{"id":30083,"date":"2021-09-22T08:04:36","date_gmt":"2021-09-22T16:04:36","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=30083"},"modified":"2021-10-08T07:27:15","modified_gmt":"2021-10-08T15:27:15","slug":"atlantic-city-slumps-as-does-pennsylvania-culinary-kabuki-theatre","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-slumps-as-does-pennsylvania-culinary-kabuki-theatre\/","title":{"rendered":"Atlantic City slumps, as does Pennsylvania; Culinary kabuki theatre"},"content":{"rendered":"\n
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Casinos along the Boardwalk continue to be impervious to the economic recovery that is prevalent<\/a> in the gaming industry. Atlantic City<\/strong> was down 8% last month compared to 2019, grossing $262.5 million. Sports betting brought in $52 million (+32% from 2020) on handle of $646 million and Internet gambling generated $119 million (+29%). Terrestrial slot revenue was down 5% on 7% lower coin-in and luck was not with the house as regards table games, where revenues tumbled 18% on only 5% less wagering. Borgata<\/strong> got its clock cleaned (-28%), plunging 52% at the tables on 25% less drop, while slot win declined 20% on 23% less handle.<\/p>\n\n\n\n

The Caesars Entertainment<\/strong> triumvirate slipped 13%, driven by 15% less win on 7% lower wagering, whilst slots were a bright spot, flat despite 12% less handle. Only Ocean Casino Resort<\/strong> and Hard Rock Atlantic City<\/strong> were revenue-positive for the month, with Hard Rock ($46 million) breathing down Borgata’s neck ($52 million). It gained 19% while Ocean was 38% higher than in 2019, grossing $33 million and grasping third place in the city. Caesars Atlantic City<\/strong> won $25 million, down 20%, Harrah’s Resort<\/strong> snared $28 million, off 10% and Tropicana Atlantic City<\/strong> ceded only 8.5% to finish at $29 million. Resorts Atlantic City<\/strong> did relatively well, just -2.5% down to $18.5 million, Golden Nugget<\/strong> swooned 23% to $16 million and Bally’s Atlantic City<\/strong> stumbled 17.5% to $15.5 million.<\/p>\n\n\n\n\n\n\n\n

As for sports betting, Freehold Raceway<\/strong> debuted its partnership with Barstool Sports<\/strong>. However, JP Morgan<\/strong> analyst Joseph Greff<\/strong> estimates that FanDuel <\/strong>remained paramount with 46% market share and $24 million in win, followed at a distance by DraftKings<\/strong> ($13 million, 24%) and BetMGM<\/strong> ($5 million, 9%) and William Hill<\/strong> ($4.5 million, 8%). There wasn’t much football on the calendar but it still prompted $27.5 million in action. Baseball led all sports, engendering $248 million in handle. One analyst who was surprised by the volume was Credit Suisse<\/strong>‘s Ben Chaiken<\/strong>, who had expected only $40 million in online revenue.<\/p>\n\n\n\n

If BetMGM was an also-ran in OSB, it dominated i-gaming with $37 milllion and one-third of the market. Caesars\/WynnBet<\/strong> combined for $17 million (15% share), then DraftKings ($14 million, 12%) and Golden Nugget ($10 million, 9%). Meanwhile, our Atlantic City correspondent reports that it’s “no employees need apply” at Borgata, which has opted to install baneful electronic table game stadiums. The jury is still out on player adoption.<\/p>\n\n\n\n

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Next door in Pennsylvania<\/strong>, saturation continues to be in evidence, although a 7% decline from 2019 can be excused by an unfavorable calendar (two fewer weekend days). The gross was $269 million, $210 million of that from slots (-10%) and $86 million from tables (flat). Results were further diluted by the mid-month debut of Hollywood York<\/strong>. The field was lapped by Parx Casino<\/strong>‘s $54 million (+4%), while the battle for the Philadelphia<\/strong> market went slightly to Rivers Philadelphia<\/strong> ($21 million) despite 18.5% attrition, with Philadelphia Live<\/strong> close behind at $19.5 million. Harrah’s Philadelphia<\/strong> won $16.5 million, a 19.5% slide and Valley Forge Resort Casino<\/strong> ceded 8% to $11.5 million. In the Pittsburgh<\/strong> area, Pittsburgh Live<\/strong> continued to make inroads, with its $9.5 million gross coming at the expense of The Meadows<\/strong> ($17 million, -18%) and to a lesser extent Rivers Pittsburgh<\/strong> ($30 million, -5%). We don’t get the feeling that Rivers is losing sleep.<\/p>\n\n\n\n

Newbie Hollywood York did $4.5 million in its truncated debut, while the outstate leader, with $44 million, was Wind Creek Bethlehem<\/strong> (-3%). Mohegan Sun at Pocono Downs<\/strong> slipped 4.5% to $19.5 million, Presque Isle Downs<\/strong> faded 10% to $11 million and Hollywood Penn National<\/strong> slid 13.5% to $18 million. Mount Airy<\/strong> was a rare gainer, up 2.5% to $18 million, but Lady Luck Nemacolin<\/strong> plunged 30.5% to $2.5 million. Internet gambling brought in $89 million, with multi-skin Hollywood Penn National grossing $30.5 million for a 34% share, contested by Rush Street Interactive<\/strong>‘s $27 million (31%), FanDuel ($14 million, 16%) and FoxBet<\/strong> ($5.5 million, 6%).<\/p>\n\n\n\n

