{"id":29096,"date":"2021-01-14T09:47:15","date_gmt":"2021-01-14T17:47:15","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=29096"},"modified":"2021-01-20T10:56:10","modified_gmt":"2021-01-20T18:56:10","slug":"chilly-in-atlantic-city-deep-freeze-in-detroit-siegfried-r-i-p","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/chilly-in-atlantic-city-deep-freeze-in-detroit-siegfried-r-i-p\/","title":{"rendered":"Chilly in Atlantic City, deep freeze in Detroit; Siegfried, R.I.P."},"content":{"rendered":"\n

Casino revenues in Atlantic City<\/strong> plunged 29% last month. “Results for the month reflect the negative impact of higher new COVID-19 cases in recent weeks, capacity limits and restrictions on F&B offerings, similar to other regional markets,” writes JP Morgan<\/strong> analyst Joseph Greff<\/strong>. The gross was $147 million, with slot revenues plummeting 34.5% and tables down 17%. As we’ll get to momentarily, there was some compensatory news on the cyber front, with i-gaming revenues shooting 102% higher than last year and sports betting skyrocketing 126%. As PlayUSA<\/strong> analyst Dustin Gouker<\/strong> put it, \u201cThe pandemic has had a diametrically opposite effect on New Jersey<\/strong>\u2019s online and retail markets for both sports betting and casino games. But the growth of online betting was crucial in making up for at least some of the losses in revenue at Atlantic City casinos and certainly continue to steady the entire gaming industry.\u201d But on to the brick-and-mortar stuff …<\/p>\n\n\n\n

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Borgata<\/strong> fell 28% $39.5 million as slots were down 31% and tables 28%. The Caesars Entertainment<\/strong> trio collapsed 41% on 46% less slot win, and tables were down 23%. Bally Corp<\/strong>. had a rough first month at its new, eponymous casino, spiraling 45% downward to $7 million. Caesars Atlantic City<\/strong> slipped 23% to $14 million, Harrah’s Resort<\/strong> was a calamitous -53% for $12 million and Tropicana Atlantic City<\/strong> dove 42% to $13.5 million. Only Hard Rock Atlantic City<\/strong> was revenue-positive, up 2% to $26 million. Ocean Resort<\/strong> stumbled 9% to $19 million, Resorts Atlantic City<\/strong> plummeted 42% to $7 million and Golden Nugget<\/strong> slid 43% to $8 million.<\/p>\n\n\n\n\n\n\n\n

On the plus side, sports-betting handle was an eye-popping $996 million, of which $66.5 million translated into revenue. November’s tip-off of NCAA<\/strong> basketball and a late-December relaunch of the NBA<\/strong> contributed heavily to the intense action. This wasn’t so good for the house, as bettors were lucky and win was -$2 million. Between FanDuel<\/strong> and PointsBet<\/strong>, the book at the Meadowlands<\/strong> remained dominant, with 50% market share. Next was Resorts Digital<\/strong>\/DraftKings<\/strong>\/FoxBet<\/strong> at 23%. Internet casinos drummed up $99.5 million, although Borgata (27% market share) is closing in on longtime leader Golden Nugget (30%). Resorts Digital and Caesars were also heavily in the mix, with 21% and 15% respectively. \u201cIt\u2019s scary to think of where New Jersey\u2019s gaming industry would be without online casino gaming,\u201d said one analyst. \u201cEvery dollar of revenue gained and tax dollar generated from online gaming proved desperately needed.\u201d<\/p>\n\n\n\n

Credit Suisse<\/strong> analyst Ben Chaiken<\/strong> called the sports-betting results “better than expected,” noting that BetMGM<\/strong> gained market share at the expense of DraftKings<\/strong>. \u201cEven when post-pandemic life returns to normal, online sports betting won\u2019t likely give up its gains from this year,\u201d predicted PlayUSA analyst Eric Ramsey<\/strong>. Nope, OSB is here to stay. Added Gouker, \u201cAn expected launch of Penn National<\/strong>\u2019s Barstool<\/strong>-branded sportsbook in 2021 could shake things up, but as of yet no operator has really eaten into the market share of FanDuel or DraftKings.\u201d<\/p>\n\n\n\n

In Detroit<\/strong>, casinos were out of action until Dec. 21, so an 83% revenue declivity comes as no surprise. MotorCity<\/strong> was in the lead for the first time ever, with $9 million or -79%. Falling 86% was MGM Grand Detroit<\/strong>, which posted $7.5 million, while Greektown<\/strong> eked out $5.5 million or -82%. As a consolation prize, sports betting goes live this week, or that is the expectation, probably tomorrow, with two tribal casinos and one private-sector getting the initial go-ahead. Chaiken believes one of the approved operators is\u2014guess who\u2014DraftKings, which has allied its with the Bay Mills Tribe<\/strong>. Greektown should also get an infusion from Barstool Sports. MGM is hampered by having an offshore partner in Entain<\/strong>, which is hindered from going through the regulatory hoops by international-travel constraints thanks to Coronavirus<\/strong>. Ditto FanDuel, twinned with Britain’s Flutter Entertainment<\/strong>. “Based on our checks, the only impediment has been a backlog of operator due diligence and platform approval versus anything structural,” Chaiken writes. That’s reassuring.<\/p>\n\n\n\n

