AC 2018: Casinos dying
Feb as well: https://apnews.com/a1fa0a98788448c9beb79fa339ad59ea/Atlantic-City-casino-revenues-down-6.5-percent-in-February
Atlantic City’s table games and slot machines were as cold as the weather in February, with revenue down 6.5 percent from a year ago.
The city’s seven casinos took in $192 million.
Without a $21 million boost from internet gambling, the decline would have been nearly 9 percent for February.
Quote: RomesCasinos having "down" months don't really mean anything to me unless I can see their cost and their net. If they're "down" 6% to only netting 20 million for the month, well then F them they're doing just fine. A business that makes $20 million per month is amazing... just because people eventually catch on, don't like the worse games/odds, or have a slightly better education about gambling doesn't mean a business is failing or going to go bankrupt (so long as they're still NETting 20 mill/mo). I'd like to know what their operating costs are, and what they actually net.
but all businesses and wall street basically work that way. I once worked for a company that made 350 million but their stock plumeted because they projected 430 million or something like that. Although the company did grow and not lose against prior year.
Yeah I'm not disagreeing that's how businesses look at it, because they're all morons. I've ranted about this in the past... CEO's do just about ANYTHING to show a % up from last years profits, not realizing there is a market cap and you can't indefinitely grow. That's how promotions got cut, parking was paid for, 6:5 blackjack got introduced, etc, etc... All to make that % raise instead of decrease, all the meanwhile ironically MURDERING their business in the future by pissing off all of their customers.Quote: GWAEbut all businesses and wall street basically work that way. I once worked for a company that made 350 million but their stock plumeted because they projected 430 million or something like that. Although the company did grow and not lose against prior year.
Plus, it's AC. Saying AC had a bad february is like saying a retailer had a bad February - talk to me again in a month that wasn't supposed to be awful.
but this is comparing to last feb 2017.Quote: rdw4potusSaying AC had a bad february is like saying a retailer had a bad February - talk to me again in a month that wasn't supposed to be awful.
just like jan 2018 was compared to jan 2017.
Quote: 100xOddsbut this is comparing to last feb 2017.
just like jan 2018 was compared to jan 2017.
I get that. But 7% of a small number is smaller than 7% of a big number. Resorts is down 7% to $12MM in February. They'll do $12MM on a weekend in July.
Quote: 100xOddsJan 2018 was a down month for AC.
Feb as well: https://apnews.com/a1fa0a98788448c9beb79fa339ad59ea/Atlantic-City-casino-revenues-down-6.5-percent-in-February
Atlantic City’s table games and slot machines were as cold as the weather in February, with revenue down 6.5 percent from a year ago.
The city’s seven casinos took in $192 million.
Without a $21 million boost from internet gambling, the decline would have been nearly 9 percent for February.
Fine, you start writing the articles, then. (I’m kidding, great thread! If I write one, I’ll just link it here, so you actually did me a favor.)
I’m also pretty sure the weather at the beginning of this month isn’t going to help, either. I don’t think this will effect any long-term or openings or such...can’t bargain with Mother Nature.
Man, three bad months, though. Definitely sucks. The percentages next year will look REALLY strong if it’s a mild Winter, though. I think I’ll be comparing 2019 to 2017 this time next year.
Quote: RomesYeah I'm not disagreeing that's how businesses look at it, because they're all morons. I've ranted about this in the past... CEO's do just about ANYTHING to show a % up from last years profits, not realizing there is a market cap and you can't indefinitely grow. That's how promotions got cut, parking was paid for, 6:5 blackjack got introduced, etc, etc... All to make that % raise instead of decrease, all the meanwhile ironically MURDERING their business in the future by pissing off all of their customers.
Businesses, investors, perception is reality and it’s all fake money until things go really South and it’s no money!
Not really, but when you have stock prices based on things like, “Projections,” rather than debts v. capital, assets and cash on hand; then you’re dealing with speculation and opinion as opposed to reality.
Which is fine. Lots of people make an amazing living speculating and opining better than others. Some people don’t even opine that well, a few such people have TV shows, and it seems like they are still getting paid.
It rains and snows in AC and also in Pennsylvania where revenues generally rose. (It tends to rain everywhere except in Southern California or so some lyrics claim).
Publicly held entities often have to respond to stock holders views of an immediate response to earnings reports and predictions. That is one advantage of privately held companies that can take a longer term view with fewer worries.
Actually, in North Jersey, February has been unusually warm. There were several days where I went to lunch without a jacket. Can’t believe that AC was much different.Quote: GlenGIt's been snowing like every other day, prob a factor...
March, on the other hand, has been like a real winter.
Quote: BedWetterBetterWhat's crazy is the table games at Caesars, Ballys, Trop and Resorts have been packed every weekend for the last 6 months. But they are dead on weekdays. So there is still a draw for people to come down to AC, but I guess they're not staying beyond the weekend.
Isn't that always the case? It's a getaway for people from Philly and NYC. those folks can get down friday night and be home by monday with no problem - why burn any vacation days from work; at least, why burn them before the summer when the kids can come down too and have non-gaming fun on the shore?
You could go down to AC on a Thursday night and it was dead! In recent years, it has started becoming more lively and in the last 18 months I've noticed a dramatic increase in weekend activity.
Remember when they had to offer $1 Blackjack just to get people back several years ago? Or the infamous $50 free play & food offers for new and inactive members? Those are all GONE and aren't coming back because they don't need to reach that low to get people back in the doors.
Getting them to stay, is another story entirely!
