Solid finish in Atlantic City; Tough love elsewhere

Casinos closed out 2022 up 2% in December in Atlantic City. Before any gaming bosses start wringing their hands over higher costs, let it be known that this is 3% better than December 2019, before the latest collective-bargaining agreement. The monthly gross was $215.5 million. For the entire year, it was an apex in Boardwalk history, thanks to i-gaming and sports-betting contributions. This did not pass unnoticed by Americans for Nonsmokers Rights. “Imagine how much more revenue the casinos would have generated if the awful stench of dangerous secondhand smoke didn’t keep a meaningful number of guests from walking through their doors,” acidly remarked ANR President Cynthia Hallett. She added, “In-person visitation has recovered to pre-pandemic levels. So what’s the excuse now for the casinos? This revenue report should give legislators yet another green light to advance bipartisan bills that more than half of all senators and assembly members are co-sponsoring to close the casino smoking loophole.”

The smoke-filled house was luckier at slots—2% more win on 2% higher coin-in—than at the tables, where win was flat despite 5% larger wagering. Borgata handily outperformed the overall market, grossing $60.5 million for a 11.5% leap. By contrast, players fled Harrah’s Resort, which plummeted 15% to $20 million. Caesars Atlantic City did no better, down 13% to $16.5 million. Hard Rock Atlantic City lived large, making $37.5 million for a 5.5% gain, and Ocean Resort leapt 11% to $29.5 million. Tropicana Atlantic City faded the least of the Caesars Entertainment troika (-5.5%), grossing $18 million. There was a fierce battle for last place, with Bally’s Atlantic City (-2%), Golden Nugget (+2.5%) and Resorts Atlantic City (-2.5%) averaging $11 apiece, with only $300,000 separating the Nugget from Resorts.

Internet gambling brought in another $151.5 million, with BetMGM ($44 million) losing first place to DraftKings ($45.5 million). FanDuel was way back at $15 million and Caesars also lagged at $13 million. As for sports betting, operators realized 49% more revenue than last year, $88 million on handle of $1 billion (-17%, thanks to New York State). Here FanDuel prevailed with $38 million, besting DraftKings’ $21 million and BetMGM’s $9.5 million. Caesars Sportsbook hauled in $7 million and Barstool Sports $3 million.

Jottings: State regulators are getting tough with sports-betting operators and not just in Ohio. Both Maine and Massachusetts have unveiled tough new regulations, further evidence of pushback against the excesses of OSB marketing, particularly when it comes to shilling the product to the under-21 crowd … A Macao court threw the book at former junket boss Alvin Chau, late of Suncity. He was sentenced to 18 years in the slammer for running an illegal gambling operation. The verdict was a forgone conclusion, regardless of Chau’s culpability, but at least he beat the money-laundering rap … Although we share Penn & Teller‘s scorn for the ‘magic’ stunts of David Blaine, he’s an undeniable hit at Resorts World Las Vegas. A Blaine interview headlines a dizzying array of entertainment announcements in Sin City, including Borgata hit headliner Sebastian Maniscalco … Mark your calendars for Jan. 22 and “Glam” at Palms Casino Resort, getting its mojo back at Ghostbar. The LGBT-friendly event is a spinoff of Pride Month events held last October and will feature Las Vegas Strip drag queens. Cue the pearl-clutching outrage.

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Mike McNamara

Mike McNamara

A Las Vegas Realtor since 2008. Mike has a wide range of knowledge around all things Las Vegas.

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