{"id":26099,"date":"2020-02-13T11:15:43","date_gmt":"2020-02-13T19:15:43","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=26099"},"modified":"2022-10-28T06:35:16","modified_gmt":"2022-10-28T14:35:16","slug":"atlantic-city-looking-good-murren-calls-it-quits","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-looking-good-murren-calls-it-quits\/","title":{"rendered":"Atlantic City looking good; Murren calls it quits"},"content":{"rendered":"

An extra weekend day helped nudge Atlantic City<\/strong> casinos up 8% last month, for a $192 million gross. Tables were relatively sluggish (+1%) but \"\"slots were hot (+11%). Borgata<\/strong> gained 8.5% on the strength of 4.5% more table win\u2014despite 3% less wagering\u2014and 11.5% higher slot win on 1% more coin-in. Yes, the house played very lucky, to the tune of $55 million. Across town, that “high-value customer” strategy sure is working out for Tropicana Atlantic City<\/strong> ($20.5 million), as revenues plummeted 23%, thanks to 23% less table win on 21% fewer wagers. The Trop’s saving grace was a 2.5% bump in slot revenue on 2% more coin-in. Hard Rock Atlantic City<\/strong> ate the Trop’s lunch, shooting up 38% to $21.5 million.<\/p>\n

As a whole, the Caesars Entertainment<\/strong> trio gained 1%, with aggregate table win up 10.5% on 10% more bets, while slot win and coin-in were up 6% alike. Caesars Atlantic City<\/strong> was flat at $17 million, Harrah’s Resort<\/strong> gained 9.5% to $23.5 million and Bally’s<\/strong> sank to last place with $11 million, an 11.5% declivity. Gainers included Ocean Casino Resort<\/strong>, jumping 36% to $17 million and Golden Nugget<\/strong>, up 3% to $15 million. On the losing end was Resorts Atlantic City<\/strong>, down 2.5% to $12 million.<\/p>\n

Over at the Hard Rock, President Joe Lupo<\/strong> is trying to reverse-engineer Internet gambling, deploying live slots that can only be played remotely, \"\"over the Internet. The idea is to break down inhibitors punters might have about playing in a bonafide casino.\u00a0\u201cCredibility and transparency have been paramount to seeing online gaming move forward,” Lupo told ABC News<\/strong>.\u00a0“The difference between seeing a computer image as opposed to the kind of machine that a customer has been playing for years, it may be easier to understand.\u201d It’s also a ‘gateway drug’ for slots that presently aren’t available in an online iteration.<\/p>\n

Sports betting may be the real headline, with $540 million in handle, of which sports books kept 44%. $13 million of handle was placed “on future events,” which we take as a euphemism for the Super Bowl<\/strong>.\u00a0\u201cNew Jersey<\/strong> could very well top Nevada<\/strong>, not just in January, but for the foreseeable future,\u201d crowed analyst\u00a0Dustin Gouker<\/strong>. And not without reason. Nevada has never had a $500 million January.\u00a0Explained PlayNJ.com<\/strong> analyst Eric Ramsey<\/strong>,\u00a0\u201cNo market has been as innovative, and that is a significant contributor to the rapid maturity of New Jersey\u2019s sports betting industry.\u201d Nevada does have a high bar to clear now.<\/p>\n

* In a surprise move, MGM Resorts International<\/strong> CEO Jim Murren<\/strong> is resigning<\/a>, effective the appointment of a successor. No specific reason was given but Murren seemed to be taking the fall for a weak 4Q19. In an earnings statement, Murren said, “our fourth quarter results were below our expectations, primarily due to lower than expected hold, weakness in Far East baccarat, and certain one-time items. All other dimensions of our business in Las Vegas<\/strong> performed on or ahead of plan.\u201d<\/p>\n