a same-store basis, Atlantic City casino revenues grew 14% last month. The $236 million gross represents a 3.5% downturn in slot winnings (down 8.5% same-store) but a 26% jump at the tables (down 3.5% same-store). … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,244,199,172,165,37,245,167,10,257,69,95,242,74,243,9,129,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24528"}],"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=24528"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24528\/revisions"}],"predecessor-version":[{"id":24533,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24528\/revisions\/24533"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}