{"id":29587,"date":"2021-05-17T10:57:26","date_gmt":"2021-05-17T18:57:26","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=29587"},"modified":"2021-05-27T08:41:50","modified_gmt":"2021-05-27T16:41:50","slug":"hard-rock-ocean-drub-borgata-caesars-massacres-shows","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/hard-rock-ocean-drub-borgata-caesars-massacres-shows\/","title":{"rendered":"Hard Rock, Ocean drub Borgata; Caesars massacres shows"},"content":{"rendered":"\n
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Casinos in Atlantic City<\/strong> grossed $189.5 million last month, 9% behind their 2019 pace. Slots were off 5% and tables 17%. Regular top-grosser Borgata<\/strong> had a terrible month, falling 28%, spurring by lackluster table-game winnings (-34%), with slots tumbling 25%. The Caesars Entertainment<\/strong> threesome fared almost as poorly, sliding 20% as table win plunged 40% and slots were down 11%. Borgata’s $38.5 million gross put it within striking distance of hard-charging Hard Rock Atlantic City<\/strong>, which won 35% for a 51% leap in revenue. Also soaring was Ocean Casino<\/strong>, vaulting 45% to $22 million and elbowing aside Harrah’s Resort<\/strong> ($21 million, -24%) for third place. Caesars’ much-vaunted $400 million capex may not be enough to prevent a permanent change in the pecking order.<\/p>\n\n\n\n

Caesars Atlantic City<\/strong>, despite its reputation for volatility, was a relatively stable -14.5%, grossing $19 million, while Tropicana Atlantic City<\/strong> closed out the portfolio, slipping 20% to $19 million. There was a surprise among the grind joints, with Resorts Atlantic City<\/strong> up a percentage point to $13 million. Little Golden Nugget<\/strong> won $11 million but that was a 29% plummet, while Bally’s Atlantic City<\/strong> also grossed $11 million, down 22.5%.<\/p>\n\n\n\n\n\n\n\n

\"\" Sports books took in $55 million on handle of $748 million, a dramatic increase from last year when revenue was but $2.5 million. April wasn’t as slow for New Jersey<\/strong> books as it was in other states, a phenomenon attributed to NBA<\/strong> action generated by the Brooklyn Nets<\/strong>, Philadelphia 76ers<\/strong> and New York Knicks<\/strong> ($176 million handle). \u201cNew Jersey is unique in that it has never been quite as reliant on football as other legal jurisdictions,\u201d said PlayUSA<\/strong> analyst Dustin Gouker<\/strong>. \u201c[The] NBA has always been particularly popular. Add that the region\u2019s three most popular teams are all enjoying relatively strong seasons, and New Jersey sportsbooks have so far been able to smooth the natural seasonal decline that begins in April.\u201d<\/p>\n\n\n\n

FanDuel<\/strong>\/Meadowlands<\/strong> dominated retail sports betting, as usual. Online, FanDuel\/PointsBet<\/strong> led with $25.5 million in win, followed by Resorts Digital<\/strong>\/DraftKings<\/strong>\/FoxBet<\/strong>\u00a0($12 million), BetMGM<\/strong>\/Borgata ($5 million), Ocean Casino\/William Hill<\/strong> ($2 million), Monmouth<\/strong>\/William Hill\/SugarHouse<\/strong>\/TheScore<\/strong> ($2 million) and Hard Rock\/Bet365<\/strong>\/Unibet<\/strong> ($1 million). Others were negligible or, in the case of Caesars Sportsbook<\/strong>\/888<\/strong>, took a bath.<\/p>\n\n\n\n

Internet gambling grew 35% from last year, at the depths of the pandemic, bringing in $108 million. After chipping away persistently at Golden Nugget, BetMGM\/Borgata edged into a slight lead, winning $33 million, with the Nugget grossing $32.5 million. Resorts Digital\u2014an umbrella that includes DraftKings and FoxBet\u2013also faded a bit, to $19.5 million. Predicted analyst Eric Ramsey<\/strong>, \u201cWith restrictions in Atlantic City going away, though, this could mark the ceiling of the online market. But a more reasonable expectation is a moderation of the exponential growth that began in spring 2020, rather than an end to it.\u201d<\/p>\n\n\n\n

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In the latest chapter of “Less Vegas,” the post-pandemic, El Cheapo iteration that tourists will encounter, Caesars Entertainment is taking a chainsaw to its entertainment operations. In a formal announcement (which we will report as soon as we obtain a copy), the company announced it would be closing a slew of showrooms, including Cleopatra’s Barge<\/strong> (Caesars Palace<\/strong>) and Chippendale’s Theater<\/strong> (The Rio<\/strong>). Exiled by this latest economy move by the former Eldorado Resorts<\/strong> (“ElDiablo” to players) are Wayne Newton<\/strong>, Dionne Warwick<\/strong>, Anthony Cools<\/strong>, Friends: The Musical Parody<\/em>, X-Rocks<\/em>, Bronx Wanderers<\/em>, John Caparulo\u2019s Mad Cap Comedy<\/em>, Sex Tips for Straight Women from a Gay Man<\/em>, Crazy Girls<\/em>, Tenors of Rock<\/em>, etc.<\/p>\n\n\n\n