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Siegfried & Roy<\/strong> are together again … in Heaven. The surviving member of the illusionist duo, Siegfried Fischbacher<\/strong>, succumbed to cancer last night at age 81<\/a>. Born in Rosenheim<\/strong>, Germany<\/strong>, on June 13, 1939, Fischbacher had an early fascination with magic but the course of his life was set when he met future domestic partner Roy Horn<\/strong> on a cruise ship in 1957. (Fischbacher was doubling as steward and nightly entertainer.) Horn’s pet cheetah was aboard, Fischbacher found a way to make it vanish from sight and the rest is history. Las Vegas<\/strong> soon beckoned and the duo became a Strip institution, gracing such shows as Folies Bergere<\/em>, Lido de Paris<\/em>, Hallelujah Hollywood<\/em>, Beyond Belief<\/em> and eventually their eponymous act at The Mirage<\/strong>, a 14-year, $30 million production that went dark only because Horn was permanently incapacitated after being attacked by one of their famous white tigers. Funeral services for Fischbacher will be private, with donations to the Cleveland Clinic Lou Ruvo Center for Brain Health<\/strong> requested in lieu of floral tributes. We don’t know if the lights on the Las Vegas<\/strong> Strip<\/strong> will be dimmed in Fischbacher’s honor but they should be.<\/p>\n\n\n\n

Unite-Here<\/strong>, parent of the Culinary Uni0n<\/strong>, is on the warpath<\/a> against “Stations [sic<\/em>] Casinos” again, this time for donating to senators and congressmen who sought to overturn<\/a> the 2020 presidential election. We agree with the union’s aim but find that, as is so often the case with the Culinary, it’s an instance of selective outrage. What about MGM Resorts International<\/strong> or Caesars Entertainment or Boyd Gaming<\/strong>? Are their hands clean? We know Las Vegas Sands<\/strong>‘ aren’t. \u201cFor years, people like the Fertitta family and Monty Bennett<\/strong> have enabled [Donald<\/strong>] Trump<\/strong> and the GOP with campaign contributions that have yielded four years of racism and authoritarianism, culminating in the horrific show of white supremacy and mob violence on display at the Capitol last week,\u201d wrote Unite-Here prexy D. Taylor<\/strong>. \u201cAnyone financially supporting Trump or like-minded GOP leaders undermines our democracy and stands in the way of addressing the critical challenges we face ahead: ending the threat of COVID-19 and resuscitating the American economy.\u201d The Fertitta Brothers<\/strong> are well-known for being on the far-right side of the road but surely they are not the only enablers in Big Gaming.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: Congratulations to the Golden Gate<\/strong>, which celebrates its 115th birthday this month. We should all look so good at that age, especially after owner Derek Stevens<\/strong> gave the old gal a facelift. Ten of the original hotel rooms remain as-is, along with the 1907 registration book and bottles of liquor secreted within the walls during Prohibition and only recently discovered. In a touch which Stevens surely appreciates, Las Vegas<\/strong>‘ oldest casino now sits directly across from Circa<\/strong>, its newest … Speaking of new casinos, Bally Corp<\/strong>. (formerly Twin River Holdings<\/strong>) has cut a deal to develop a satellite casino<\/a> in the Nittany Mall<\/strong>, four miles from Penn State University<\/strong>. Budgeted at $120 million, with as many as 750 slots and 30 tables, the gaming hall will be co-financed by ubiquitous casino investor Ira Lubert<\/strong>. With the nearest competing casino 109 miles away, the auguries for the new Bally one look favorable. A spring 2022 opening is targeted … Suspended Spectacle Entertainment<\/strong> executive Rod Ratcliff<\/strong> has been ordered to have no dealings with the company. The Majestic Star<\/strong> owner, Spectacle has been told by regulators to find a more suitable trustee. Former CEO Ratcliff is under investigation for suspicious campaign contributions<\/a>. In its previous incarnation as Centaur Gaming<\/strong>, the company tried to influence then-Gov. Mike Pence<\/strong> (R) with george campaign contributions but Pence couldn’t be bought. Ratcliff’s dodgy activities have caused Hard Rock Gary<\/strong> to be placed on hold.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casino revenues in Atlantic City plunged 29% last month. “Results for the month reflect the negative impact of higher new COVID-19 cases in recent weeks, capacity limits and restrictions on F&B offerings, similar to other regional markets,” writes JP Morgan … 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":[23,293,291,244,229,155,44,18,42,277,4,278,287,165,283,68,22,37,241,245,167,248,257,69,95,296,33,25,265,243,57,9,20,196,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29096"}],"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=29096"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29096\/revisions"}],"predecessor-version":[{"id":29097,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29096\/revisions\/29097"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=29096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=29096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=29096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}