WongBo
WongBo
Joined: Feb 3, 2012
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June 11th, 2012 at 11:57:48 AM permalink
the latest numbers are out for May 2012.
down 10% from last May.
the long slide continues.
Revel didn't even win $14M.
prediction: Revel:doomed.


casino win may 2012:
Borgata 50,011,418
Harrah's 34,063,787
Caesars 30,438,149
Bally's 26,034,880
Trump Taj Mahal 25,035,311
Tropicana 22,939,299
Showboat 18,922,504
Revel 13,930,808
Golden Nugget 10,844,730
Atlantic Club 10,710,811
Resorts 10,578,024
Trump Plaza 9,499,057

Atlantic City casino revenue down 10 percent in May
In a bet, there is a fool and a thief. - Proverb.
buzzpaff
buzzpaff
Joined: Mar 8, 2011
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June 11th, 2012 at 12:15:36 PM permalink
Surely this must be a misprint. Donal Trump in last place. Perish the thought !
Tiltpoul
Tiltpoul
Joined: May 5, 2010
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June 11th, 2012 at 8:43:26 PM permalink
Quote: WongBo


casino win may 2012:
Borgata 50,011,418
Harrah's 34,063,787
Caesars 30,438,149
Bally's 26,034,880
Trump Taj Mahal 25,035,311
Tropicana 22,939,299
Showboat 18,922,504
Revel 13,930,808
Golden Nugget 10,844,730
Atlantic Club 10,710,811
Resorts 10,578,024
Trump Plaza 9,499,057



Some interesting notes that I'd like to point out, with personal commentary thrown in...

1) Atlantic Club is NOT last- The appeal of "locals casino" may actually be paying off. They are card matching, giving free play and FREE PARKING ALL THE TIME! Obviously these are the steps that had to happen, but I wonder if more casinos followed this format how they would be doing.

2) Borgata is the ONLY viable casino in AC- Why? Probably a mix of good games, great setting, fantastic vibe and commitment to the players. Revel should have taken its toll on this property second-most (next to Showboat) and it didn't do much.

3) Showboat is on CET's chopping block- I'm staying here currently and there are small things that indicate that CET is ready to sell to the highest bidder. They have new, VERY sterile $1 chips that resemble Trump chips. I can't think of any group interested in this property, but as soon as they can unload it, it's gone.

4) Revel is not "player friendly" yet- I got my new level 3 card, with $50 free slot play (Great!). Then I went to play PGP and didn't get my card rated for 20 minutes. I left, spoke with the supervisor, who berated me for confronting him about it (yeah, I was angry, but rightfully so as there was no explanation to me at the table as to why my card sat there). Apparently they were having entry issues, but to not even acknowledge that to the waiting cards is ridiculous. I'm glad some people really like this casino, because it won't stand a chance with poor customer service... not one chance!

5) There will be no viable buyer for Trump Plaza- With numbers like that, they have to make an appeal, and it's not happening. It's a great location but that won't save it. I'm not even sure it's a fixer-upper at this point. I give it another 2 years and it's done.
"One out of every four people are [morons]"- Kyle, South Park
SanchoPanza
SanchoPanza
Joined: May 10, 2010
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June 12th, 2012 at 5:45:55 AM permalink
Quote: Tiltpoul

Showboat is on CET's chopping block- I'm staying here currently and there are small things that indicate that CET is ready to sell to the highest bidder.


That pet-friendly program may be hurting more than it's helping. But the boat is still beating the big new glossy guy in town right next door to it.
Quote: Tiltpoul

Revel is not "player friendly" yet- I got my new level 3 card, with $50 free slot play (Great!). Then I went to play PGP and didn't get my card rated for 20 minutes. I left, spoke with the supervisor, who berated me for confronting him about it (yeah, I was angry, but rightfully so as there was no explanation to me at the table as to why my card sat there). Apparently they were having entry issues, but to not even acknowledge that to the waiting cards is ridiculous. I'm glad some people really like this casino, because it won't stand a chance with poor customer service... not one chance!


Most of the staff seems to be trying to be really pleasant and courteous. But it's so big, the place is having an extended shakedown.
FatGeezus
FatGeezus
Joined: Jun 12, 2010
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June 12th, 2012 at 7:43:27 AM permalink
Since all the casinos are not equal in size, slots, and table games, I would be more interested in knowing what was the win per square foot.
pacomartin
pacomartin
Joined: Jan 14, 2010
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June 12th, 2012 at 8:08:29 AM permalink
Quote: FatGeezus

Since all the casinos are not equal in size, slots, and table games, I would be more interested in knowing what was the win per square foot.