There’s a mystery behind this bloodbath and Scott Roeben<\/strong> gets right to it<\/a>: “it would appear a cost-cutting move, but these shows are four-wall deals. The shows pay for production costs and marketing themselves, so with its decisions Caesars is not only eliminating revenue from ‘rent,’ it\u2019s turning away customers who might visit the casino or take advantage of other amenities before or after a show.” Very perplexing\u2014and we continue to wait for a response from Caesars as to the motivation behind this Saturday Night Massacre.<\/p>\n\n\n\n

Give a gold star for responsiveness to Silverton<\/strong>, which felt aggrieved by our making it the poster child for Covid-19 amnesia<\/a> in Las Vegas<\/strong>. A Silverton spokeswoman wrote to us to say, among other things, “Every casino that was permitted to open at 100% included the removal of social distancing, and is why they are allowed 100% capacity, and most casinos also stated they are removing the plexiglass [dividers] in their releases.” We don’t approve but we take note.<\/p>\n\n\n\n

Continued our friend, “Masks were still required as of yesterday, as we included in the release. With Governor Sisolak\u2019s announcement … Silverton is not requiring\u00a0fully vaccinated<\/strong>\u00a0guests to wear masks in all areas of the property however; all team members will continue to wear masks.” [emphasis in original] “Also I wanted to clarify that [President Robert Kunkle<\/strong>] has not, and does not, take COVID lightly, as the casino has been following state and CDC<\/strong> protocols and will continue to do so. The Silverton has followed the same protocol as other casinos, during this pivotal moment in the reopening process.” Thank you for sharing and setting the record straight.<\/p>\n\n\n\n

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Indiana casinos boomed in April, 17% higher than in 2019. The statewide gross was $209 million, led by Horseshoe Hammond<\/strong>‘s $38 million, +14.5%. Adjacent Ameristar East Chicago<\/strong> grossed $28 million, vaulting 42%, while\u2014across Lake Michigan<\/strong>\u2014frequently embattled Blue Chip<\/strong> bumped 5.5% up to $13 million. Majestic Star I<\/strong> fell 25% to $6 million while revenue at Majestic Star II<\/strong> was virtually nonexistent ($600K), an -89% freefall. The competitive dynamics should be dramatically shaken up next month when Hard Rock Gary<\/strong> (which opened last weekend) starts to make its presence felt. Spectacle Entertainment<\/strong> should be afraid, be very afraid.<\/p>\n\n\n\n

The racinos did extremely well, not harmed in the least by now having table games, which they didn’t two years ago. Indiana Grand<\/strong> soared 43% to $31.5 million and Harrah’s Hoosier Downs<\/strong> leapt 44% to $23 million. The only revenue-negative casino in the southern tier was French Lick Resort<\/strong>, down 16% to $6.5 million. Other casinos ran the gamut from Caesars Southern Indiana<\/strong>‘s $21 million (+26%) to Rising Star<\/strong>‘s $4 million (+13%). In between were Belterra Resort<\/strong> ($9 million, +10%), Tropicana Evansville<\/strong> ($12.5 million, +9%) and Hollywood Casino Lawrenceburg<\/strong> ($15 million, +8.5%).<\/p>\n\n\n\n

Hoosier State sports betting generated $236.5 million in handle last month, boiling down to $20 million in revenue. A new player was added to the market: WynnBet<\/strong> at Rising Star. Market-share leaders by revenue were DraftKings ($6 million, 30.5%), FanDuel ($5.5 million, 28.5%), BetMGM ($3 million, 15%), Barstool Sports ($2 million, 10.5%) and William Hill ($1.5 million, 7.5%). Barstool’s showing was particularly impressive given that its entirely derived from walk-up business, Penn National Gaming<\/strong> not having gone online with it yet. Market share by handle generally mirrored that by revenue except that William Hill was in fourth position and Barstool in five. Not surprisingly, one-third of all action was engendered by pro basketball.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: More good news for the Las Vegas Strip<\/strong>. Room rates have re-achieved 2019 levels. The spur was the World of Concrete<\/strong> expo but weekend prices are through the 2019 roof<\/a>, except at Caesars properties … The PAC-12<\/strong>‘s hiring of MGM Vice President for Sports & Entertainment George Kliavkof<\/strong>f is getting roasted<\/a> in social media. It’s not the gaming-to-college transition that is the flashpoint but Kliavkoff’s lack of sports (especially college<\/em> sports) experience. His resum\u00e9 inclines more toward the entertainment side … Defunct Stateline Casino<\/strong> in northern Nevada<\/strong> has been purchased by Barton Healthcare System<\/strong>, with an eventual teardown in mind<\/a>. Former home to Nevada’s largest craps table, the Stateline was a business casualty of Coronavirus<\/strong>. R.I.P.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casinos in Atlantic City grossed $189.5 million last month, 9% behind their 2019 pace. Slots were off 5% and tables 17%. Regular top-grosser Borgata had a terrible month, falling 28%, spurring by lackluster table-game winnings (-34%), with slots tumbling 25%. … 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":[23,293,300,60,244,274,277,14,4,278,297,198,287,165,283,68,37,76,245,167,248,69,296,242,127,265,74,243,280,9,138,252,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29587"}],"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=29587"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29587\/revisions"}],"predecessor-version":[{"id":29589,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/29587\/revisions\/29589"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=29587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=29587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=29587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}