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Atlantic City April numbers

Discussion in 'Non-Vegas Casino Hotels' started by hail2skins, May 15, 2019.

  1. hail2skins

    hail2skins High-Roller

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    April table and slot win was up 8.4 pct from April 2018. Borgata was the only gainer, up half a percent. Hard Rock (23.3 million) in 4th place this month behind Borgata, Trop, Harrah's. Oceans (15.2 million) ahead of Resorts and Bally's and just behind GN. GN, Resorts, and Caesars all down over 20 pct from April 2018.
     
  2. hammie

    hammie VIP Whale

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    Here is the monthly summary: https://www.nj.gov/oag/ge/docs/Financials/PressRel2019/April2019.pdf

    Just a couple observations, Caesars, Golden Nugget, and Resorts are each down by about 25%. I really thought that Hard Rock’s opening would drive some business to Resorts, but it seems as if the opposite has happened.

    Take a look at Tropicana’s sports book, it’s a great room with plenty of video screens. But the much smaller Draft Kings book at Resorts does 3x the business.

    Meadowlands Race Track has almost 2x the combined sports book win of all 9 AC Casinos.

    The big winner is the State of NJ, tax revenue increased in April from $17.6 million to $23 million from last year.
     
    Last edited: May 15, 2019
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  3. alexm

    alexm Low-Roller

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    Couple big observations. There is no listed handle, only win. Caesars for sure deal some big baccarat games that could throw that number off to some degree. Also big is that Caesars Interactive is up about 28% and not calculated in that number. For resorts, their online gaming is also left out and was up nearly 300%.

    Meadowlands will perpetually have a huge sports book draw given proximity to AC, honestly with March Madness ending in these numbers I'm surprised meadowlands hold wasn't higher.

    Hopefully some of that increased revenue gets reinvested.
     
  4. hammie

    hammie VIP Whale

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    What happens to Meadowlands when NY State has Sports Books?

    Another observation, the year to date sports betting handle in NJ was $1.4 Billion.

    As for increased revenue being invested, I’m assuming you mean tax revenue. How about this fact: Since the first roll of the dice in 1978, Tax and fee revenue collected by the state in Atlantic City was $13.8 Billion.
     
  5. alexm

    alexm Low-Roller

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    I agree completely. I think meadowlands will definitely suffer when NYC has sports betting (I clearly meant NYC, not AC in my last post) The only thing I could think is that NJ is doing sports betting under the Vegas model of low taxes which leads to appropriate juice on the lines. PA is not and so the lines definitely suffer relative to NJ. NY is likely to do something similar, so I still think a lot of sports bettors will make the fairly easy trek from NYC to meadowlands. I do think eventually the total handle will decline, just as the gambling handle did when PA and NY opened casinos.

    Honestly I would have thought it would be higher that 13.8 billion, either way though, it's disgusting that the state doesn't reinvest some capital to make it a destination. If it increases in popularity it's a guaranteed increase in tax revenue.
     
  6. spdandpwr

    spdandpwr VIP Whale

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    EXACTLY. 13.8 billion does seem low and I feel like it could be MUCH higher with the right investment. But, politicians aren't designed like that because they have constituents to please. It's a catch 22. I can't blame them on this one.
     
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  7. lithium78

    lithium78 VIP Whale

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    That. Is. Crazy. Who would have thought that if a casino didn't invest in their property then customers would go elsewhere? Blows my mind.
     
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  8. spdandpwr

    spdandpwr VIP Whale

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    I do love that location, though...I mean why would you not leverage that! Also, they have legit the best brunch this side of the Mississippi (in reference to Caesar's). And, GN is in a beautiful spot, too
     
    July 4th in Atlantic City
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  9. Wallew

    Wallew High-Roller

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  10. Sonya

    Sonya Queen of VMB

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    Please remember to keep your political opinions out of discussions at VMB. You are free to bring up the specific legislation or funding that is effecting these decisions, but your opinions about the behaviors of politicians (individually, or in general) is a violation of our rules.
     
  11. hammie

    hammie VIP Whale

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  12. Wallew

    Wallew High-Roller

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    I agree the pier would have been the perfect location but CET needs to use up that huge dead space. Hopefully they do go all out and don’t screw it up.
     
  13. hail2skins

    hail2skins High-Roller

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    May table and slot win was up 15.3 pct from May 2018. Resorts (4.2 pct) and Caesars (3 pct) gained. Hard Rock (28.6 million) flew into 2nd place this month behind Borgata. Ocean (16.3 million) ahead of Resorts and Bally's and just behind GN, which dropped 13 pct. Tropicana (18 pct) and Borgata (10 pct) also had double digit drops. Internet gaming up nearly 60 pct. NJ sports betting revenue at $15.5 million, with North Jersey accounting for nearly two-thirds of that and Resorts Digital accounting for roughly three-quarters of the AC sports betting revenue.
     
  14. lithium78

    lithium78 VIP Whale

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    Now, if the AC operators are smart, they will start taking some of that new revenue and turning it into new innovations at the casinos to keep people coming. Yes, NJ has much better sports-betting than neighboring states (and a large population of wealthy people willing to spend on it), but this will only last so long. Now is the time to grow AC by adding all the cool stuff that Vegas used to have before it turned into Generic Resorttown USA with M&Ms Chocolate World and Samsung Stores on the Strip.
     
  15. Grid

    Grid VIP Whale

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    What do you suggest? Before Vegas turned into Resort Town USA, it was kiddie central with roller coasters, animatronics and video arcades. AC already has all of those. Are you talking Vegas of the 80's?

    AC needs to go back to 24/7, even if it means a slight money drain. Having so many shops and restaurants open up at 3PM during the week (if they open at all) completely removes the crowds that would use the place to vacation.

    If AC wants to get out of its own shadow of failure from 10 years ago, it needs to go back to being a full blown vacation town, and not just cater to the easy crowds on weekends and evenings.