That statistic doesn't reveal much. Many casinos jam slot machines into the floor, while other leave huge amounts of space. Revenue per square feet is more meaningful with regard to grocery stores.

The most important point is that the slot revenue at REVEL is horrific. Earnings in May were just barely 2nd from the bottom, just ahead of Trump Plaza (by 3.5%) which is a casino that has essentially been abandoned.

So your rank and file slot player is not playing at REVEL at all.
Tiltpoul
Tiltpoul
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June 12th, 2012 at 4:32:35 PM permalink
Quote: pacomartin

So your rank and file slot player is not playing at REVEL at all.



I'm not surprised by this. When I went there at around 7am on Monday, I think I saw about 4 players playing machines. These were younger players who probably were still drunk from the night before.

Considering they just started a serious approach to their player's club, this isn't surprising. The place looks and feels like Cosmopolitan, without the constant stream of friendliness. From a layout perspective, I'm not sure slot players are going to respond either. It's hard to explain the layout, but I could see where it's not appealing to the average slot player.
"One out of every four people are [morons]"- Kyle, South Park
WongBo
WongBo
Joined: Feb 3, 2012
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June 13th, 2012 at 1:32:27 PM permalink
Quote: FatGeezus

Since all the casinos are not equal in size, slots, and table games, I would be more interested in knowing what was the win per square foot.



Casino: Approved Square Footage:
Atlantic Club 75,416
Bally's 104,646
Borgata 136,667
Caesars 111,812
Golden Nugget 70,250
Harrah's 178,344
Resorts 97,707
Revel 130,000
Showboat 122,454
Tropicana 136,980
Trump Plaza 86,923
Trump Taj Mahal 149,239

Casino win (May 2012) per square Foot ($):
Borgata 365.93
Caesars 272.22
Bally's 248.79
Harrah's 191
Trump Taj Mahal 167.75
Tropicana 167.46
Showboat 154.52
Golden Nugget 154.37
Atlantic Club 142.02
Trump Plaza 109.28
Resorts 108.26
Revel 107.16

this is just the average based on gaming floor size.
does not take into account the number and types of slots and tables.
In a bet, there is a fool and a thief. - Proverb.
Tiltpoul
Tiltpoul
Joined: May 5, 2010
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June 13th, 2012 at 1:39:03 PM permalink
Quote: WongBo

Casino: Approved Square Footage:
Atlantic Club 75,416
Revel 130,000

Casino win per sq. foot:
Atlantic Club 142.02
Revel 107.16



After a late trip there yesterday, I have to say I'm impressed with Atlantic Club. It's not perfect; there's still a LOT of problems with the place, but they are making an effort to serve an under-served market in the area, and that's admirable. The $/sq. foot and not being last place last month shows the effort is paying off, somewhat. If they continue on the path, I would have to take them off the watch list and move them up to the bottom tier properties. Clean it up enough, and you could potentially have an outsider with "locals" experience come in and scoop it up at a discount price (i.e. Station who won't do it, but you get the idea).

I think it's interesting that Revel just can't it together. It reminds me a lot of Cosmopolitan, except without all the sexy people, trendy nightclubs and interest level in the property. I could see Penn making a bid for the property and turning it into another M Resort (which both would eventually become a Hollywood). I don't think Penn wants anything in AC, so I know its a long shot, but if it happened, I would honestly not be surprised.
"One out of every four people are [morons]"- Kyle, South Park
pacomartin
pacomartin
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June 13th, 2012 at 5:42:10 PM permalink
Quote: Tiltpoul

I could see Penn making a bid for the property and turning it into another M Resort (which both would eventually become a Hollywood). I don't think Penn wants anything in AC, so I know its a long shot, but if it happened, I would honestly not be surprised.



Penn National bought half interest in Freehold Raceway in Monmouth County in NJ in 1999.

Penn doesn't "want" anything in Atlantic City, but they will buy anything at the right price. With four properties within driving distance of Atlantic City, they should be able to build some brand loyalty, and offer trips to AC as incentives.

Hollywood Casino at Charles Town Races Charles Town, West Virginia
Hollywood Casino at Penn National Race Course, Grantville, Pennsylvania
Hollywood Casino Perryville, Perryville, MD
Freehold Raceway, Freehold Borough, New Jersey

Will Ceasars Entertainment buy the property? I know the Commission has an obligation to see that no single company controls more than half of the gaming revenue from Atlantic City, but Ceasars controlled 41.62% in May. These initial numbers from Revel are so anemic that combined it would be 46.91%.

I don't think the Commission can makel a company sell an asset if after it is bought, the company revenue goes up over 50%.

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