Sports betting brought in only $18 million, thanks to $7 million in promotional outlays. Handle was $349 million. FanDuel suffered from minuscule hold, netting $3.3 million, half of what DraftKings ($6.5 million) garnered. Also in the picture were Rush Street Interactive ($2 million) and favorite son Barstool Sports ($1.5 million). <\/p>\n\n\n\n

Louisiana<\/strong> suffered badly from Hurricane Ida<\/strong>, not least on the casino front, with revenues down 28%. The Pelican State still managed to gross $156 million, good by Midwestern standards, if not by Louisiana ones. Sam’s Town<\/strong> took a walloping from Shreveport<\/strong>‘s smoking ban, plummeting 49% to $3.4 million. Other casinos in the Shreveport\/Bossier City<\/strong> market fared variably, with Eldorado Shreveport<\/strong> down 19% to $7 million, Boomtown Bossier<\/strong> off 13.5% to $4 million, Horseshoe Bossier City<\/strong> plunging 26.5% to $13 million, archrival Margaritaville<\/strong> slipping 9.5% to $13.5 million, and Louisiana Downs<\/strong> dipping 6% to $3.5 million. In Baton Rouge<\/strong>, customers continue to flee Belle of Baton Rouge<\/strong>, tumbling 58% to $1 million, while Hollywood Baton Rouge<\/strong> did $4.5 million for a 2% and L’Auberge Baton Rouge<\/strong> slid 18% to $11 million.<\/p>\n\n\n\n

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In New Orleans<\/strong>, hard hit by Ida, Harrah’s New Orleans<\/strong> fell 41% to $14 million, Boomtown New Orleans<\/strong> stumbled 27% to $7.5 million, Treasure Chest<\/strong> dove 46% to $5 million and Fair Grounds<\/strong> racino fell 27% to $3 million. Outlying Amelia Belle<\/strong> was way off, -59% to $2 million but Evangeline Downs<\/strong> ceded but 1%, grossing $5.5 million. As for the breadbasket Lake Charles<\/strong> market, Golden Nugget<\/strong> fell 18% but still edged out L’Auberge du Lac<\/strong> (-17%) $24 million to $22 million. Nearby Delta Downs<\/strong> contributed $12 million, off 23.5%.<\/p>\n\n\n\n

In the latest in a series of empty gestures, the Culinary Union<\/strong> plans to stage a march up the Las Vegas Strip<\/strong> right in the middle of rush hour on Friday. We’re sure that will make them a lot of friends. (Not.) The theme of the protest is “We will comeback [sic<\/em>] stronger.” Will they now? Casinos seem to be doing a very job of ignoring the Culinary and running their facilities with skeleton crews. Witness Boyd Gaming<\/strong>‘s recent statement that nee hires would be primarily part-timers. (Saves on those wages and benefits.) With 35% of its membership still sidelined, the Culinary obviously has reason to be concerned but we doubt that snarling traffic on the Strip is the way to make friends and influence people.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: Being the only developer still in contention for an Osaka<\/strong> megaresort, MGM Resorts International<\/strong> got the nod. It was such non-news that even Global Gaming Business<\/em> could not refrain from sarcasm … Bad news for Greece<\/strong>‘s Hellenikon<\/strong> megaresort: Mohegan Gaming & Entertainment<\/strong> is going to reduce its stake or perhaps withdraw altogether. Maybe they should have gone with Hard Rock International<\/strong> instead … Correction<\/em>: Last week I said MGM China<\/strong> had one casino in Macao<\/strong>. It has two. Besides MGM China, the other sub concessionaires at risk are Sands China<\/strong> and Melco Resorts & Entertainment<\/strong> … Caesars Entertainment<\/strong>‘s latest ace entertainment move has been to sign Wayne F. Newton<\/strong>, who begins an Up Close and Personal<\/em> show Oct. 23 at the Flamingo<\/strong>. Haven’t Vegas audiences had enough of the shale-throated Newton yet? … Close the book on jai alai at The Casino @ Dania Beach<\/strong> in Florida<\/strong>, as the once-popular sport edges toward extinction<\/a>. The last match will be played Nov. 28. On a good day, Dania Beach drew 100 fans per tourney … Washington State<\/strong> has begun taking sports bets<\/a>, with Snoqualmie Casino<\/strong> first out of the chute. Eight other tribes are moseying along behind.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casinos along the Boardwalk continue to be impervious to the economic recovery that is prevalent in the gaming industry. Atlantic City was down 8% last month compared to 2019, grossing $262.5 million. Sports betting brought in $52 million (+32% from … 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":[23,293,291,300,60,244,176,70,294,151,277,4,278,36,297,287,172,165,22,37,171,241,84,62,222,245,167,257,69,95,242,74,243,8,9,20,38,246,138,252,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/30083"}],"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=30083"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/30083\/revisions"}],"predecessor-version":[{"id":30085,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/30083\/revisions\/30085"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=30083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=30083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=30083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}